Bonnett's Energy Services Trust has agreed to enter into a term sheet for a 12 month extension on its outstanding credit facilities



    TSX SYMBOL: BT.UN

    GRANDE PRAIRIE, AB, June 27 /CNW/ - Bonnett's Energy Services Trust
(TSX:BT.UN) ("Bonnett's", or the "Trust") is pleased to announce that a
syndicate of banks has approved a term sheet to amend its credit facilities as
follows:

    
    -   The credit facilities will now expire on June 30, 2009
    -   The total amount of the credit facilities will be $48.8 million,
        comprising of:
        -   a $10 million operating line
        -   a $24 million interest only term loan
        -   a $14.8 million term loan with monthly principal payments of
            $0.5 million starting in January 2009.
    

    The current credit facilities of Bonnett's have been extended for an
interim period in order to finalize formal definitive agreements. Management
expects that formal definitive agreements will be entered into within the next
two weeks.
    Currently, the Trust is in a positive cash position and has not drawn any
of its operating line leaving total outstanding debt of $38.8 million.
    The proceeds from the recently announced private placement in conjunction
with this amendment to its credit facilities will provide Bonnett's with
additional flexibility as it continues to grow and deliver on its business
plan.

    Disclosure Regarding Forward-Looking Statements

    Certain statements contained in this news release constitute
forward-looking statements. When used in this document, the words "may",
"would", "could", "will", "intend", "plan", "anticipate", "believe", "seek",
"propose", "estimate", "expect", and similar expressions, as they relate to
the Trust, are intended to identify forward-looking statements. Such
statements reflect the Trust's current views with respect to future events and
are subject to certain risks, uncertainties and assumptions. Many factors
could cause the Trust's actual results, performance or achievements to vary
from those anticipated in this news release. Should one or more of these risks
or uncertainties materialize, or should assumptions underlying forward-looking
statements prove incorrect, actual results may vary materially from those
described in this news release as intended, planned, anticipated, believed,
estimated or expected. Except where required by law, the Trust does not assume
any obligation to update these forward-looking statements if conditions or
opinions should change. Readers should not place undue reliance on
forward-looking statements.

    Additional Information

    Additional information relating to the Trust is filed on SEDAR and can be
viewed at www.sedar.com. This information includes the Trust's Annual
Information Form dated March 31, 2007. Information can also be obtained by
contacting the Trust at Bonnett's Energy Services Ltd., R.R. 2, Site 33,
Box 1, Grande Prairie, Alberta T8V 2Z9. Information is also available at the
Trust's website at www.bonnettsenergy.com.

    %SEDAR: 00022595E




For further information:

For further information: Murray Toews, Chief Executive Officer or Kelvin
Torgerson, Chief Financial Officer At (780) 830-2705, Fax: (780) 532-4811,
E-mail: info@bonnettsenergy.com

Organization Profile

BONNETT'S ENERGY SERVICES TRUST

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890