Peak Energy Services Trust
TSX : PES.UN

Peak Energy Services Trust

August 09, 2006 17:20 ET

Peak Energy Services Trust Reports Its Financial Results for the Three and Six Months Ended June 30, 2006

CALGARY, ALBERTA--(CCNMatthews - Aug. 9, 2006) - Peak Energy Services Trust (TSX:PES.UN):



Financial Highlights

------------------------------------------------------------------------
------------------------------------------------------------------------
Three months ended Six months ended
June 30 June 30
------------------------------------------------------------------------
(in '000 of CAD, except % %
otherwise noted) 2006 2005 Change 2006 2005 Change
------------------------------------------------------------------------

Revenue 23,470 16,070 46 65,242 41,178 58
Net Income 3,289 1,142 188 13,906 7,496 86
Per unit - diluted 0.12 0.05 140 0.52 0.32 63
EBITDA (1) 1,961 2,666 -26 20,440 13,618 50
Per unit - diluted 0.07 0.11 -34 0.77 0.57 35
Funds from operations (1) 1,436 2,352 -39 19,131 12,945 48
Per unit - diluted 0.05 0.10 -45 0.72 0.54 33
Distributions to
Unitholders
(paid and declared) 7,173 5,522 30 14,192 11,026 29
Per unit 0.270 0.240 13 0.535 0.480 11
Percentage of funds
from operations 500% 235% 74% 85%
------------------------------------------------------------------------
------------------------------------------------------------------------

(1) Refer to the "Non-GAAP Measures" section for further details


Financial Summary

During the second quarter of 2006, although current natural gas prices showed some short term weakness with current storage capacity concerns, strong long-term commodity price fundamentals continued to motivate oil and gas producers and explorers. This influenced drilling rig activity, as the industry achieved 25,175 drilling rig operating days, surpassing the second quarter of 2005 total of 21,238 days. Peak Energy Services Trust's ("Peak" or the "Trust") revenue for the three months ended June 30, 2006 as compared to the prior year period, increased by $7.4 million or 46 percent to $23.5 million. For the second quarter of 2006 as compared to the prior year period, EBITDA decreased $0.7 million or 26 percent to $2.0 million and as a percentage of revenue was 8 percent (2005 - 17 percent), while funds from operations decreased $0.9 million or 39 percent to $1.4 million. Meanwhile, net income was $3.3 million for the three months ended June 30, 2006 ($0.12 per Unit diluted) an increase of $2.1 million or 188 percent over the prior year period.

Year-to-date, the industry achieved 81,149 drilling rig operating days, surpassing the prior year-to-date total of 66,919 days. Peak's revenue for the six months ended June 30, 2006 as compared to the prior year period, increased by $24.1 million or 58 percent to $65.2 million. For the first half of fiscal 2006 as compared to the prior year period, EBITDA increased $6.8 million or 50 percent to $20.4 million and as a percentage of revenue was 31 percent (2005 - 33 percent), while funds from operations increased $6.2 million or 48 percent to $19.1 million. Meanwhile, net income was $13.9 million for the six months ended June 30, 2006 ($0.52 per Unit diluted) an increase of $6.4 million or 86 percent over the prior year period.

Distributions declared and paid to Unitholders were $14.2 million (2005 - $11.0 million) or $0.535 per Unit (2005 - $0.480 per Unit), which represented 74 percent (2005 - 85 percent) of funds from operations for the six months ended June 30, 2006. Peak's Distribution Reinvestment Plan ("DRIP") and Premium Distribution Reinvestment Plan ("Premium DRIP") were introduced in April 2006. The impact of the DRIP and Premium DRIP was the reinvestment of $1.9 million of distributions into additional Trust Units.

Total assets increased by $8.3 million or 3 percent from $269.4 million at December 31, 2005 to $277.6 million at June 30, 2006. Total liabilities increased $5.3 million or 6 percent from $90.1 million at December 31, 2005 to $95.4 million at June 30, 2006. Unitholders' equity increased $3.0 million or 2 percent from $179.3 million at December 31, 2005 to $182.2 million at June 30, 2006.

