Western Lakota Energy Services Inc.
TSX VENTURE : WLE

Western Lakota Energy Services Inc.

February 08, 2005 18:21 ET

Western Lakota Energy Services Inc. Announces Closing of Common Share Private Placement

CALGARY, ALBERTA--(CCNMatthews - Feb. 8, 2005) -

NOT FOR DISTRIBUTION INTO THE UNITED STATES OR TO UNITIED STATES WIRE SERVICES

Western Lakota Energy Services Inc. (TSX VENTURE:WLE) announces that it has
closed its previously announced financing agreement with Peters & Co. Limited
and First Associates Investments Inc. (collectively, the "Underwriters").
Pursuant to the agreement, Western Lakota issued 5,500,000 common shares by way
of private placement on a bought deal basis at a price of $4.60 per share for
gross proceeds of $25,300,000. Such shares are subject to a hold period expiring
June 9, 2005.

The net proceeds of the offering will be used to finance a portion of Western
Lakota's rig construction program and for general corporate purposes.

Western Lakota is one of Canada's fastest-growing drilling contractors currently
operating sixteen rigs with plans to grow to 24 rigs by the end of 2005. The
Company works closely with Aboriginal communities through ownership and
employment opportunities on drilling rigs. Western Lakota continues to provide
one of the newest fleets of safe and efficient drilling rigs in Canada while
striving to deliver positive results for shareholders, customers and Aboriginal
partners.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy the common shares in the United States. The common shares have not
been and will not be registered under the U.S. Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of such Act.

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

Contact Information

  • Western Lakota Energy Services Inc.
    Elson McDougald
    President & CEO
    (403) 214-5953
    Email: elson@westernlakota.com
    Website: www.westernlakota.com
    or
    Western Lakota Energy Services Inc.
    1050, 400 - 5 Avenue SW.
    Calgary, Alberta T2P 0L6
    (403) 214-5970
    (403) 214-5955 (FAX)