TSX SYMBOL: BT.UN CALGARY, Nov. 9 /CNW/ - Bonnett's Energy Services Trust (the "Trust" or "Bonnett's") is pleased to announce that it has agreed to sell two multi-pumper conventional fracturing spreads and related equipment to Calfrac Well Services Ltd. ("Calfrac") for $24.8 million, subject to adjustment, which approximates the current book value of these assets. This transaction has received the approval of the board of directors of Bonnett's Energy Services Ltd., the administrator of the Trust, and the board of directors of Calfrac. Closing of the transaction is anticipated to occur on November 15, 2007, or such later date as may be agreed to by the parties. Bonnett's will receive $12.4 million of the purchase price on the closing date of the transaction, with the remaining $12.4 million, as adjusted, to be received three weeks thereafter. Bonnett's will use the proceeds from the sale of the fracturing assets to repay outstanding indebtedness under its syndicated credit facility. Disclosure Regarding Forward-Looking Statements Certain statements contained in this news release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Trust, are intended to identify forward-looking statements. Such statements reflect the Trust's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Trust's actual results, performance or achievements to vary from those anticipated in this news release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, estimated or expected. Except where required by law, the Trust does not assume any obligation to update these forward-looking statements if conditions or opinions should change. Readers should not place undue reliance on forward-looking statements. Additional Information Additional information relating to the Trust is filed on SEDAR and can be viewed at www.sedar.com. This information includes the Trust's Annual Information Form dated March 31, 2007. Information can also be obtained by contacting the Trust at Bonnett's Energy Services Ltd., R.R. 2, Site 33, Box 1, Grande Prairie, Alberta T8V 2Z9. Information is also available at the Trust's website at www.bonnettsenergy.com. %SEDAR: 00022595E For further information: Murray Toews, Chief Executive Officer or Kelvin Torgerson, Chief Financial Officer At (780) 830-2705, Fax: (780) 532-4811, E-mail: firstname.lastname@example.org CO: Bonnett's Energy Services Trust ST: Alberta NI: OIL -0- Nov/10/2007 0:03 GMT
Bonnett's Energy Services Trust announces sale of frac assets
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