Western Lakota Energy Services Inc.
TSX : WLE

Western Lakota Energy Services Inc.

October 14, 2005 10:05 ET

Western Lakota Signs Agreement to Acquire a Surface Casing Rig

CALGARY, ALBERTA--(CCNMatthews - Oct. 14, 2005) - Western Lakota Energy Services Inc. (TSX:WLE) and its wholly owned subsidiary Akuna Drilling Inc. announce the signing of an agreement to purchase a surface casing drilling rig and related spare equipment from Iron Horse Drilling Ltd. The rig has a full complement of crews, who will be offered employment with Akuna Drilling Inc. The completion of the proposed transaction is subject to approval of Western Lakota's board of directors and the Toronto Stock Exchange. Closing is targeted for the week of October 17, 2005.

The purchase price of $2.4 million will be paid by the issuance of 89,753 common shares of Western Lakota Energy Services Inc. at a deemed issue price of $13.37 per share and $1,200,000 in cash.

One of Canada's fastest-growing drilling contractors, Western Lakota will be operating 32 rigs, after the above transaction closes, including six surface casing/core drilling rigs and has 10 more rigs planned for construction. Western Lakota continues to provide one of the newest fleets of safe and efficient drilling rigs in Canada while delivering strong results for shareholders, customers and Aboriginal partners.

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