Total Energy Services Trust

Total Energy Services Trust

September 21, 2005 14:15 ET

Total Energy Services Trust Announces Cash Distribution Increase and Construction of Two Drilling Rigs

CALGARY, ALBERTA--(CCNMatthews - Sept. 21, 2005) - Total Energy Services Trust (TSX:TOT.UN) ("Total") announces that the cash distribution for the month of October 2005 to be paid on or about November 15, 2005 will be increased by 1.0 cent to 8.0 cents per trust unit ($0.96 per unit on an annualized basis).

Total is also pleased to announce that its contract drilling division, Chinook Drilling, is proceeding with the construction of two heavy telescopic double drilling rigs similar in design to its existing heavy double fleet at an estimated total cost of $12 million. On completion of such rigs, which is scheduled for the third quarter of 2006, Chinook Drilling will have a fleet of thirteen drilling rigs, all of which were constructed in 1997 or later. Proceeds from the recently completed $27 million bought deal financing will be used to fund construction of these two rigs.

Total Energy Services Trust is a growth oriented oil and gas service income trust involved in contract drilling services, drilling and production rentals and natural gas compression equipment fabrication, sales, rental and service. The trust units of Total are listed and trade on the TSX under the symbol "TOT.UN".

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Total Energy Services Trust
    Mr. Daniel K. Halyk
    Chief Executive Officer
    (403) 216-3921
    Total Energy Services Trust
    Mr. David A. Hawkins
    Vice-President Finance and Chief Financial Officer
    (403) 216-3920