CALGARY, Oct. 31 /CNW/ - (TSX - MTL.UN) The Mullen Group Income Fund
("Mullen" and/or the "Fund") announced today the closing of its acquisition of
Pro North Well Management Ltd. and Pro North Oilfield Services Ltd. ("Pro
North"), private companies based in Fort Nelson, British Columbia, which have
been in operation since 1991. Pro North provides fluid transportation and tank
services to the oil and gas industry in and around Fort Nelson, British
"We are pleased to add Pro North to our organization. It is an
outstanding company that strengthens our fluid hauling capacity in the Fort
Nelson region. Pro North has been in business for 16 years and has built an
exceptional reputation for providing outstanding service to its customers,
which will make them a very good fit into the Mullen business model," stated
Stephen H. Lockwood, President and Co-CEO.
Mullen is also very pleased to announce that the principal of Pro North,
Marshall Ellis, has agreed to remain with Pro North to oversee its operations.
Pro North will be added to Mullen's Oilfield Services segment.
This press release may contain forward-looking statements that are
subject to risk factors associated with the oil and gas business and the
overall economy. The Fund believes that the expectations reflected in this
press release are reasonable, but results may be affected by a variety of
variables. The Fund relies on litigation protection for "forward-looking"
Mullen is an open-ended income fund that owns a network of independently
operated businesses. Today the Mullen Group is recognized as the largest
provider of specialized transportation and related services to the oil and
natural gas industry in western Canada and as one of the leading suppliers of
trucking and logistics services in Canada - two sectors of the economy in
which the Fund has strong business relationships and industry leadership.
Administration of the Fund is delegated to Mullen Group Inc. which, in
addition to managing the Fund, provides management and financial expertise,
technology and systems support to its independent businesses.
Mullen is a publicly traded income trust listed on the Toronto Stock
Exchange under the symbol "MTL.UN". Additional information is available on our
website at www.mullen-group.com.
For further information:
For further information: Mr. Murray K. Mullen - Chairman and Chief
Executive Officer, Mr. Stephen H. Lockwood - President and Co-Chief Executive
Officer, Mr. David E. Olson - Chief Financial Officer and Vice President,
Finance, P.O. Box 87, 1 Maple Leaf Road, Aldersyde, Alberta, Canada, T0L 0A0,
Tel: (403) 652-8888, Fax: (403) 601-8301