HOUSTON, June 3 /CNW/ - Quest Energy Services (Canada) Ltd. ("Quest"), an
indirect wholly owned subsidiary of Al-Qahtani Marine & Oilfield Services Co.
of Saudi Arabia ("Al-Qahtani"), and Production Enhancement Group, Inc.
(TSX: WIS) ("PEG" or the "Company") jointly announce that Quest has been
successful under its previously announced offer to purchase the outstanding
common shares of PEG for CDN $0.65 per share (the "Offer"). A total of
49,904,093 Common Shares of PEG representing 72.7% of the outstanding Common
Shares (or 56.4% calculated on a diluted basis as of today's date) were
validly deposited under the Offer which expired at 4:00 pm (Mountain Standard
Time) on June 3, 2008. With the conditions to the Offer having been satisfied
or agreed to be waived by Quest, Quest has advised that it will take up and
pay for the shares tendered under the Offer on June 6, 2008.
The Offer has not been extended and Quest has no current intention to
purchase the remaining outstanding Common Shares of PEG, which continue to
trade on the TSX.
About Production Enhancement Group, Inc.
Production Enhancement Group, Inc., a Houston-based energy services
company incorporated in Alberta, Canada, trades on the TSX under the symbol
WIS. PEG's wholly owned subsidiary, WISE(R) Well Intervention Services, Inc.,
("WWIS") has developed patented WISE multifunction coiled tubing technologies
and markets a full range of coiled tubing, pressure pumping, nitrogen, and
WISE(R) is a registered trademark of Production Enhancement Group, Inc.
About Quest Energy Services (Canada) Ltd. and Al Qahtani Marine &
Oilfield Services Co.
Quest was incorporated on February 26, 2008 under the laws of Alberta and
is an indirect wholly owned subsidiary of Al-Qahtani. Quest was formed to make
the Offer and has not carried on any business other than that incidental to
making the Offer.
Al Qahtani is a privately held company incorporated under the laws of
Saudi Arabia. Al-Qahtani is part of a larger group of operating companies in
Saudi Arabia known as the Abdel Hadi Abdullah Al-Qahtani Group of Companies,
all under common ownership.
The TSX does not accept responsibility for the adequacy or accuracy of
This release and PEG's website referenced in this release may contain
forward-looking information, including expectations of future components of
revenue, cash flow and earnings. By their very nature, the preparation of such
forward-looking information requires the Company to make assumptions, and
involves inherent risks and uncertainties, both general and specific. There is
significant risk that express or implied projections contained in such
forward-looking information will not materialize or will be inaccurate. A
number of factors could cause actual future results, conditions, actions or
events to differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking information. Such differences may
be caused by factors, many of which are beyond PEG's control, which include,
but are not limited to, the level of operations carried on by PEG's customers,
oil and gas prices, weather conditions in offshore and land markets including
natural disasters, availability of capital, access to current or future
financing arrangements, manufacturing cycles of new equipment, the effects of
competition in the markets in which PEG operates, difficulty in continuing to
develop, produce and commercialize technologically advanced services,
availability of human resources and PEG's success in anticipating and managing
the foregoing risks. The preceding list is not comprehensive, and as such,
investors and others who rely on these statements should consider the above
factors as well as the uncertainties they represent and the risk they entail.
The risks outlined above should not be construed as exhaustive. Investors are
cautioned not to place undue reliance on any forward-looking information. PEG
nor Quest undertakes no obligation to update or revise any forward-looking
For further information:
For further information: visit www.productionenhancement.com or contact:
John Paterson, Treasurer and Chief Financial Officer, Quest Energy Services
(Canada) Ltd., 011-966-3-8825288, email@example.com; Douglas Parker, Chief
Financial Officer, Production Enhancement Group, Inc., (281) 282-1851,