Sikanni Services Ltd.
TSX VENTURE : SKI

Sikanni Services Ltd.

April 29, 2008 14:14 ET

Sikanni and Irontree Complete Arrangement

CALGARY, ALBERTA--(Marketwire - April 29, 2008) - ENQUEST ENERGY SERVICES CORP. ("Enquest" or the "Company") - EnQuest is pleased to announce that the plan of arrangement (the "Arrangement") involving Sikanni Services Ltd. (TSX VENTURE:SKI) ("Sikanni") and Irontree Oilfield Services Corp. ("Irontree") has closed effective today. The completion of the Arrangement resulted in the amalgamation of Sikanni and Irontree to form EnQuest. As a result of the Arrangement, the former shareholders of Sikanni and Irontree received common shares of EnQuest ("EnQuest Shares") in exchange for their shares of Sikanni and Irontree on the basis of 1 EnQuest Share for each 30 common shares of Sikanni and 1 EnQuest Share for each 0.905 class A common shares or 0.905 series I class C preferred shares of Irontree. There are 16,575,161 EnQuest Shares outstanding following the Arrangement.

The EnQuest Shares have been conditionally approved for listing on the TSX Venture Exchange. The EnQuest Shares will commence trading on the TSX Venture Exchange under the symbol "ENQ" following the filing of certain final documentation by EnQuest and the issuance by the TSX Venture Exchange of a final bulletin concerning the Arrangement. Until the EnQuest Shares commence trading, the common shares of Sikanni will continue to trade on a pre-consolidation basis on the TSX Venture Exchange under the symbol "SKI".

In order to receive certificates for EnQuest Shares, registered holders of Sikanni and Irontree shares must submit a letter of transmittal along with their share certificate to Olympia Trust Company, the depositary for the Arrangement. Shareholders who hold their shares through a broker or other intermediary do not need to submit a letter of transmittal.

Mr. W.T. David Murray, the Chief Executive Officer of Irontree, has become the Chief Executive Officer of EnQuest. Mr. Rod MacDonald, Chief Executive Officer of Sikanni, has become the President of Canadian Operations of EnQuest. Mr. Chris Challis, President and Chief Operating Officer of Irontree, has become the President of US Operations of EnQuest. Mr. Thomas Lewis, Chief Financial Officer of Sikanni, has become the Chief Financial Officer of EnQuest.

EnQuest's board of directors is comprised of members from the previous boards of Irontree and Sikanni, as follows:



Mr. W.T. David Murray CEO, Irontree Oilfield Services Corp.
Mr. Elson McDougald Chairman, Savanna Oilfield Services Corp.
Mr. Henry Lawrie Former Managing Partner PriceWaterhouse - Calgary;
Corporate Director
Mr. Ross McEachern CEO, Vidal Street Industrial Park Inc.
Mr. Paul Colborne Chairman, TriStar Oil and Gas Ltd.
Mr. James Pasieka Partner, Heenan Blakie LLP


Lightyear Capital Inc. acted as sponsor of the Arrangement and as the exclusive financial advisor to Irontree with respect to the Arrangement. Macquarie Capital Markets Canada Ltd. acted as exclusive financial advisor to Sikanni with respect to the Arrangement.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Irontree Oilfield Services Corp.
    W.T. David Murray
    Chief Executive Officer
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: wtdmurray@irontreetrans.com
    or
    Irontree Oilfield Services Corp.
    Christopher W. Challis
    President, US Operations
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: cchallis@irontreetrans.com
    or
    Sikanni Services Ltd.
    Rod MacDonald
    President, Canadian Operations
    (403) 348-2172
    (403) 348-0451 (FAX)
    Email: rmacdonald@sikanni.com
    or
    Sikanni Services Ltd.
    Thomas E. Lewis, CA
    Chief Financial Officer
    (403) 348-2172
    (403) 348-0451 (FAX)
    Email: tlewis@sikanni.com