CALGARY, July 12 /CNW/ - Mr. Bernie Reed of Grande Prairie, Alberta ("Reed"), announces he has acquired direct ownership of 6,604,245 units (the "Units") of Petrowest Energy Services Trust (the "Trust") (TSX: "PRW.UN") through two acquisitions. The acquisitions were pursuant to the recently completed rights offering of the Trust qualified by a prospectus dated May 26, 2010. Reed acquired ownership of 4,337,592 Units through exercise of rights at a price of $0.14 per unit and an additional 2,266,653 Units pursuant to Reed's stand-by commitment at a price of $0.14 per unit. In addition, pursuant to the terms of the stand-by commitment, the Trust issued to Reed 760,238 warrants (the "Warrants"), each Warrant entitling the holder thereof to purchase one additional Unit for $0.1879 per Unit expiring on June 29, 2011.
Mr. Reed now beneficially owns, controls or has direction over, directly or indirectly, an aggregate of 9,177,931 Units, representing 10.75% of the Trust's outstanding voting securities, not including any Units that may be issued pursuant to the exercise of Warrants.
Mr. Reed acquired the Units for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over the Units, through market transactions, treasury issuances, exercise of convertible securities or otherwise.
SOURCE MR. BERNIE REED
For further information: For further information: Bernie Reed at 780-830-0881