Builders Energy Services Trust
TSX : BET.UN

Builders Energy Services Trust

March 17, 2008 17:57 ET

Builders Energy Services Trust Announces 2007 Fourth Quarter and Year End Results

CALGARY, ALBERTA--(Marketwire - March 17, 2008) - Builders Energy Services Trust (TSX:BET.UN) ("Builders", or the "Trust") announces 2007 fourth quarter and year end results.

This news release contains "forward-looking information and statements". For a full discussion of the forward-looking information and statements and the inherent risks and uncertainties, see "Reader Advisory" near the end of this report.

This news release contains Non-GAAP measures throughout the report. These measures have been noted and an explanation of their purpose and usefulness can be found under "Non-GAAP Measures" later in this report.



HIGHLIGHTS

For the For the
three months ended year ended
(Thousands, except December 31, December 31,
per unit amounts) 2007 2006 2007 2006
----------------------------------------------------------------------------
Revenue $ 42,557 $ 51,799 $ 167,682 $ 199,565
Gross margin(1) $ 10,903 $ 15,945 $ 43,741 $ 66,224
Gross margin as a
percentage of revenue(1) 26% 31% 26% 33%

EBITDA(1) $ 6,349 $ 10,240 $ 27,672 $ 47,026
EBITDA as a percentage
of revenue(1) 15% 20% 17% 24%

Earnings (loss) before
impairment of goodwill,
income taxes and non-
controlling interest $ (324) $ 3,853 $ (574)$ 25,284
Impairment of goodwill $ 55,986 $ - $ 93,738 $ -
Net earnings (loss): $ (50,227) $ 5,242 $ (83,269)$ 27,644
Per unit - diluted $ (2.65) $ 0.28 $ (4.42)$ 1.66

Cash flow from operations $ 7,021 $ 9,129 $ 24,729 $ 41,117
Cash distributions to
unitholders: $ 3,407 $ 7,750 $ 26,046 $ 27,307
Per unit $ 0.18 $ 0.42 $ 1.38 $ 1.64
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(1) Refer to Non-GAAP Measures


SECTOR ACTIVITY

Throughout the year, the price of crude oil continued to reach record highs resulting in relatively strong oil drilling activity in the Western Canadian Sedimentary Basin ("WCSB"). This was offset by reduced drilling for natural gas which, historically, represents approximately 70% of activity in the WCSB.
Drilling rig utilization rates, which acts as a barometer for oilfield services activity, reached a five-year low during 2007. According to the Canadian Association of Oilwell Drilling Contractors ("CAODC"), during 2007, a total of 12,621 natural gas wells were drilled in the WCSB, which represents a 17% decline from the 15,289 wells drilled during 2006. In addition, competition for oilfield services was increased by equipment added to the Canadian oilfield service sector during the past few years, resulting in corresponding service pricing pressure.

The year 2007 was more difficult than initially anticipated for the sector, primarily due to the sustained high levels of United States ("U.S.") natural gas storage and the high Canadian dollar relative to the U.S. dollar. The high storage levels suppressed natural gas prices and in response, drilling in Canada was down, year-over-year. While the reduction in Canadian drilling was expected to have a positive impact on natural gas storage levels, the reduction was offset by high levels of natural gas drilling in the U.S. and an unexpectedly high level of liquefied natural gas imports ("LNG") into the U.S.

The Canadian dollar rose by 26% from the beginning of January 2007 to its peak of $1.085 U.S./Cdn in November 2007. While oil and natural gas prices are referenced in U.S. dollars, a significant portion of the producers' Canadian operations are denominated in Canadian dollars. The strength of the Canadian dollar had a negative impact on Builders' customers' netbacks, thus reducing the economics of their exploration and development programs.

In addition to these factors, the oilfield services sector in the WCSB experienced an extended spring break-up in 2007 from record winter snow falls and unseasonably high rainfall in June. The Alberta royalty tax announcements in September added further uncertainty and had a negative impact on oilfield service activity in the fourth quarter.

