Wellco Energy Services Trust
TSX : WLL.UN

Wellco Energy Services Trust

March 06, 2008 18:01 ET

Wellco Energy Services Trust Announces Unitholder and Court of Queen's Bench of Alberta Approval for Plan of Arrangement

CALGARY, ALBERTA--(Marketwire - March 6, 2008) - Wellco Energy Services Trust (TSX:WLL.UN) ("Wellco") is pleased to announce that at a special meeting of holders of trust units ("Wellco Units") of Wellco held today, approximately 99.0% of the voting unitholders voted in favour of the arrangement (the "Arrangement") pursuant to which Peak Energy Services Trust ("Peak") will acquire all of the issued and outstanding Wellco Units on the basis of 0.90 of a trust unit of Peak for each Wellco Unit held. Following the meeting, Wellco obtained a final order from the Court of Queen's Bench of Alberta approving the Arrangement.

The Arrangement is expected to be completed on or about March 12, 2008. Completion of the Arrangement remains subject to certain closing conditions that are typical for transactions of this nature.

About Wellco Energy Services Trust

Wellco Energy Services Trust provides a comprehensive array of oilfield services to organizations engaged in the search for oil and natural gas in western Canada. Wellco's trust units are listed on the Toronto Stock Exchange under the symbol "WLL.UN".

Certain information set forth in this news release, including management's assessment of Wellco's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Wellco's control, including the impact of general economic conditions, industry conditions, competition from other industry participants, volatility of commodity prices, currency fluctuations, environmental risks, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Wellco's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Wellco will derive there from. Wellco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX has neither approved nor disapproved the information contained herein.

Contact Information

  • Wellco Energy Services Trust
    Mr. Kenneth M. Bagan
    President and Chief Executive Officer
    (403) 232-6334
    (403) 232-6338 (FAX)
    or
    Wellco Energy Services Trust
    Mr. Corey Zahn
    Chief Financial Officer
    (403) 232-6334
    (403) 232-6338 (FAX)
    or
    Wellco Energy Services Trust
    Suite 2300, 500 - 4th Avenue S.W.
    Calgary, Alberta, T2P 2V6
    Website: www.wellcoenergy.com