Phoenix Oilfield Hauling Inc.
TSX VENTURE : PHN

Phoenix Oilfield Hauling Inc.

May 06, 2008 13:44 ET

Phoenix Oilfield Hauling Inc. Announces Option Grant

NISKU, ALBERTA--(Marketwire - May 6, 2008) -

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Phoenix Oilfield Hauling Inc. (TSX VENTURE:PHN) ("Phoenix" or the "Company") announces that pursuant to the terms of its stock option plan, it has granted options to purchase 3,080,000 common shares at a price of $0.30 per share to certain of its directors, officers and employees. The options vest over time and 70,000 of the options vest immediately, 1,730,000 of the options vest one-third equally on December 31 of the years 2008 through 2010 and 1,280,000 of the options vest one-fifth equally on December 31 of the years 2008 through 2012. The Company also amended the strike price on 105,000 previously issued stock options from $1.00 per share to $0.30 per share. Following this grant the Company has 4,660,000 outstanding options representing 8.12% of its issued and outstanding common share capital.

Phoenix is a Nisku-based oilfield transportation company operating a fleet of approximately 96 trucks working out of field locations in Nisku, Calgary, Grande Prairie and Slave Lake.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the contents of this news release.

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