CALGARY, July 2 /CNW/ - (TSX - MTL.UN) - The Mullen Group Income Fund
("Mullen" or the "Fund") announced today the closing of the previously
announced acquisition of the assets and business of Essential Energy Services
Trust's Transport Division ("Essential") which includes its fluid hauling and
oilfield transport business units. These business units operate through a
network of facilities strategically located in areas known for drilling
activity and range from northeastern British Columbia and northern Alberta
into central/southern Alberta and Saskatchewan. The fluid hauling business
units acquired will operate as Cascade Services and JaCar Energy Services,
both separate operating divisions of Cascade Energy Services L.P. The oilfield
transport business units acquired will operate as Circle D Transport and
Rentals, a division of Mullen Oilfield Services L.P., Prime Oilfield Hauling,
a division of Withers L.P. and Leachman Oilfield Trucking, a division of
Withers L.P. Polege Oilfield Hauling will now be operated under Withers L.P.
The operating results of all the acquired business units will be included in
Mullen's Oilfield Services Segment. Mullen is also very pleased to announce
that Ken Wagner, the Chief Operating Officer of Essential, has accepted the
position of President of Cascade Energy Services L.P.
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; 121A - 31 Southridge Drive, Okotoks, Alberta, Canada, T1S 2N3, Tel:
(403) 995-5200, Toll-free: 1-866-995-7711, Fax: (403) 995-5296