Phoenix Oilfield Hauling Inc.
TSX VENTURE : PHN

Phoenix Oilfield Hauling Inc.

November 15, 2006 13:20 ET

Phoenix Oilfield Hauling Inc. Announces Option Grants

NISKU, ALBERTA--(CCNMatthews - Nov. 15, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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 1,715,000 common shares at a price of $1.00 per share to certain of its directors, officers and employees. 965,000 of the options vest 1/3 (one-third) per year over a three-year period and are excisable for a five-year period. 750,000 of the options granted to the Chief Financial Officer vest 1/5 (one-fifth) per year over a five-year period and are exercisable for a five-year period.

The options to purchase 1,755,000 common shares previously announced on August 15, 2006 have been rescinded. As of the date hereof, Phoenix has 1,715,000 outstanding options representing 3.53% of its issued and outstanding common share capital.

Phoenix is a Nisku-based company specializing in the transportation of products, materials, supplies and equipment required for the exploration, development and production of petroleum resources.

Neither the TSX Venture Exchange nor any securities regulatory authority has in any way passed upon the merits of the transaction described in this press release and any representation to the contrary is an offence.


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