BUILDERS' 2007 RESULTS

The deterioration of industry fundamentals impacted Builders' 2007 financial results. Compared to 2006, when activity levels started at the highest experienced by the sector, 2007 opened with much slower activity as a result of reduced industry utilization levels that first appeared in the late summer of 2006. Revenue, gross margin(1), earnings and cash flow from operations for the full year were reduced relative to comparable periods in 2006, as follows:

- Revenue for the year ended December 31, 2007 was $167.7 million compared to $199.6 million for the year ended December 31, 2006.

- Gross margin(1) for the year ended December 31, 2007 was $43.7 million compared to $66.2 million for the year ended December 31, 2006.

- Earnings (loss) before impairment of goodwill, income taxes and non-controlling interest for the year ended December 31, 2007 was $(0.6) million compared to $25.2 million for the year ended December 31, 2006.

- Cash flow from operations for the year ended December 31, 2007 was $24.7 million compared to $41.1 million for the year ended December 31, 2006.

During the year, several initiatives were implemented to reduce costs, including staff reductions in the field and the Calgary head office, reduced discretionary spending and a voluntary reduction in board and management compensation. The impact of these cost reductions is reflected in the reduction of general and administrative expenses, which decreased by $3.2 million, year-over-year. In addition to cost reductions, management also focused on cash flow preservation initiatives, including distribution reductions, which reduced cash outlays.

FOURTH QUARTER 2007 RESULTS

Drilling rig utilization averaged 38% in the fourth quarter of 2007, down significantly from 56% in the fourth quarter of 2006. In addition to the continued slowdown in the sector, the royalty tax announcements by the Alberta government and significant strengthening of the Canadian dollar relative to the U.S. dollar created significant uncertainty for producers and a further slow-down in oilfield service activity during the quarter.

In the fourth quarter of 2007, Builders' service rig utilization was 47% relative to 65% utilization in the fourth quarter of 2006. This decrease from the fourth quarter of 2006 was due to lower overall industry activity and the increase in available service rigs in western Canada. Pricing pressure during the fourth quarter, combined with lower activity, negatively affected utilization rates for the pipe hauling operations in central Alberta and rig moving in southeastern Alberta. This was partially offset by a strong quarter for the rentals business. Revenue, gross margin(1), earnings and cash flow from operations for the fourth quarter of 2007 were reduced relative to comparable periods in 2006, as follows:

- Revenue for the fourth quarter of 2007 was $42.6 million compared to $51.8 million for the fourth quarter of 2006.

- Gross margin(1) for the fourth quarter of 2007 was $10.9 million compared to $15.9 million for the fourth quarter of 2006.

- Earnings (loss) before impairment of goodwill, income taxes and non-controlling interest for the fourth quarter of 2007 was $(0.3) million compared to $3.9 million for the fourth quarter of 2006.

- Cash flow from operations for the fourth quarter of 2007 was $7.0 million compared to $9.1 million for the fourth quarter of 2006.

Goodwill Impairment

The net loss in 2007 includes a goodwill impairment of $93.7 million. The impairment was taken in two steps: $37.8 million in the third quarter and $56.0 million in the fourth quarter. At the end of the third quarter, the sustained deterioration in the oilfield services sector led management to test for goodwill impairment. The analysis indicated the carrying values of goodwill in the oilfield transport and wireline reporting units exceeded their fair value and a $37.8 million impairment of goodwill was recognized as at September 30, 2007.

Following the fourth quarter of 2007, management conducted its annual test for goodwill impairment and as part of the test considered the impact of the potential combination with Essential Energy Services Trust ("Essential") that was announced on January 31, 2008. Based on the Essential offer, Builders' management determined that there were further indications of impairment of goodwill as the carrying amount of each reporting unit exceeded its estimated fair value as at December 31, 2007. Accordingly, the estimated fair value of goodwill for each reporting unit was compared to its carrying value and a further goodwill impairment loss of $56.0 million was recognized as at December 31, 2007.

