/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, June 25 /CNW/ - Deepwell Energy Services Trust ("Deepwell" or
the "Trust") (TSX:DWL.UN) announced today that it has received approval from
the Alberta Energy and Utilities Board (EUB) to construct and operate its
proposed oilfield waste management facility near Claresholm, Alberta.
Construction is slated to commence in early July 2007, with completion planned
approximately six months after the start of construction.
The Claresholm site is located in an active region of oil and natural gas
production and exploration which is not currently served by any third-party
oilfield waste management facility in the local area. The planned Deepwell
facility, expected to be operational in the first quarter of 2008, would be
Deepwell's fourth facility.
As announced on June 14, 2007, Deepwell intends to fund the estimated
$9 million construction cost of the facility and other initiatives through a
private placement of $3.5 million as well as a rights offering. For further
information on the private placement and rights offering, please refer to
Deepwell's Preliminary Prospectus, dated June 14, 2007. The prospectus and
additional information about the Trust are available at www.sedar.com and on
the Trust's website at www.deepwellenergy.com.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities offered will not be and have not been registered under the United
States Securities Act of 1933 and may not be offered or sold in the United
States or to a U.S. person, absent registration, or an applicable exemption
Certain statements in this press release constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements of the
Trust or its subsidiaries, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward looking statements. Without limiting the foregoing, such
forward-looking statements include statements made in this press release
regarding the anticipated timing for commencing construction of the oilfield
waste management facility and the anticipated completion date of the facility.
There is no assurance that the expected timeframes will be met as all are
subject to risks which include, without limitation, the possibility for
equipment failures, labor disputes, work stoppages, equipment delivery delays,
and the potential for delays arising from injuries and safety concerns at the
worksite. There can be no assurance that the proposed Private Placement or
Rights Offering will be completed. Forward-looking statements involve
significant risks and uncertainties, should not be read as guarantees of
future performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A number of
factors, including those discussed above, could cause actual results to differ
materially from the results discussed in the forward-looking statements.
Deepwell's forward-looking statements are expressly qualified in their
entirety by this cautionary statement. Unless otherwise required by applicable
securities laws, Deepwell does not intend nor does it undertake any obligation
to update or review any forward-looking statements to reflect subsequent
information, events,results or circumstances or otherwise.
For further information:
For further information: Robert Dodds, President and CEO, Deepwell
Energy Services Trust, (403) 508-6001; Or: Scott Gerecke, Vice-President
Finance and CFO, Deepwell Energy Services Trust, (403) 508-6005, Email: