Western Lakota Energy Services Inc.
TSX : WLE

Western Lakota Energy Services Inc.

April 04, 2006 08:00 ET

Western Lakota's Subsidiary Akuna Drilling Trust Closes $2,400,000 Private Placement and Announces First Nations and Metis Nation Ownership of Akuna Drilling Trust Reaches 8%

CALGARY, ALBERTA--(CCNMatthews - April 4, 2006) - Western Lakota Energy Services Inc. (TSX:WLE) is pleased to announce that its subsidiary, Akuna Drilling Trust, has closed a private placement of 800,000 units at a price of $3.00 per unit for gross proceeds of $2,400,000. Horse Lake First Nation, through one of its subsidiaries, has subscribed for 500,000 units and Peace Hills General Insurance Company has subscribed for the other 300,000 units. These investors join the Metis Nation of Alberta as significant unitholders in the Trust. Akuna Drilling Trust will have 18,400,000 units issued and outstanding after the private placements and Western Lakota's ownership of the Trust will be 92%. The Akuna Drilling Trust owns eight CBM/oilsands coring/pre-set rigs and plans to build 10 more rigs that are scheduled to be completed throughout 2006 and early 2007.

The Trust's unitholders now include the following 25 First Nations, the Metis Nation and related operating companies from both Alberta and Saskatchewan.



Alberta Saskatchewan
Metis Nation of Alberta Association Thunderchild First Nation
Horse Lake First Nation Island Lake First Nation
Peace Hills General Insurance Company Waterhen Lake First Nation
Samson Cree First Nation Canoe Lake Cree Nation
Dene Tha' First Nation Buffalo River First Nation
Blood Tribe Clearwater River Dene Nation
Duncan's First Nation English River First Nation
Saddle Lake First Nation Flying Dust First Nation
Fort McKay First Nation Makwa Sahgaiehcan First Nation
Mikisew Cree First Nation Birch Narrows First Nation
Athabasca Chipewyan First Nation
Cold Lake First Nation
Beaver Lake Cree Nation
Heart Lake First Nation
Kehewin Cree Nation


"Akuna Drilling Trust is pleased to be working with these First Nations and Metis communities and organizations as we strive to become the drilling contractor of choice in heavy oil / oil sands projects in Alberta and Saskatchewan," says Elson McDougald, President & Chief Executive Officer of Western Lakota.

Western Lakota is also pleased to announce that Chief Victor Buffalo of the Samson Cree Nation has assumed the Chairmanship of Akuna Drilling Inc., the administrator of the Akuna Drilling Trust.

One of Canada's fastest growing energy services providers, Western Lakota is currently operating 38 drilling rigs, including eight CBM/oilsands coring/pre-set rigs and has committed to build 21 more drilling rigs that are scheduled to be completed throughout 2006 and early 2007. The Company also operates five coil service units with an additional three scheduled to be completed throughout 2006. Western Lakota continues to provide one of the newest fleets of safe and efficient drilling rigs and coil service units in Canada while delivering strong results for shareholders, customers and Aboriginal partners.


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