Revenue

For the three months ended June 30, 2006, Peak generated revenue of $23.5 million compared to $16.1 million for the same period of 2005, representing an increase of 46 percent compared to an increase of 19 percent in drilling rig operating days over this time period. Total drilling rig operating days for the second quarter of 2006 were 25,175 days compared to 21,238 days for the same period of 2005.

Year-to date, Peak generated revenue of $65.2 million compared to $41.2 million for the same period of 2005, representing an increase of 58 percent compared to an increase of 21 percent in drilling rig operating days over this time period. Total drilling rig operating days for the first half of 2006 were 81,149 days compared to 66,919 days for the same period of 2005.

Drilling Services Revenue

Drilling Services increased revenue by $3.2 million or 29 percent as it generated $14.3 million in revenue or 61 percent of the Trust's total revenue for the three months ended June 30, 2006, compared to $11.1 million or 69 percent for the prior year period. In comparison to the second quarter increase of 19 percent or 3,937 drilling rig operating days, Peak's Drilling Services operating segment performed well.

Year-to-date, drilling services increased revenue by $9.9 million or 33 percent as it generated $40.1 million in revenue or 62 percent of the Trust's total revenue, compared to $30.2 million or 73 percent for the prior year period. In comparison to the year-to-date increase of 21 percent or 14,230 drilling rig operating days, Peak's Drilling Services operating segment posted strong results.

Contributing to the increase in revenue for this operating segment over the industry increase for the current quarter and year-to-date periods were both a strategic business acquisition and significant capital expenditures made during fiscal 2005. Also contributing to the incremental increase were improved utilization and pricing for rental equipment and services during the periods.

Production Services Revenue

Production Services improved revenue by $4.2 million or 85 percent as it contributed $9.2 million in revenue or 39 percent of the Trust's total revenue for the three months ended June 30, 2006, compared to $5.0 million or 31 percent for the prior year period.

Year-to-date, production services improved revenue by $14.1 million or 129 percent as it contributed $25.1 million in revenue or 38 percent of the Trust's total revenue, compared to $11.0 million or 27 percent for the prior year period.

The primary factors attributing to the increase in revenue for this operating segment were both a strategic business acquisition and significant capital expenditures made during fiscal 2005. Although, in absolute dollars for the second quarter, revenue increased over the prior year period, utilization within certain product lines of this operating segment were negatively impacted by a longer break-up than experienced in the prior year and poor road access conditions in certain areas that Peak operates. Peak believes that these factors have contributed to additional pent-up demand for these services that will generate positive results in the second half of the year.

Expenses

Operating expenses - For the three months ended June 30, 2006, operating expenses were higher than the prior year period by $5.8 million or 63 percent. As a percentage of revenue, operating expenses were 64 percent compared to the prior year period of 58 percent. For the first half of fiscal 2006, operating expenses were higher than the prior year period by $13.1 million or 67 percent. As a percentage of revenue, operating expenses were 50 percent compared to the prior year period of 47 percent. The primary drivers of the increase in operating expenses as a percentage of revenue were an increase in employee related compensation costs, as a percentage of revenue, incurred as a result of the industry wide increase in demand for employees placing upward pressure on these costs and weaker than expected revenue performance of the production services operating segment not offsetting the relatively fixed portion of Peak's operating expenses.

General and administrative expenses - For the second quarter of 2006, general and administrative expenses (G&A) were $2.3 million or 55 percent higher than the prior year period. However, as a percentage of revenue, G&A remained relatively consistent as it was 27 percent for the current quarter as compared to 26 percent for the prior year period. For the six months ended June 30, 2006, G&A were $4.1 million or 51 percent higher than the prior year period. However, as a percentage of revenue, G&A remained relatively consistent as it was 19 percent for the current year period as compared to 20 percent for the prior year period. The primary contributors to the dollar increase were an increased number of employees and related costs, including variable compensation, resulting from the recent strategic business acquisition activities and industry activity levels, increased advertising and promotional costs, increased facility rental costs primarily resulting from the recent strategic business acquisitions and professional consulting fees associated with the Trust's regulatory compliance activities.

Depreciation and amortization expenses - For the three months ended June 30, 2006, depreciation and amortization expenses were higher than the prior year period by $2.0 million or 84 percent. Meanwhile, year-to-date depreciation and amortization expenses were $4.0 million or 77 percent higher than the prior year period.

