CALGARY, Dec. 17 /CNW/ - On December 17, 2010, Mr. Ronald P. Mathison of Calgary, Alberta, a director of Western Energy Services Corp. ("Western") acquired ownership of 128,098,306 common shares in the capital of Western ("Western Shares"), which constitutes approximately 17.0% of the issued and outstanding Western Shares. The Western Shares were issued pursuant to a plan of arrangement (the "Plan of Arrangement") whereby Western acquired all of the issued and outstanding units of Pantera Drilling Income Trust ("Pantera") in exchange for 21.9048 Western Shares for each unit of Pantera.
Upon closing of the Plan of Arrangement Mr. Mathison became a director of Western. Mr. Mathison now beneficially owns or exercises control of an aggregate of 128,098,306 Western Shares representing approximately 17.0% of the issued and outstanding Western Shares. Mr. Mathison advises that the Western Shares are held for investment purposes and that he does not currently intend to acquire additional securities of Western. The Western Shares are listed on the TSX Venture Exchange under the trading symbol "WRG".
For further information: For further information:
Dale E. Tremblay, Chief Executive Officer, Western Energy Services Corp. at (403) 984-5929