Strategic Combination

On January 31, 2008, Builders and Essential announced the execution of an agreement whereby Essential agreed to acquire all of the issued and outstanding trust units of Builders for 1.25 units of Essential for each trust unit of Builders. The combined trust will continue to operate under the name Essential Energy Services Trust. Under the terms of the agreement, the combination will be accomplished through an arrangement under the Business Corporations Act of Alberta. The proposed arrangement is subject to customary stock exchange, court and regulatory approval as well as approval by 66 2/3% of Builders' unitholders voting in person or by proxy at the Builders' unitholder meeting, expected to be held on April 3, 2008. The transaction is expected to close April 4, 2008.



RESULTS OF OPERATIONS

Segmented Revenue

For the For the
three months ended year ended
December 31, December 31,
(Thousands) 2007 2006 2007 2006
----------------------------------------------------------------------------
Revenue by segment:
Service Rigs $ 13,799 $ 18,548 $ 57,807 $ 56,885
Oilfield Transport 13,291 16,352 50,335 61,058
Downhole Services & Rentals 15,467 16,899 59,540 81,622
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$ 42,557 $ 51,799 $ 167,682 $ 199,565
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Service Rigs

Service Rigs generated revenue of $57.8 million for the year ended December 31, 2007 compared to $56.9 million for the year ended December 31, 2006. The revenue increase for the year, relative to the same period in 2006, resulted from two acquisitions in 2006. However, this was offset by reduced utilization rates. Service rig utilization rates were as follows:



For the year ended For the year ended
December 31, 2007 December 31, 2006
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Builders 49% 67%
Industry average(2) 53% 64%
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(2) Per CAODC Service Rig Summary Report.


Utilization rates for the year ended December 31, 2007 are lower in comparison to 2006 due to overall lower industry activity levels, an extended spring break-up in 2007, wet weather conditions experienced during June and August of 2007 throughout much of west central and northern Alberta and competitive pressures due to an increase in the sector's service rig fleet throughout western Canada.

Oilfield Transport

Oilfield Transport generated revenue of $50.3 million for the year ended December 31, 2007 compared to $61.1 million for the year ended December 31, 2006. This revenue decline is attributable to increased pricing pressure during the current year combined with lower activity levels throughout the WCSB.

During the second half of 2007, activity levels within Oilfield Transport strengthened considerably in comparison to a slower first half of the year, although overall activity levels were reduced in comparison to 2006. Activity levels for the year ended December 31, 2007 were lower than 2006 due to an extended spring break-up as a result of record winter snow falls, especially in northwestern Alberta, and a reduction in natural gas drilling activity which directly affected utilization rates within Builders' pipe hauling operations in central Alberta and its rig moving business in southeastern Alberta.

Downhole Services and Rentals ("DS&R")

DS&R generated revenue of $59.5 million for the year ended December 31, 2007 compared to $81.6 million for the year ended December 31, 2006. The reduction in revenue is primarily attributable to reduced activity within Builders' rental and wireline businesses, which are highly correlated to the level of drilling activity in Alberta.



Operating Expenses

For the For the
three months ended year ended
December 31, December 31,
(Thousands) 2007 2006 2007 2006
----------------------------------------------------------------------------
Operating expenses $ 31,654 $ 35,854 $ 123,941 $ 133,341
Operating expenses as a
percentage of revenue(1) 74% 69% 74% 67%
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Throughout all of its field operations, Builders maintains a scaleable cost infrastructure. Costs, including labour and fuel, can increase and decrease in proportion to activity levels. Throughout 2007, Builders continued to manage its expenses through staff reductions and the deferral of discretionary spending. However, costs associated with retaining key field personnel, qualified equipment operators, maintaining service locations and insurance are relatively fixed in nature. Costs of this nature change incrementally in relation to a longer term industry outlook. During periods of decreased activity, such as the reduced activity levels experienced in 2007 in comparison to 2006, this results in operating costs, as a percentage of revenue(1), being higher.



