Parkland Energy Services Inc.
TSX VENTURE : PKE

March 16, 2010 18:07 ET

Parkland Energy Services Inc.: Press Release

CALGARY, ALBERTA--(Marketwire - March 16, 2010) - Parkland Energy Services Inc. (TSX VENTURE:PKE) ("Parkland") has entered into term sheets whereby it will issue up to $10 million U.S. in 13% and 15% secured notes and/or debentures. As a term of the issuance of the notes and/or debentures, Parkland will issue up to approximately 7.0 million common shares to the subscribers of the notes and/or debentures. In addition Parkland will pay fees and expenses of up to approximately $620,000 U.S. and issue up to approximately 3.5 million common shares of Parkland to agents assisting Parkland in respect of this transaction. The funding of the term sheets are subject to a number of conditions including completion of due diligence, execution of binding agreements and regulatory and TSX Venture Exchange approval.

The proceeds of the offering are to be used to fund the previously announced acquisition of Ace Oilfield Construction Ltd. As well as to acquire producing oil wells and for general working capital purposes.

Forward-Looking Statements

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, Labour 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.
    Gordon Hillman
    Acting President & CEO
    (403) 346-8119
    or
    Parkland Energy Services Inc.
    Allan Slobodian
    CFO
    (403) 346-8119
    or
    Link Resource Partners
    David Doering
    Partner
    (416) 224-5465