Interest on long-term debt expense - Interest on long-term debt expense increased to $0.6 million for the second quarter of 2006, representing an increase of $0.4 million or 138 percent over the same quarter of 2005. Interest on long-term debt expense increased to $1.2 million for the first half of fiscal 2006, representing an increase of $0.7 million or 147 percent over the same period of 2005.

Provision for income taxes - The current tax recovery of $0.1 million and future tax recovery of $6.0 million, resulted in a net income tax recovery of $6.1 million and an effective income tax rate of 221 percent for the three months ended June 30, 2006. Meanwhile, for the six months ended June 30, 2006, the current tax provision of $0.2 million and future tax recovery of $4.1 million, resulted in a net income tax recovery of $3.9 million and an effective income tax rate of negative 38 percent. Contributing to the significant future income tax recovery in the second quarter of 2006 was the impact of the Federal and Provincial (Alberta) government's approval of reductions in the general tax rates to be phased in over the next five years. In addition, the effective income tax rate differs significantly from the statutory corporate rate of 33 percent primarily driven by the reduction in the provision resulting from Trust distributions to Unitholders.

Non-controlling interest - Income attributable to non-controlling interest was $17,000 for the second quarter of 2006 as compared to $44,000 for the second quarter of 2005. Meanwhile, year-to-date income attributable to non-controlling interest was $0.1 million as compared to $0.3 million for the prior year period. This represents the respective consolidated income of the Trust attributable to the non-controlling interest.

Net income - For the three months ended June 30, 2006, net income increased 188 percent to $3.3 million ($0.12 per Unit diluted) compared to net income of $1.1 million ($0.05 per Unit diluted) for the same period of 2005. For the six months ended June 30, 2006, net income increased 86 percent to $13.9 million ($0.52 per Unit diluted) compared to net income of $7.5 million ($0.32 per Unit diluted) for the same period of 2005.

Balance Sheet

The Trust's balance sheet remains strong with working capital (defined as current assets less current liabilities excluding current portion of long-term debt) of $22.0 million, net debt (defined as interest bearing debt less cash and cash equivalents) of $37.6 million on tangible assets of $190.9 million and Unitholders' equity of $182.2 million at June 30, 2006.

Cash Flow

Funds from operations were $1.4 million ($0.05 per Unit diluted) for the second quarter of 2006 and $19.1 million year-to-date. The $0.9 million or 39 percent decrease over the second quarter of 2005 and $6.2 million or 48 percent increase over the first half of fiscal 2005 was directly related to income before non-cash items experienced during the periods.

Net cash used in investing activities during the second quarter of fiscal 2006 was $12.9 million (2005 - $27.7 million) and year-to-date was $20.8 million (2005 - $30.2 million). For the six months ended June 30, 2006, the activities were the result of the business acquisition of all of the issued and outstanding shares of Premium Rentals Inc. ("Premium") on June 1, 2006 for cash consideration of $2.5 million, a $1.6 million post-closing earn-out adjustment relating to the business acquisition of Competition Wireline Services Ltd. and $16.3 million of net equipment purchases (including proceeds on sale of equipment of $2.1 million). Peak's capital expenditure program for fiscal 2006 has not changed materially from what was disclosed in the MD&A of the 2005 Annual Report.

Net cash provided by financing activities for the three months ended June 30, 2006 was $4.5 million (2005 - $22.4 million) and year-to-date the net cash used in financing activities was $2.4 million (2005 - provided by $19.1 million). For the six months ended June 30, 2006, the activities were the result of an increase in long-term debt of $10.0 million used to fund a business acquisition and internal capital expenditures, the issuance of Trust Units in the amount of $1.9 million associated with the Trust's DRIP and a Premium DRIP and the payment of $14.0 million in Trust distributions to Unitholders.