General and Administrative Expenses

For the For the
three months ended year ended
December 31, December 31,
(Thousands) 2007 2006 2007 2006
----------------------------------------------------------------------------
General and administrative
expenses $ 4,554 $ 5,705 $ 15,923 $ 19,143
General and administrative
expenses as a percentage
of revenue(1) 11% 11% 9% 10%
----------------------------------------------------------------------------


In response to reduced operating gross margins(1) and deteriorating industry conditions throughout 2007, management undertook several initiatives to reduce discretionary spending and minimize general and administrative expenses. Cost reductions, mainly put in place during the latter half of the year, included decreases in Corporate staffing levels and executive and board compensation.



Equipment Expenditures

For the year ended For the year ended
(Thousands) December 31, 2007 December 31, 2006
----------------------------------------------------------------------------
Growth equipment expenditures(1):
Service Rigs $ 7,658 $ 8,795
Oilfield Transport 3,204 13,669
Downhole Services & Rentals 1,861 12,927
Corporate 3,411 1,100
----------------------------------------------------------------------------
$ 16,134 $ 36,491
Net maintenance equipment
expenditures(1) 3,675 1,978
----------------------------------------------------------------------------
Net equipment expenditures(1) $ 19,809 $ 38,469
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Net equipment expenditures(1) for the year ended December 31, 2007 were $19.8 million compared to $38.5 million for the year ended December 31, 2006. The 2007 net equipment expenditures(1) is comprised of $16.1 million in growth equipment expenditures(1), including $3.4 million for information systems, operational facilities and leasehold improvements, and $3.7 million in net maintenance equipment expenditures(1). The reduced level of net equipment expenditures(1) reflects management's decision to reduce capital spending in light of the sector slowdown throughout 2007.

OUTLOOK

Until late February 2008, drilling utilization levels in 2008 remained below 2007 levels in the WCSB. However, recent oil well drilling statistics have improved, with oil drilling in February up significantly over 2007 and 2006 levels as the price of oil continued to be very strong finishing most recently at U.S.$110.21/bbl on March 14, 2008. Natural gas well drilling, however, during the first part of 2008 remained below 2007 levels for the same period.
In recent weeks, there have been some encouraging signs of possible improvement in industry conditions. This is evidenced by the recent increase in natural gas prices with the near-month futures price surpassing U.S. $10.00/mmbtu in early March 2008. This is the first time in over two years that the natural gas price has been above U.S. $10.00/mmbtu. In addition, there is speculation that due to high demand for LNG in Europe and Asia, notably Spain and Japan, the unprecedented level of LNG imports into the U.S. in 2007 may not be repeated in 2008.

Despite these encouraging signs, management is prepared for challenging conditions in 2008. Management will continue to focus on cost management, divisional synergies and effective cash flow management. A greater portion of cash flows are being retained in 2008 through the reductions in monthly cash distributions that were announced in the latter part of 2007. This preservation of cash, combined with operational discipline is positioning Builders to capitalize on future opportunities when industry fundamentals recover.

Management remains confident in the long-term underlying fundamentals for Canadian natural gas drilling and Canadian-based oilfield services. Management continues to expect that eventually, high production decline rates combined with anticipated rising natural gas demand will work in tandem to encourage an increase in Canadian natural gas drilling and increased activity levels for Canadian-based oilfield services.

The strategic combination with Essential that was announced on January 31, 2008 has been very positive for both Builders' and Essential's unitholders. Subject to a Builders' unitholder vote on April 3, 2008 and other customary stock exchange, court and regulatory approvals, the combination is expected to take effect on April 4, 2008. Integration discussions are well underway to ensure a quick and efficient combination of the two businesses once the merger is approved. Combining the trusts will provide critical mass to further maximize the value of the underlying assets, increase liquidity and financial flexibility and the realization of significant synergies. In addition, the new trust will be well-positioned for growth and further consolidation of the industry.



