Peak Energy Services Trust
TSX : PES.UN

Peak Energy Services Trust

September 21, 2005 14:06 ET

Peak Energy Services Trust- Announces $20 million Bought Deal Equity Financing

CALGARY, ALBERTA--(CCNMatthews - Sept. 21, 2005) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Peak Energy Services Trust (TSX:PES:UN) ("Peak") announces that it has entered an agreement with Canaccord Capital Corporation, under which it has agreed to purchase for resale to the public, on a bought deal basis, 1,667,000 trust units of Peak at a price of $12.00 per trust unit, resulting in gross proceeds of $20,004,000. The underwriter has also been granted an option to purchase up to an additional 417,000 trust units of Peak at a price of $12.00 per trust unit. This option is exercisable at the discretion of the underwriter at any time up to 48 hours prior to closing. This transaction is subject to normal regulatory approvals. The trust units will be offered in certain provinces of Canada by way of short form prospectus. Closing is anticipated to occur on or about October 18, 2005. Proceeds from this offering will be used for repayment of indebtedness and for general corporate purposes.

Peak Energy Services Trust is a diversified energy services organization providing oilfield equipment and related services to the energy industry in Western Canada. Peak Energy Services Trust's units are listed on the Toronto Stock Exchange under the symbol "PES.UN".

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Trust Units will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Contact Information

  • Peak Energy Services Trust
    Mr. Christopher E. Haslam
    Chairman and Chief Executive Officer
    (403) 543-7325
    (403) 543-7335 (FAX)
    or
    Peak Energy Services Trust
    Mr. Matt J. Huber
    Chief Financial Officer
    (403) 543-7325
    (403) 543-7335 (FAX)