TSXV - "GLK"
Shares Outstanding: 18,819,293
CALGARY, June 14 /CNW/ - Global Energy Services Ltd. ("Global" or the
"Corporation") announces that it has terminated the acquisition of Galloway
Oilfield Construction Ltd. doing business as Galloway. Financing has also been
terminated in regards to the acquisition.
Industry activity and forward looking projections were critical in coming
to this decision. The financing was changed mid stream from a convertible
debenture to hedge fund financing. This barrier became insurmountable at the
financing rate along with the downturn in the industry. A fee of $200,000 was
paid to Galloway to hold the deal while financing was being renegotiated, this
will be retained by Galloway and they have waived the $500,000 break fee.
The Husky Oil service agreement for laptop/printer rentals was also
cancelled mid-term as of June 30, 2007. Cost saving was the reason cited by
the customer. The next two quarters will be slow in the oilfield; a lot of
restructuring has been done and will continue within the industry.
Global Energy Services Ltd. offers a complete suite of integrated
communication solutions providing wireless communications to the oil and gas
industry through our communications division. Global Energy's focus on
supporting our customer needs through a 24/7/365 call centre and our
investment in the best communications products have positioned the Company as
a technology leader with proven and developed solutions that meet the needs of
its customers. Our new production services division is seeking market
opportunities for its Hydraulic Submersible Pump in both gas and wet coal bed
For further information:
For further information: Derek M. Begin, President and Chief Executive
Officer, Global Energy Services Ltd., No. 10, 5920 - 11th Street S.E.,
Calgary, Alberta, T2H 2M4, Tel: (403) 243-0820, Fax: (403) 243-3425, E-mail:
email@example.com; Or visit our web site at: www.global-energy.ca