BUILDERS ENERGY SERVICES TRUST
Consolidated Balance Sheets
As at December 31, 2007 and 2006

As at As at
(Thousands) December 31, 2007 December 31, 2006
----------------------------------------------------------------------------

ASSETS
Current assets
Accounts receivable $ 35,132 $ 40,835
Inventory 5,593 5,753
Prepaid expenses and deposits 2,765 2,359
----------------------------------------------------------------------------
43,490 48,947
Equipment 160,794 161,260
Intangible assets 15,515 18,327
Goodwill - 94,015
Deferred charges - 484
----------------------------------------------------------------------------
$ 219,799 $ 323,033
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LIABILITIES AND UNITHOLDERS' EQUITY
Current liabilities
Bank indebtedness $ - $ 236
Operating line of credit 12,950 2,650
Accounts payable and accrued liabilities 13,268 20,112
Distributions payable 1,137 2,583
Income taxes payable - 1,525
Current portion of long-term debt 13,965 11,432
----------------------------------------------------------------------------
41,320 38,538

Long-term debt 53,880 40,790
Future income tax liability 12,789 22,278
----------------------------------------------------------------------------
107,989 101,606

Non-controlling interest 2,139 7,881

Unitholders' Equity
Trust units 215,119 210,083
Contributed surplus 4,078 3,345
Accumulated net earnings (loss) (39,442) 44,156
Accumulated distributions (70,084) (44,038)
----------------------------------------------------------------------------
109,671 213,546
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$ 219,799 $ 323,033
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BUILDERS ENERGY SERVICES TRUST
Consolidated Statements of Operations, Comprehensive Income (Loss)
and Accumulated Net Earnings (Loss)
For the years ended December 31, 2007 and 2006

(Thousands, except For the year ended For the year ended
per unit amounts) December 31, 2007 December 31, 2006
----------------------------------------------------------------------------

Revenue $ 167,682 $ 199,565
Operating expenses 123,941 133,341
----------------------------------------------------------------------------
43,741 66,224

Expenses
General and administrative 15,923 19,143
Depreciation and amortization 21,967 18,461
Interest on long-term debt 4,010 2,323
Other 2,415 1,013
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44,315 40,940

----------------------------------------------------------------------------
Earnings (loss) before
impairment of goodwill,
income taxes and non-
controlling interest (574) 25,284
Impairment of goodwill 93,738 -
----------------------------------------------------------------------------
Earnings (loss) before income
taxes and non-controlling interest (94,312) 25,284

Income tax expenses (recoveries)
Current - 1,980
Future (9,334) (5,661)
----------------------------------------------------------------------------
(9,334) (3,681)

----------------------------------------------------------------------------
Earnings (loss) before non-controlling
interest (84,978) 28,965

Non-controlling interest earnings (loss) (1,709) 1,321
----------------------------------------------------------------------------
Net earnings (loss) and comprehensive
income (loss) (83,269) 27,644

Accumulated net earnings, beginning of year 44,156 16,512
Adoption of new accounting policy (329) -
----------------------------------------------------------------------------
Accumulated net earnings (loss),
end of year $ (39,442) $ 44,156
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net earnings (loss) per unit
Basic $ (4.42) $ 1.68
Diluted $ (4.42) $ 1.66
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BUILDERS ENERGY SERVICES TRUST
Consolidated Statements of Cash Flows
For the years ended December 31, 2007 and 2006


For the year ended For the year ended
(Thousands) December 31, 2007 December 31, 2006
----------------------------------------------------------------------------

Operating activities
Net earnings (loss) and
comprehensive income (loss) $ (83,269) $ 27,644
Items not affecting cash:
Depreciation and amortization 21,967 18,461
Unit-based compensation 956 1,948
Non-controlling interest earnings (loss) (1,709) 1,321
Future income tax recovery (9,334) (5,661)
Impairment of goodwill 93,738 -
Loss on disposal of equipment 1,120 189
----------------------------------------------------------------------------
23,469 43,902
Changes in non-cash operating
working capital 1,260 (2,785)
----------------------------------------------------------------------------
24,729 41,117
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Financing activities
Issue of Trust units, net of issue costs 780 29,020
Distributions paid (27,492) (26,625)
Increase (repayment) in operating line
of credit 10,300 (3,050)
Increase in long-term debt 17,610 47,600
Repayment of long-term debt (1,987) (21,520)
Deferred charges - (289)
----------------------------------------------------------------------------
(789) 25,136
----------------------------------------------------------------------------