Trust Distributions

Distributions declared represented 74 percent (2005 - 85 percent) of funds from operations (this does not take into account the impact of maintenance capital expenditures) for the six months ended June 30, 2006. The Trust's Indentures (for both Peak and Peak Commercial Trust) govern the amounts that the Trustee and the Administrator (Peak Energy Services Ltd. ("PESL")) can distribute to Unitholders. These Indentures give management the latitude to withhold reasonable reserves for operations. Currently, management's objective is to pay in the range of 50 to 60 percent of the Trust's funds from operations on an annual basis. Management believes that this distribution ratio level will allow it to fulfill its vision and execute on its strategy, while maintaining a stable financial position that will insulate the Trust from any short-term fluctuations in industry activity levels without having to reduce or eliminate the current distribution amount per Unit. It should be noted that there can be no assurances made that the Trust will make any future distributions.

For the April 2006 distribution, Peak introduced its DRIP and Premium DRIP to its Unitholders. The DRIP allows eligible Unitholders of Peak to direct that their cash distributions be reinvested in additional Trust Units at 95 percent of the average market price for the applicable period. The Premium DRIP further allows eligible Unitholders to elect to have these additional Trust Units delivered to the designated Premium DRIP broker in exchange for a premium cash distribution equal to 102 percent of the cash distribution that such Unitholders would otherwise have received on the applicable distribution payment date. Peak reserves the right to limit the amount of new equity available under the DRIP and Premium DRIP on any particular distribution date. Accordingly, participation may be prorated in certain circumstances. Peak experienced an average participation rate of 39 percent of Trust Unitholders for the distribution payments made May 15, 2006 and June 15, 2006 which resulted in the reinvestment of $1.9 million of distributions in Trust Units.

Non-controlling Interest

The remaining non-controlling interest was acquired by the Trust on June 30, 2006 as the Trust exercised its right to exchange the remaining Exchangeable Shares since the Exchangeable Shares outstanding were less than 5 percent of the original amount issued. The non-controlling interest on the balance sheet represented the book value of the remaining Exchangeable Shares plus the accumulated income or loss of the Trust attributed to the Exchangeable Shares. The Exchangeable Shares were originally issued by PESL as part of the reorganization into an income trust effective May 1, 2004. The primary reason for the issuance of the Exchangeable Shares was to defer the deemed capital gain or loss for Canadian income tax purposes that holders of PESL common shares would have been otherwise subject to as part of the reorganization into the Trust.

The holders of Exchangeable Shares did not receive distributions declared by the Trust. Rather, on each distribution payment date, the number of Trust Units, which one Exchangeable Share was exchangeable into, was increased on a cumulative basis in respect of the distributions. At time of conversion on June 30, 2006, the Exchangeable Share exchange ratio was one Exchangeable Share to 1.2240 Trust Units (December 31, 2005 - 1.17439 Trust Units) and 136,503 Trust Units were issued in exchange for 111,522 Exchangeable Shares.

Outlook

The current quarter was a very active time for Peak. The Trust continued with its repair and maintenance programs on all product lines and remained busy executing its aggressive capital expenditure program. In addition, Peak successfully completed the acquisition of Premium and implemented price increases to the majority of its product lines, effective June 1, 2006.

The second quarter of fiscal 2006 also presented some interesting challenges for Peak. Wet weather had a negative impact on activity during April and May and natural gas prices declined to lower than expected levels after an unseasonably warm winter. Despite these seasonal challenges, the near and medium term outlook for Peak remains positive. Natural gas prices appear to be firming recently and more favorable weather is driving the brisk levels of activity that Peak and the oil and gas industry, in general, are experiencing. With customer demand strengthening, the Trust remains focused on executing its aggressive internal capital expenditure plan throughout the remainder of the year. In addition, Peak continues to take a long term approach to managing its assets by ensuring that all of its assets are in "like new" condition before they return to work. These ongoing initiatives will continue to solidify Peak's reputation as a leader in the oilfield services sector.

The challenges experienced early in the second quarter of this year have created a scenario of pent-up demand that should continue to drive strong equipment utilization for the balance of 2006 and in to 2007. To this end, the outlook for the remainder of 2006 remains very positive for Peak. Management will remain vigilant and continue to seek out accretive growth opportunities to expand on existing product offerings or in new complementary products and services.

