Phoenix Oilfield Hauling Inc.

Phoenix Oilfield Hauling Inc.

October 15, 2010 18:21 ET

Phoenix Oilfield Hauling Inc.: News Release

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2010) - Werklund Capital Corp. ("WCC") acquired ownership and control of 3,374,000 common shares of Phoenix Oilfield Hauling Inc. (TSX VENTURE:PHN) (the "Phoenix"), representing approximately 2% of Phoenix's current issued and outstanding common shares since January 6, 2010 (the date of the last Early Warning Report) through open market acquisitions. Details of the acquisitions are or will be available on SEDI, as required.

As at October 15, 2010, WCC owns or controls 69,220,434 common shares of the Phoenix, representing approximately 41.1% of Phoenix's issued and outstanding common shares. WCC also is the registered holder of 5,000,000 share purchase warrants ("Warrants"), evidencing rights issued by Phoenix to WCC to subscribe for 5,000,000 common shares of Phoenix on or before September 5, 2013. If the Warrants held by WCC are exercised and converted into common shares effective October 15, 2010, WCC would own 74,220,434 common shares of Phoenix, representing approximately 44% of Phoenix's issued and outstanding common shares.

The open market purchases through the facilities of the TSX Venture Exchange were at the prevailing market price.

The acquisitions by WCC were made for investment purposes and WCC may from time to time increase or decrease its holdings in Phoenix depending on market conditions or any other relevant factor. This news release is being issued pursuant to securities legislation in each province of Canada and will be filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") with the report required under National Instrument 62-103. The issuance of this news release is not an admission that WCC owns or controls the common shares described in this new release or is a joint actor with any other entity.

Contact Information

  • The head office of WCC is located at:
    801, 530 - 8 Avenue SW
    Calgary, Alberta T2P 3S8