July 2, 2003

Release Date: July 2, 2003
Trinidad to acquire drilling rigs

00:00 EDT Thursday, June 19, 2003

Trinidad Energy Services Income Trust has agreed to purchase certain assets of Bear Drilling Ltd. of Edmonton for $41-million, of which $40-million will be in cash and the rest in trust units. Bear’s assets include three heavy double-drilling rigs and two triple-drilling rigs, along with inventory related to the rigs, Calgary-based Trinidad said. The company added it expects to finance the acquisition through a combination of debt and the proceeds of a private placement. The company did not disclose the number of units, or their price, in the issue.

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