Non-GAAP Measures

EBITDA is defined as earnings before interest, taxes, depreciation and amortization and other items. EBITDA is not a recognized measure under Canadian generally accepted accounting principles ("GAAP"). Management believes, in addition to net income, EBITDA is a useful supplemental measure as it provides an indication of the results generated by Peak's principle business activities prior to consideration of how these activities are financed or how the results are taxed in various jurisdictions. Investors should be cautioned, however, that EBITDA, should not be construed as an alternative to net income determined in accordance with GAAP as an indicator of the Trust's performance. Peak's method of calculating EBITDA may differ from other companies and, accordingly, EBITDA may not be comparable to measures used by other companies.

Funds from operations is defined as funds generated from operating activities before changes in non-cash working capital balances. Funds from operations is not a recognized measure under Canadian GAAP. Management believes, in addition to cash flow provided by operating activities, funds from operations is a useful supplemental measure as it provides an indication of funds generated by operations before working capital adjustments. Investors should be cautioned, however, that funds from operations should not be construed as an alternative to cash flow provided by operating activities, determined in accordance with Canadian GAAP, as an indicator of the Trust's performance. Peak's method of calculating funds from operating activities, may differ from other companies and, accordingly, funds from operations may not be comparable to measures used by other companies.

Conference Call

Management will hold a conference call to discuss the quarter end results at 9:30 a.m. MT (11:30 a.m. ET) on Thursday August 10, 2006. To participate, please dial 1 (888) 789-0089 or 1 (416) 695-6120. Participants are asked to call at least 10 minutes before the start of the call. For those unable to participate in the live event, a replay will be available until Thursday, August 17, 2006 by dialing 1 (888) 509-0081 or 1 (416) 695-5275, verbal passcode 629056.

Financial Results

The following selected financial information summarizes Peak's consolidated financial results for the three and six months ended June 30, 2006. Peak's quarterly report, including the consolidated financial statements and management's discussion and analysis for the three and six months ended June 30, 2006 and 2005 will be available at www.sedar.com on or about August 10, 2006.



CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
------------------------------------------------------------------------
------------------------------------------------------------------------

(in thousands of CAD, 3 months ended 6 months ended
except per Unit June 30, June 30,
amounts, unaudited) 2006 2005 2006 2005
------------------------------------------------------------------------

Revenue $ 23,470 $ 16,070 $ 65,242 $ 41,178

Expenses:
Operating 15,124 9,280 32,510 19,415
General and
administrative 6,385 4,124 12,292 8,145
Depreciation and
amortization 4,283 2,327 9,188 5,179
Interest on long-term
debt 645 271 1,231 498
------------------------------------------------------------------------
26,437 16,002 55,221 33,237

------------------------------------------------------------------------
Income (loss) before
other items (2,967) 68 10,021 7,941

Other items:
Loss (gain) on sale
of equipment (225) 376 (100) 944
Loss (gain) on sale
of equipment held for
sale - 18 - (24)
Impairment loss on
equipment - - - 100
------------------------------------------------------------------------
(225) 394 (100) 1,020

------------------------------------------------------------------------
Income (loss) before
income taxes and
non-controlling
interest (2,742) (326) 10,121 6,921

Provision for income
taxes:
Current (recovery) (58) 72 191 223
Future (reduction) (5,990) (1,584) (4,046) (1,083)
------------------------------------------------------------------------
(6,048) (1,512) (3,855) (860)

------------------------------------------------------------------------
Income before
non-controlling interest 3,306 1,186 13,976 7,781

Income attributable
to non-controlling interest 17 44 70 285
------------------------------------------------------------------------
Net income 3,289 1,142 13,906 7,496

Retained earnings,
beginning of period
As previosuly
reported 3,761 1,532 163 337
Change in method of
accounting for
non-controlling
interest - (742) - (397)
------------------------------------------------------------------------
As restated 3,761 790 163 (60)

Distributions to
Unitholders (7,173) (5,522) (14,192) (11,026)
------------------------------------------------------------------------
Deficit, end of
period $ (123) $ (3,590) $ (123) $ (3,590)
------------------------------------------------------------------------
------------------------------------------------------------------------

Earnings per Unit:
Basic $ 0.12 $ 0.05 $ 0.52 $ 0.33
Diluted $ 0.12 $ 0.05 $ 0.52 $ 0.32
------------------------------------------------------------------------
------------------------------------------------------------------------


CONSOLIDATED STATEMENTS OF CASH FLOWS
------------------------------------------------------------------------
------------------------------------------------------------------------

