Peak Energy Services Trust

Peak Energy Services Trust

March 16, 2005 18:03 ET

Peak Energy Services Trust Confirms Cash Distribution for April 15, 2005


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PEAK ENERGY SERVICES TRUST

TSX SYMBOL: PES.UN

MARCH 16, 2005 - 18:03 ET

Peak Energy Services Trust Confirms Cash Distribution
for April 15, 2005

CALGARY, ALBERTA--(CCNMatthews - March 16, 2005) - Peak Energy Services
Trust (TSX:PES.UN) ("Peak") confirms that the cash distribution for the
month of March 2005 in the amount of Cdn. $0.08 per trust unit will be
paid on April 15, 2005 to unitholders of record on March 31, 2005. The
ex-distribution date will be March 29, 2005.

Peak confirms the following increase to the exchange ratio of the
exchangeable shares of Peak Energy Services Ltd.:



Effective
date of Exchange
the ratio
Record Market Increase increase as of
date of Opening price exchange in effective
unit Distribution exchange of in exchange date of
distribution per unit ratio units(1) ratio(2) ratio increase
------------ ------------ -------- -------- -------- -------- ----------
Feb 28, $0.08 1.08547 $10.30 0.00843 Mar 15, 1.09390
2005 2005


(1) Market price is the closing trading price of Peak's trust units on
the first business day following the distribution record date for such
distribution.

(2) The increase in the exchange ratio is calculated by multiplying
Peak's distribution per unit by the exchange ratio immediately prior to
the distribution record date and dividing by the closing market price of
Peak's trust units on the first business day following the distribution
record date for such distribution.

A holder of exchangeable shares can exchange all or a portion of their
holdings into trust units, at any time, by giving notice to their
investment advisor or Valiant Trust Company at its principal transfer
office at Suite 310, 606 - 4th Street S.W., Calgary, Alberta, T2P 1T1.

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.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Peak Energy Services Trust
    Mr. Christopher E. Haslam
    President and Chief Executive Officer
    (403) 543-7325
    or
    Peak Energy Services Trust
    Mr. Matthew J. Huber
    Chief Financial Officer
    (403) 543-7325
    (403) 543-7335 (FAX)
    or
    Peak Energy Services Trust
    Suite 1800, 530 - 8th Avenue S.W.
    Calgary, Alberta, T2P 3S8
    The TSX have neither approved nor disapproved the information contained
    herein.