SKI Sikanni Svcs Ltd Com Npv

ENQUEST ENERGY SERVICES CORP. ("Enquest" or the "Company") - EnQuest is pleased
to announce that the plan of arrangement (the "Arrangement") involving Sikanni
Services Ltd. (TSX VENTURE:SKI) ("Sikanni") and Irontree Oilfield Services Corp.
("Irontree") has closed effective today. The completion of the Arrangement
resulted in the amalgamation of Sikanni and Irontree to form EnQuest. As a
result of the Arrangement, the former shareholders of Sikanni and Irontree
received common shares of EnQuest ("EnQuest Shares") in exchange for their
shares of Sikanni and Irontree on the basis of 1 EnQuest Share for each 30
common shares of Sikanni and 1 EnQuest Share for each 0.905 class A common
shares or 0.905 series I class C preferred shares of Irontree. There are
16,575,161 EnQuest Shares outstanding following the Arrangement.


The EnQuest Shares have been conditionally approved for listing on the TSX
Venture Exchange. The EnQuest Shares will commence trading on the TSX Venture
Exchange under the symbol "ENQ" following the filing of certain final
documentation by EnQuest and the issuance by the TSX Venture Exchange of a final
bulletin concerning the Arrangement. Until the EnQuest Shares commence trading,
the common shares of Sikanni will continue to trade on a pre-consolidation basis
on the TSX Venture Exchange under the symbol "SKI".


In order to receive certificates for EnQuest Shares, registered holders of
Sikanni and Irontree shares must submit a letter of transmittal along with their
share certificate to Olympia Trust Company, the depositary for the Arrangement.
Shareholders who hold their shares through a broker or other intermediary do not
need to submit a letter of transmittal.


Mr. W.T. David Murray, the Chief Executive Officer of Irontree, has become the
Chief Executive Officer of EnQuest. Mr. Rod MacDonald, Chief Executive Officer
of Sikanni, has become the President of Canadian Operations of EnQuest. Mr.
Chris Challis, President and Chief Operating Officer of Irontree, has become the
President of US Operations of EnQuest. Mr. Thomas Lewis, Chief Financial Officer
of Sikanni, has become the Chief Financial Officer of EnQuest.


EnQuest's board of directors is comprised of members from the previous boards of
Irontree and Sikanni, as follows:




Mr. W.T. David Murray     CEO, Irontree Oilfield Services Corp.
Mr. Elson McDougald       Chairman, Savanna Oilfield Services Corp.
Mr. Henry Lawrie          Former Managing Partner PriceWaterhouse - Calgary;
                          Corporate Director
Mr. Ross McEachern        CEO, Vidal Street Industrial Park Inc.
Mr. Paul Colborne         Chairman, TriStar Oil and Gas Ltd.
Mr. James Pasieka         Partner, Heenan Blakie LLP



Lightyear Capital Inc. acted as sponsor of the Arrangement and as the exclusive
financial advisor to Irontree with respect to the Arrangement. Macquarie Capital
Markets Canada Ltd. acted as exclusive financial advisor to Sikanni with respect
to the Arrangement.

Sikanni Svcs Ltd Com Npv (TSXV:SKI)
Historical Stock Chart
From Jun 2024 to Jul 2024

Sikanni Svcs Ltd Com Npv (TSXV:SKI)
Historical Stock Chart
From Jul 2023 to Jul 2024