Builders Energy Services Trust
TSX : BET.UN

Builders Energy Services Trust

March 06, 2008 19:52 ET

Builders Energy Services Trust Obtains Interim Order and Announces Mailing of Meeting Materials

CALGARY, ALBERTA--(Marketwire - March 6, 2008) - Builders Energy Services Trust (the "Trust") (TSX:BET.UN) is pleased to announce that it obtained an interim order of the Court of Queen's Bench of Alberta on February 29, 2008 providing for, among other things, the holding of a special meeting of the unitholders of the Trust to approve the previously announced arrangement under the Business Corporations Act (Alberta) (the "Arrangement") with Essential Energy Services Trust ("Essential").

A special meeting (the "Meeting") of the holders of trust units and subordinated trust units ("Units") of the Trust (the "Unitholders") will be held in respect of the Arrangement in the Viking Room at the Calgary Petroleum Club, 319 - 5th Avenue S.W., Calgary, Alberta on Thursday, April 3, 2008 at 10:30 a.m. (Calgary time).

The Trust has mailed a management information circular and proxy statement respecting the Meeting to the Unitholders on or about March 4, 2008. The information circular and proxy statement are currently available for viewing electronically under the Trust's profile on SEDAR at www.sedar.com.

Pursuant to the Arrangement, the Unitholders will exchange each Unit they hold for 1.25 trust units of Essential. The Arrangement must be approved by 66 2/3% of the votes cast by the Unitholders who vote either in person or by proxy at the Meeting.

The completion of the Arrangement is subject to certain conditions, including the receipt of the approval of the Unitholders and the final approval of the Court of Queen's Bench of Alberta and all applicable regulatory authorities. If all necessary approvals are obtained and the conditions to the completion of the Arrangement are satisfied or waived, the Trust anticipates that the Arrangement will become effective on or about April 4, 2008.

National Bank Financial Inc. has provided a written opinion to the Board of Directors of Builders Energy Services Ltd., the administrator of the Trust, stating that, as of February 27, 2008, the consideration to be received by the Unitholders is fair, from a financial point of view, to the Unitholders.

The Board of Directors of Builders Energy Services Ltd., the administrator of the Trust, has unanimously determined that the Arrangement is in the best interests of the Trust and the Unitholders. The Board of Directors unanimously recommends that the Unitholders vote to approve the Arrangement at the meeting planned for April 3, 2008.

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) 693-3406
    Email: IR-BEST@BuildersEnergy.com
    or
    Builders Energy Services Trust
    John W. Nearing
    Vice President, Finance and Chief Financial Officer
    (403) 693-3408
    Email: IR-BEST@BuildersEnergy.com