Great Prairie Energy Services Inc.
TSX VENTURE : GPE

Great Prairie Energy Services Inc.

January 19, 2016 07:30 ET

Great Prairie Energy Services Inc. Announces Receipt of Formal Demand for Repayment of Credit Facility

CALGARY, ALBERTA--(Marketwired - Jan. 19, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Great Prairie Energy Services Inc. (TSX VENTURE:GPE) ("Great Prairie" or the "Company") has received a formal demand for repayment from its lender of all outstanding monies owing under its credit facilities in the amount of approximately $13.4 million (the "indebtedness"). The indebtedness is now due and payable as a result of certain defaults by the Company under the credit facilities.

The Company's lender has also issued a notice of intention to enforce security, to the Company. The lender will be entitled to commence enforcement proceedings against the Company if the indebtedness is not paid in full on or before January 28, 2016.

Finally, the Company's Chief Financial Officer, Robert Gillies, has resigned, but will continue to serve the Company as a consultant.

About Great Prairie Energy Services Inc.

Great Prairie Energy Services Inc. is a Canadian energy services company focused on servicing oil and gas activity in Saskatchewan and Alberta. Great Prairie provides general oilfield hauling, equipment rental and frac fluid services out of Kindersley, Saskatchewan and Drumheller, Sundre, Rocky Mountain House and Valleyview, Alberta through its operating entities.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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