Impax Energy Services Income Trust
TSX : MPX.UN

Impax Energy Services Income Trust

April 28, 2009 18:13 ET

Impax Announces a New Amended and Restated Credit Facility

TORONTO, ONTARIO--(Marketwire - April 28, 2009) - Impax Energy Services Income Trust ("Impax" or the "Trust") (TSX:MPX.UN) announces a new Amended and Restated Credit Facility.

CREDIT FACILITY CHANGES

Early in 2009, the Trust entered into discussions with its lenders to restructure its existing Credit Agreement to provide greater flexibility. On April 28, 2009 the Trust, pursuant to these discussions with the lenders, approved a new credit facility that, effective as of March 1, 2009 replaced the demand nature of its current facility with a two year term facility, reduced the interest rates on the facility and significantly reduced mandatory principal re-payments over the two year period. Overall, the new credit facilities are less costly and have been structured on a more conventional operating basis.

OUTLOOK

The long-term fundamentals of the oil and gas business are still intact although we expect 2009 to exhibit a reduced level of activity from the prior year. It is recognized that there will be some need to sustain production levels and this will provide opportunities for the oilfield service sector. Impax has demonstrated that it can compete in this constrained environment.

Impax, with its capable operating units, reduced head office costs and a more flexible balance sheet and repayment schedule, is now positioned to address, through other strategic initiatives, enhancement of unit holder value. The Trust is committed to proactively seeking out these strategic alternatives during the next several quarters.

Impax Energy Services Income Trust is an open-ended trust, providing oilfield services in western Canada. The Trust indirectly owns an approximate 72% interest in Impax Energy Services Master Limited Partnership, which indirectly acquired and now operates through its subsidiaries the businesses of McClelland Oilfield Rentals Limited Partnership, EGOC Enviro Group Limited Partnership, Denray Rathole Drilling Limited Partnership and Dwayne Hommy Trucking Limited Partnership. These businesses provide services in the areas of oilfield rental, specialized equipment rental, access mat rental, waste management services, rat hole drilling and specialty fluid hauling.

This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Trust that involve known and unknown risks and uncertainties. Although the Trust has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking information, actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in the Trust's March 30, 2009 Annual Information Form filed with the Canadian securities regulatory authorities. Due to the potential impact of these factors, the Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

Additional Financial Information

The full annual report, including the audited consolidated financial statements with accompanying notes and Management's Discussion and Analysis will be filed on SEDAR.

Contact Information

  • Impax Energy Services Income Trust
    John Anderson
    Chief Financial Officer
    (416) 913-3684
    or
    Impax Energy Services Income Trust
    Raymond P. Cej
    Chairman
    (587) 888-1900
    or
    Impax Energy Services Income Trust
    Stephen T. Moore
    Trustee
    (416) 815-2278
    www.impaxenergy.com