CALGARY, ALBERTA--(Marketwire - Dec. 19, 2011) -
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Phoenix Oilfield Hauling Inc. ("Phoenix" or the "Company") (TSX VENTURE:PHN), a leading provider of hauling services and equipment rentals to the energy industry, announces that it has granted 399,529 stock options (the "Options") to certain officers and employees of the Company at a price of $2.80 per share. The options vest one-third immediately and one-third on each of December 19, 2012 and December 19, 2013 for 26,000 Options and one-third on each of October 31, 2012, October 31, 2013 and October 31, 2014 for 373,529 Options. All of the Options have a term of five years. Phoenix also amended the exercise price on 10,000 stock options previously issued to employees from $9.00 per share to $2.80 per share.
About Phoenix Oilfield Hauling Inc.
Phoenix provides specialized transportation of products, materials, supplies and equipment required for the exploration, development and production of petroleum resources in the Western Canadian Sedimentary Basin and in the United States of America principally in and around the states of Texas and Pennsylvania. Transportation services include both the equipment necessary to move the load as well as a trained, professional driver capable of securing, moving and manipulating the load at its origin and destination. The Company's Canadian heavy haul division is capable of hauling loads in excess of 300,000 pounds. Phoenix's rental operations include the rental of tanks, matts, pickers, light towers and other equipment necessary for oilfield operations.
Phoenix was incorporated in 1994 as a private company to serve the oil and gas industry. In the spring of 2006 the Company went public on the TSXV. Phoenix has major operations in Calgary, AB, Slave Lake, AB, Nisku, AB, Grand Prairie, AB, Waskada, MB, Mineral Wells, TX, and New Columbia, PA. Phoenix is publicly traded on the TSXV under the symbol PHN. For more information on Phoenix please see the Company's filings at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Bharat Mahajan, CA
Vice President, Finance and Chief Financial Officer
(403) 264-4950 Ext. 222
bmahajan@phoenixhauling.com