Peak Energy Services Ltd.
TSX : PES

January 04, 2011 06:30 ET

Peak Energy Services Ltd. Announces Completion of Conversion of Peak Energy Services Trust

CALGARY, ALBERTA--(Marketwire - Jan. 4, 2011) - Peak Energy Services Ltd. ("Peak") (TSX:PES) is pleased to announce the successful completion of Peak Energy Services Trust's (the "Trust") previously announced plan of arrangement (the "Arrangement") whereby the Trust has been converted into a growth oriented oil and natural gas services corporation operating as "Peak Energy Services Ltd.".

Pursuant to the Arrangement, previous holders ("Unitholders") of trust units of the Trust ("Trust Units") received an equal number of common shares ("Common Shares") of Peak. Letters of Transmittal have been forwarded to Unitholders or their intermediary to be utilized for exchanging Trust Units for Common Shares.

After giving effect to the Arrangement, Peak has approximately 172.4 million Common Shares issued and outstanding.

Within 2 to 3 business days of the Toronto Stock Exchange (the "TSX") confirming receipt of all necessary documents in connection with the closing of the Arrangement and related matters, the Trust Units (TSX symbol "PES.UN") will be delisted from the TSX. Concurrent with the delisting of the Trust Units, the Common Shares will be listed on the TSX under the symbol "PES", which listing is anticipated to commence on or about January 7, 2011.

About Peak Energy Services Ltd.

Peak Energy Services Ltd. is a diversified energy services organization operating in western Canada and the United States of America. Through its various operating divisions, Peak provides drilling and production services to its customers both in the conventional and unconventional oil and natural gas industry as well as the oil sands regions of western Canada. Peak also provides water technology solutions to a variety of customers throughout North America.

Forward Looking Statements

Certain information set forth in this news release, including the expected timing for the listing of the Common Shares on the TSX may contain forward-looking statements, and necessarily involve risks and uncertainties, certain of which are beyond Peak's control. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so the effect they will have on Peak. Additional information on these and other factors that could affect Peak are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and Peak does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.

The TSX have neither approved nor disapproved the information contained herein.

Contact Information

  • Peak Energy Services Ltd.
    Mr. Curtis W. Whitteron
    President and Chief Executive Officer
    (403) 543-7325
    (403) 543-7335 (FAX)
    or
    Peak Energy Services Ltd.
    Mr. Monty R. Balderston
    Chief Financial Officer
    (403) 543-7325
    (403) 543-7335 (FAX)
    or
    Peak Energy Services Ltd.
    Livingston Place, South Tower
    Suite 900, 222 - 3rd Avenue SW T2P 0B4