Lockerbie & Hole Awarded a Contract by TransCanada Keystone Pipeline Limited Partnership



    TSX: LH

    EDMONTON, July 22 /CNW/ - Lockerbie & Hole Inc. ("Lockerbie") announced
today that its Industrial group has been awarded a $53 million cost
reimbursable contract by TransCanada Keystone Pipeline Limited Partnership to
construct eight oil pumping stations for the Keystone Pipeline Project.
    Four of the stations are located in Saskatchewan and the other four are
in Manitoba. In addition to installing 10,000 feet of piping, Lockerbie & Hole
will be performing all electrical, instrumentation, mechanical, piping and
civil construction to convert the existing pumping stations from natural gas
to crude oil transmission service.
    The 3,456-kilometre Keystone Pipeline will transport crude oil from
Hardisty, Alta. to U.S. Midwest markets in Wood River and Patoka, Illinois and
Cushing, Oklahoma.

    About Lockerbie & Hole

    Lockerbie was founded in 1898 and is one of the largest mechanical
construction contractors in Canada. Lockerbie is a multi-disciplined
contractor providing mechanical, electrical, instrumentation, pipe
fabrication, module assembly, boiler erection, insulation, fireproofing, and
civil construction services primarily to the oil sands, mining, institutional,
municipal and commercial market sectors. Lockerbie is headquartered in
Edmonton, Alta.

    Forward Looking Statements

    This press release contains statements concerning Lockerbie's
assumptions, information or statements about future events or conditions that
may constitute forward-looking statements or information under applicable
securities legislation. Such forward-looking statements or information are
based on a number of assumptions which may prove to be incorrect. Assumptions
have been made regarding, among other things, the continuation and completion
of the projects forming Lockerbie's backlog, and general economic, business
and market conditions. Although Lockerbie believes that the expectations
reflected in such forward-looking statements or information are reasonable,
undue reliance should not be placed on forward-looking statements because
Lockerbie can give no assurance that such expectations will prove to be
correct. The forward-looking statements are based on Lockerbie's current
expectations, estimates and projections, and are subject to a number of
significant risks and uncertainties that could cause actual results to differ
materially from those anticipated. Such risks and uncertainties include, among
others, Lockerbie's ability to be retained for existing and new project work
by existing and new clients, Lockerbie's ability to retain and hire qualified
personnel required, oil and gas prices, the delay or cancellation of projects
forming Lockerbie's backlog, general economic, business and market conditions
and other risks as are detailed from time to time in continuous disclosure
filings of Lockerbie. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking statements
prove incorrect, actual results may vary materially from those described
herein as anticipated, believed, estimated or expected. These forward-looking
statements are made as of the date of this press release, and Lockerbie
assumes no obligation to update or revise them to reflect new events or
circumstances, except as required by applicable laws.

    %SEDAR: 00025533E




For further information:

For further information: Gordon L. Panas, President & Chief Executive
Officer; Michael G. Slapman, Chief Financial Officer, Telephone: (780)
452-1250, Fax: (780) 452-1284, website: www.lockerbiehole.com

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LOCKERBIE & HOLE INC.

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