Parkland Energy Services Inc.
TSX VENTURE : PKE

Parkland Energy Services Inc.

July 25, 2012 12:54 ET

Parkland Energy Services Inc.- Announces the Extension of Debenture Agreement

CALGARY, ALBERTA--(Marketwire - July 25, 2012) - Parkland (TSX VENTURE:PKE) and the debenture holders, Genesis Merchant Partners I, Genesis Merchant Partners II and Adams & Peck, have signed an extension on the US debentures originally dated May 21, 2010. The original debentures matured May 31, 2012 and this new agreement will come into effect as of June 1, 2012. Delays in release of Parkland's year end audited statements and negotiation talks prolonged the expected closing of the extension past the May 31, 2012 deadline however all parties have come to a formal agreement as of July 23, 2012.

The total of the three debentures and any outstanding interest payable up to May 31, 2012 has been aggregated into the new balance as of June 1, 2012 of $1,281,128.36 USD. The debentures are to mature under the new extension agreement on May 31, 2014. All other terms and conditions have remained from the original debenture such as the 13% interest per annum and 7.5% payoff premium.

Parkland is currently investigating the possibility of renegotiating the remaining debentures held by Canadian investors which will mature in September 2012.

Parkland is a company based in Red Deer, Alberta that currently has an industrial paint and sandblasting operation. The Common shares are listed on the TSX Venture Exchange and trade under the symbol "PKE".

TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of hydrocarbon reserves and resources, the realization of reserve and resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of drilling and development operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of hydrocarbon resources; production or recovery rates; accidents, Labor disputes and other risks of the oil and gas industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Parkland Energy Services Inc.
    Sandra Woitas
    Chief Executive Officer
    403-346-8119
    403-346-4605 (FAX)