Investing activities
Equipment (21,691) (43,604)
Business acquisitions - (28,356)
Proceeds on disposal of equipment 1,882 5,135
Changes in non-cash investing
working capital (3,895) (1,125)
----------------------------------------------------------------------------
(23,704) (67,950)
----------------------------------------------------------------------------

Increase (decrease) in cash 236 (1,697)

Cash (bank indebtedness), beginning
of year (236) 1,461
----------------------------------------------------------------------------
Bank indebtedness, end of year $ - $ (236)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Supplementary cash flow information
Income taxes paid $ 1,525 $ 4,436
Interest paid $ 4,634 $ 3,187
----------------------------------------------------------------------------
----------------------------------------------------------------------------


NON-GAAP MEASURES

Generally Accepted Accounting Principles ("GAAP") are used to analyze the operations. In addition to the primary measures of net earnings and net earnings per unit in accordance with GAAP, the Trust believes that certain measures not recognized under GAAP assist both the Trust and the reader in assessing performance and understanding the Trust's results. Each of these measures provides the reader with additional insight into the Trust's ability to, among other things, fund future distributions, principal debt repayments and capital programs. These non-GAAP measures are not recognized measures under GAAP. As a result, the method of calculation may not be comparable with other companies or Trusts. These measures should not be considered alternatives to net earnings (loss) and net earnings (loss) per unit as calculated in accordance with GAAP.

Gross margin and gross margin as a percentage of revenue - Gross margin is a non-GAAP measure that is considered a primary indicator of operating performance as calculated by revenue less operating expenses. This non-GAAP measure can also be expressed as a percentage of revenue.

EBITDA and EBITDA as a percentage of revenue - (Earnings before interest, income taxes, depreciation, amortization, non-controlling interest earnings, losses or gains on disposal of equipment and impairment of goodwill) - EBITDA is a non-GAAP measure that is considered an indicator of the Trust's ability to generate cash flow in order to meet distributions, fund required working capital, service debt, pay current income taxes and fund equipment programs. This non-GAAP measure can also be expressed as a percentage of revenue.

Operating costs or general and administrative expenses as a percentage of revenue - These measures are considered primary indicators of performance as calculated by operating costs or general and administrative expense divided by revenue.

Net equipment expenditures - This measure is equipment expenditures less proceeds on the disposal of equipment. The Trust uses net equipment expenditures to assess net cash flows related to the financing of oilfield services equipment.

Net maintenance equipment expenditures - Equipment additions that are incurred in order to refurbish or replace previously acquired equipment less proceeds on the disposal of retired equipment. Such additions do not provide incremental increases in revenue. Net maintenance equipment is a key component in understanding the sustainability of the Trust's business as cash resources retained within the Trust must be sufficient to meet net maintenance equipment needs to replenish the equipment for future cash generation.

Growth equipment expenditures - Growth equipment expenditures is equipment spending which is intended to result in incremental increases in revenue. Growth equipment expenditures is considered to be a key measure as it represents the total expenditures on equipment expected to add incremental revenues and funds flow to the Trust.

Based in Calgary, Alberta, 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.

Reader Advisory

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning completion of the combination. Although the Trust believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Trust can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oilfield services sector (e.g. 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, failure to obtain required regulatory and other approvals, and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. There are risks also inherent in the nature of the proposed combination, including failure to realize anticipated synergies or cost savings, risks regarding the integration of the two entities, incorrect assessments of the values of the other entity, and failure to obtain the required security holder, court, regulatory and other third party approvals.

This news release also contains forward-looking statements and information concerning the anticipated completion of the proposed Arrangement and the anticipated timing for completion of the Arrangement. The Trust has provided these anticipated times in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the timing of receipt of the necessary regulatory and court approvals and the time necessary to satisfy the conditions to the closing of the Arrangement. These dates may change for a number of reasons, including the inability to secure necessary regulatory or court approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release concerning these times. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Trust's or the combined trust's operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and the Trust undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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