Trinidad Energy Services Income Trust
Release Date: July 2, 2003
Trinidad Energy Services Income Trust Enters into an Agency Agreement to Issue 4,615,385 Trust Units
12:46 EST Tuesday, April 01, 2003
TSX SYMBOL: TDG.UN-T
CALGARY, April 1 /CNW/ – Trinidad Energy Services Income Trust (“TDG.UN-T”) (the “Trust”) is pleased to announce that it has entered into an agency agreement, on a best efforts basis, with a syndicate of agents, led by Raymond James Ltd. as the lead agent, pursuant to which the Trust will issue 4,615,385 trust units at a price of $2.60 per trust unit for a total of $12,000,001. The net proceeds from this treasury issue will be used to complete the previously announced asset purchase of 3 drilling rigs from Saturn Drilling Inc. (“Saturn Acquisition”). This trust unit offering and the Saturn Acquisition are expected to close concurrently on April 10, 2003.
Trinidad Energy Services is a growth oriented income trust that trades on the TSX under the symbol TDG.UN. Trinidad’s divisions operate in the drilling and well servicing sectors of the Canadian oil and gas industry. The Trust, prior to the Saturn Acquisition, has a total of 12 drilling rigs and 8 service rigs. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad’s drilling fleet is one of the most adaptable and competitive in the industry.
The Trust Units offered hereby have not been and will not be registered under the United States Securities Act of 1993 and may not be sold in the United States or to U.S. Persons except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable State security laws.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
For further information: Michael Heier, Chairman or Brent Conway, Chief Financial Officer, Phone: (403) 265-6525, Fax: (403) 265-4168, E-mail: firstname.lastname@example.org
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