Builders Energy Services Trust
TSX : BET.UN

Builders Energy Services Trust

February 28, 2008 18:34 ET

Builders Energy Services Trust Announces 2007 Canadian Tax Information

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2008) - Builders Energy Services Trust ("Builders" or the "Trust") (TSX:BET.UN) has determined that for Canadian unitholders, 100% of the 2007 distributions declared should be treated as income and 0% should be treated as a return of capital.

Builders qualifies as a mutual fund trust under the Income Tax Act (Canada) and therefore Canadian unitholders holding their Builders units in a Registered Retirement Savings Plan, Registered Retirement Income Fund, Registered Education Savings Plan or a Deferred Profit Savings Plan should not report any income related to distributions on their 2007 income tax return.

Unitholders holding their units outside such plans should receive a T3 Supplementary Information slip ("T3"), postmarked on or before March 31, 2008. Builders' Canadian registered unitholders should receive their T3 from Computershare, Builders' transfer agent. Unitholders that hold their units through a broker or other intermediary should receive a T3 directly from their broker or intermediary.

This information is only applicable to Canadian resident unitholders. All non-resident unitholders should contact their tax advisors with respect to the tax implications of holding trust units, including any associated filing requirements, in jurisdictions outside of Canada.

This information is intended to provide general guidance only to assist in 2007 income tax reporting for Canadian resident unitholders of Builders' trust units. It is not intended to be legal or tax advice to any particular unitholder. Unitholders or potential unitholders should consult their own legal or tax advisors with respect to their particular circumstances.

Based in Calgary, Builders Energy Services Trust is an open-end, unincorporated investment trust providing oilfield services in western Canada through skilled staff and specialized equipment. Builders provides services to the oil and gas industry related to the ongoing servicing of producing wells and new drilling activity.

This press release may contain forward-looking statements including expectations of future cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to: risks associated with the oilfield services sector (eg. demand, pricing and terms for oilfield services; current and expected oil and gas prices; exploration and development costs and delays; reserves discovery rates; pipeline and transportation capacity; weather, health, safety and environmental risks), integration of acquisitions, competition, and uncertainties resulting from potential delays or changes in plans with respect to acquisitions, development projects or capital expenditures. Additional information on these and other factors that could affect the Trust's operations or financial results are included in the Trust's documentation and filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The Trust does not assume any obligation to update these forward-looking statements, except as required by law.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Builders Energy Services Trust
    Garnet K. Amundson
    President and Chief Executive Officer
    (403) 296-0344
    Email: IR-BEST@BuildersEnergy.com
    or
    Builders Energy Services Trust
    John W. Nearing
    Vice President, Finance and Chief Financial Officer
    (403) 296-0344
    Email: IR-BEST@BuildersEnergy.com
    or
    Builders Energy Services Trust
    Karen Perasalo
    Director, Finance and Investor Relations
    (403) 296-0344
    Email: IR-BEST@BuildersEnergy.com