Trinidad Energy Services Income Trust receives securityholder and court approvals to become dividend paying corporation



    CALGARY, March 10 /CNW/ - Trinidad Energy Services Income Trust (the
"Corporation" or "Trinidad") is pleased to announce that is has received
securityholder and court approvals for the previously announced plan of
arrangement pursuant to which Trinidad has converted into a growth orientated
dividend paying energy services company (the "Reorganization").
Securityholders of Trinidad voted in excess of 99.5% in favour of the
Reorganization, which became effective today. It is currently anticipated
Trinidad will pay a quarterly dividend of $0.15 per common share ($0.60
annually) to the common shareholders of the Corporation, the first of which is
anticipated to be declared for the fiscal quarter ended March 31, 2008 in the
pro-rated amount $0.05.
    Canadian Resident unitholders who do not hold their units in their RRSP
or other registered plan may wish to make a joint tax election with Trinidad.
Such holders should contact their brokers to obtain a tax election information
package or visit the Trinidad website at in the
coming days. Such holders must provide such elections to Trinidad by July 31,
    The overwhelming approval of the Reorganization positions Trinidad for
sustained future growth. Trinidad believes, as a result of cash retention and
increased access to capital that is afforded to a corporation versus an income
trust, which is now in a better position to capitalize on future growth

    Trinidad is a growth oriented corporation that will trade on the TSX
under the symbol TDG. Trinidad's divisions operate in the drilling, well
servicing and barge drilling sectors of the North American oil and gas
industry. With the completion of the current rig construction programs,
Trinidad now has 110 drilling rigs ranging in depths from 1,000 - 6,500
metres. In addition to its drilling rigs, Trinidad has 20 service rigs, 20
pre-set and coring rigs and 4 barge rigs currently operating in the Gulf of
Mexico. Trinidad is focused on providing modern, reliable, expertly designed
equipment operated by well-trained and experienced personnel. Trinidad's
drilling fleet is one of the most adaptable and competitive in the industry.

    For further information please contact:

    The Toronto Stock Exchange has neither approved nor disapproved the
    information contained herein.

    This news release contains certain forward-looking information and
statements within the meaning of applicable securities laws. All statements
other than statements of historical fact contained in this news release are
forward-looking statements. Readers can identify many of these statements by
looking for words such as "may", "believe", "expect", "will", "intend",
"should", "plan", "predict", "potential", "project", "anticipate", "estimate",
"continue", "objective", "ongoing", "might" or similar words or the negative
thereof or other comparable terminology. These forward-looking statements
include, without limitation, statements with respect to: the benefits hoped to
be achieved by Trinidad pursuant to the Reorganization, the future financial
position, business strategy, proposed acquisitions or dispositions, plans and
objectives of or involving Trinidad or any of its affiliates; amounts to be
retained by Trinidad for growth; capital expenditures and the timing and
funding thereof; access to credit facilities, capital taxes; income taxes;
commodity prices; administration costs; components of cash flow and earnings
and plans of Trinidad on completion of the Reorganization and the effect
thereof. Actual events or results may differ materially. Forward-looking
statements are based on the estimates and opinions of management at the time
the statements were made. In addition, forward-looking statements may include
statements attributable to third party industry sources. There can be no
assurance that the plans, intentions or expectations upon which these
forward-looking statements are based will occur. Forward-looking statements
are subject to risks, uncertainties and assumptions, including those discussed
below and elsewhere in this news release. Although Trinidad believes that the
expectations represented in such forward-looking statements are reasonable,
there can be no assurance that such expectations will prove to be correct.
Some of the risks which could affect future results and could cause results to
differ materially from those expressed in the forward-looking statements
contained herein include, but are not limited to, the impact of general
economic conditions, industry conditions, governmental regulation, volatility
of commodity prices, environmental risks, the inability to meet or continue to
meet listing requirements, competition from other industry participants, the
lack of availability of qualified personnel or management, failure to realize
the anticipated benefits of the Reorganization, stock market volatility and
the inability to access sufficient capital from internal and external sources,
the inability to pay dividends, fluctuation in foreign exchange or interest
rates, and the risk that actual results will vary from the results forecasted
and such variations may be material. Readers are cautioned that the foregoing
list is not exhaustive. The forward-looking information and statements
contained in this news release speak only as of the date of this news release,
and Trinidad assumes no obligation to publicly update or revise them to
reflect new events or circumstances, except as may be required pursuant to
applicable laws.

For further information:

For further information: Lyle Whitmarsh, President and Chief Executive
Officer, or Brent Conway, Chief Financial Officer at (403) 265-6525, Fax:
(403) 294-4448, E-mail:, or Georgeson
Shareholder Communications Canada at 1-866-783-6752

Organization Profile

Trinidad Drilling Ltd.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890