Peak Energy Services Trust
TSX : PES.UN

Peak Energy Services Trust

October 18, 2005 08:45 ET

Peak Energy Services Trust Announces Closing of $20 Million Bought Deal Equity Financing

CALGARY, ALBERTA--(CCNMatthews - Oct. 18, 2005) -

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

Peak Energy Services Trust (TSX:PES.UN) ("Peak") announced today the closing of its previously announced offering of 1,667,000 trust units ("Trust Units") of Peak. The offering was made on a bought deal basis through a syndicate of underwriters led by Canaccord Capital Corporation and including Orion Securities Inc. and Sprott Securities Inc. At closing, a total of 1,667,000 Trust Units were issued at a price of $12.00 per Trust Unit for gross proceeds of $20,004,000.

Purchasers of Trust Units issued pursuant to the offering will be eligible for the distribution payable on or about November 15, 2005 to unitholders of record on October 31, 2005.

The net proceeds of the offering will be used to reduce bank indebtedness, which may be redrawn and applied to fund general purposes and to fund the Trust's capital expenditure and acquisition program.

Peak Energy Services Trust is a diversified energy services organization providing oilfield equipment and related services to the energy industry in Western Canada. The Trust 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
    Christopher Haslam
    Chairman and Chief Executive Officer
    (403) 543-7325
    (403) 543-7320 (FAX)
    or
    Peak Energy Services Trust
    Matt Huber
    Chief Financial Officer
    (403) 543-7325
    (403) 543-7320 (FAX)
    or
    Peak Energy Services Trust
    Suite 1800, 530 - 8th Avenue S.W.
    Calgary, Alberta T2P 3S8