3 months ended 6 months ended
(in thousands of CAD, June 30, June 30,
unaudited) 2006 2005 2006 2005
------------------------------------------------------------------------

Operating activities:
Net income $ 3,289 $ 1,142 $ 13,906 $ 7,496
Add (deduct) items not
affecting cash:
Amortization of deferred
financing costs 62 29 113 48
Depreciation and
amortization 4,283 2,327 9,188 5,179
Loss (gain) on sale of
equipment (225) 376 (100) 944
Loss (gain) on sale of
equipment held for sale - 18 - (24)
Impairment loss on
equipment - - - 100
Future income taxes
(reduction) (5,990) (1,584) (4,046) (1,083)
Income attributable to
non-controlling
interest 17 44 70 285
------------------------------------------------------------------------

1,436 2,352 19,131 12,945
Changes in non-cash working
capital items 11,917 10,784 8,415 4,891
------------------------------------------------------------------------

13,353 13,136 27,546 17,836

Investing activities:
Business acquisition (4,106) (7) (4,106) (665)
Funds held in trust for
future acquisition - (26,000) - (26,000)
Purchase of equipment (13,197) (2,907) (18,358) (5,994)
Proceeds on sale of
equipment and equipment
held for sale 1,404 1,183 2,106 2,495
------------------------------------------------------------------------

(15,899) (27,731) (20,358) (30,164)

Changes in non-cash working
capital items 3,019 - (465) -
------------------------------------------------------------------------

(12,880) (27,731) (20,823) (30,164)
Financing activities:
Increase in deferred
financing costs (164) (170) (168) (170)
Repayment of obligations
under capital lease (14) - (28) -
Increase in long-term debt 10,000 28,000 10,000 30,250
Issue of Trust Units, net
of costs 1,871 60 1,871 60
Distributions to
Unitholders (7,159) (5,504) (14,045) (11,008)
------------------------------------------------------------------------
4,534 22,386 (2,370) 19,132

Increase in cash and cash
equivalents 5,007 7,791 4,353 6,804
Cash and cash equivalents,
beginning of period 5,172 6,208 5,826 7,195
------------------------------------------------------------------------

Cash and cash equivalents,
end of period $ 10,179 $ 13,999 $ 10,179 $ 13,999
------------------------------------------------------------------------
------------------------------------------------------------------------


CONSOLIDATED BALANCE SHEETS
------------------------------------------------------------------------
------------------------------------------------------------------------
June 30, December 31,
(in thousands of CAD, unaudited) 2006 2005
------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 10,179 $ 5,826
Accounts receivable 27,262 35,319
Income taxes recoverable 460 176
Prepaid expenses 794 1,237
------------------------------------------------------------------------
38,695 42,558

Property and equipment 190,870 180,805

Deferred financing costs 681 626

Intangibles 12,327 12,978

Goodwill 35,063 32,395

------------------------------------------------------------------------
$ 277,636 $ 269,362
------------------------------------------------------------------------
------------------------------------------------------------------------

LIABILITIES AND UNITHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 14,203 $ 14,483
Distributions payable 2,398 2,251
Current portion of long-term debt 221 918
Current portion of obligations under capital
lease 56 56
------------------------------------------------------------------------
16,878 17,708

Long-term debt 47,529 36,832

Obligations under capital lease 75 103

Future income taxes 30,907 34,437

Non-controlling interest - 987

Unitholders' equity:
Trust Unit capital 180,887 177,649
Contributed surplus 1,483 1,483
Retained earnings (deficit) (123) 163
------------------------------------------------------------------------
182,247 179,295

------------------------------------------------------------------------
$ 277,636 $ 269,362
------------------------------------------------------------------------
------------------------------------------------------------------------


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 throughout western Canada and the mid-west United States of America. Peak Energy Services Trust units are listed on the Toronto Stock Exchange under the symbol "PES.UN".

Certain information set forth in this document, 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, currency fluctuations, environmental risks, competition from other industry participants, 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
    (403) 543-7335 (FAX)
    or
    Peak Energy Services Trust
    Mr. Matthew J. Huber
    Chief Financial Officer
    (403) 543-7325
    (403) 543-7335 (FAX)