Peak Energy Services Trust
TSX : PES.UN

Peak Energy Services Trust

April 03, 2006 19:49 ET

Peak Energy Services Trust Announces the Redemption of Exchangeable Shares

CALGARY, ALBERTA--(CCNMatthews - April 3, 2006) - Peak Energy Services Trust (TSX:PES.UN) (the "Trust") announced today that as a result of a minimal number of exchangeable shares being outstanding (111,522), Peak Energy Services Ltd. ("Peak") has elected to redeem all of its outstanding exchangeable shares on June 30, 2006. In connection with this redemption, Peak has exercised its overriding "redemption call right" to purchase such exchangeable shares from holders of record. Each redeemed exchangeable share will be purchased for trust units of the Trust in accordance with the exchange ratio in effect at June 30, 2006, rounded to the nearest whole trust unit. A Notice of Redemption has been mailed to all exchangeable shareholders outlining the terms of this redemption. Peak will also mail a formal Letter of Transmittal to all exchangeable shareholders of record on July 1, 2006 to complete this transaction.

About Peak Energy Services Trust

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

Certain information set forth in this news release, including management's assessment of Peak's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond these parties' control, including the impact of general economic conditions, industry conditions, competition from other industry participants, volatility of commodity prices, currency fluctuations, environmental risks, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Peak's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Peak will derive there from. Peak disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


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

Contact Information

  • Peak Energy Services Trust
    Mr. Curtis W. Whitteron
    President and Chief Operating Officer
    (403) 543-7325
    or
    Peak Energy Services Trust
    Mr. Matthew J. Huber
    Chief Financial Officer
    (403) 543-7325
    or
    Peak Energy Services Trust
    Suite 1800, 530 - 8th Avenue S.W.
    Calgary, Alberta T2P 3S8
    (403) 543-7335 (FAX)