Sikanni Services Ltd.
TSX VENTURE : SKI

Sikanni Services Ltd.

April 28, 2008 21:01 ET

Sikanni Services Ltd.: Arrangement Receives Shareholder and Court Approvals

CALGARY, ALBERTA--(Marketwire - April 28, 2008) - SIKANNI SERVICES LTD. (TSX VENTURE:SKI)("Sikanni" or the "Company") Sikanni is pleased to announce that the shareholders of Sikanni and the shareholders of Irontree Oilfield Services Corp. ("Irontree"), at special meetings held today, have approved the previously announced plan of arrangement involving Sikanni and Irontree (the "Arrangement"). The Arrangement was approved by 99.8% of the shareholders of Sikanni that voted and 100% of the shareholders of Irontree that voted.

In addition to the shareholder approvals, Sikanni and Irontree have received a final order of the Court of Queen's Bench of Alberta approving the Arrangement.

Subject to the completion of certain closing matters, it is anticipated that the Arrangement will become effective on April 29, 2008. Under the Arrangement:

- Sikanni and Irontree will be amalgamated to form EnQuest Energy Services Corp.
("EnQuest") which will trade under the symbol "ENQ";

- Each shareholder of Sikanni will receive 1 common share of EnQuest for each 30
common shares of Sikanni;

- Each shareholder of Irontree will receive 1 common share of EnQuest for each
0.905 class A common shares of Irontree and 1 common share of EnQuest for each
0.905 series I class C preferred shares of Irontree; and

- Outstanding warrants and options in each of Sikanni and Irontree shall be
exercisable to acquire EnQuest common shares on their terms following the
Arrangement, subject to adjustment to give effect to the exchange ratios
above.

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

Contact Information

  • Sikanni Services Ltd.
    Rod MacDonald
    President & Chief Executive Officer
    Email: rmacdonald@sikanni.com
    or
    Sikanni Services Ltd.
    Thomas E. Lewis, CA
    Chief Financial Officer
    Email: tlewis@sikanni.com
    or
    Sikanni Services Ltd.
    4757 60th Street
    610 25 Road Red Deer, Alberta, T4N 2N8
    (403) 348-2172
    (403) 348-0451 (FAX)
    or
    Irontree Oilfield Services Corp.
    W.T. David Murray
    Chairman and Chief Executive Officer
    Email: wtdmurray@irontreetrans.com
    or
    Irontree Oilfield Services Corp.
    Christopher W. Challis
    President
    Email: cchallis@irontreetrans.com
    or
    Irontree Oilfield Services Corp.
    610 25 Road
    Grand Junction, CO 81505
    (970) 241-3420
    (970) 242-5078 (FAX)