petrowest energy services trust announces $94.2 million of ... - BMIR

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Cutbank Trucking Ltd. and Cutbank Transportation Ltd. are operated together as one business andspecialize in hauling logs and gravel and the provision of log loading equipment in Grande Prairie,Alberta. Cutbank Trucking Ltd. was formed in 1972 and Cutbank Transportation Ltd. was formed in 1997.Jim Moffatt Construction Ltd. is a lease and road building company operating in northern Alberta. JimMoffatt Construction Ltd. was formed in 1992 and operates from its base in Worsley, Alberta. In additionto lease and road building, Jim Moffatt Construction Ltd. also operates a 250-man camp permanentlylocated in Worsley.Rick's Mechanical Services Ltd. is a mid-size lease and road builder based in Peace River, Alberta.Rick's Mechanical Services Ltd. was formed in 1993 and has achieved a positive working relationshipwith the Woodland Cree First Nation in providing services to oil sand developers operating on thetraditional lands of the Woodland Cree First Nation.Quigley Contracting Ltd. is a lease and road building companies operating in Fort St. John, BritishColumbia. Quigley Contracting Ltd. was formed in 1990 by Rick Quigley. The acquisition of QuigleyContracting Ltd. will expand Petrowest's geographical footprint into the northern regions of BritishColumbia.Tri-Dave Gravel Sales Ltd. is a gravel crushing operation that operates in the Edmonton area. Tri-DaveGravel Sales Ltd. was formed in 1984. Tri-Dave Gravel Sales Ltd. will provide additional capacity toPetrowest's crushing operations conducted by R. Bee Crushing.The trust units issued pursuant to the acquisitions will be subject to escrow, with 25% of such units to beissued on the first anniversary of closing and the remainder on the second anniversary of closing.Effective May 1, 2007, Petrowest signed a memorandum of understanding for the acquisition of the roadconstruction equipment assets owned by a subsidiary of the Woodland Cree First Nations (“WCFN”) for$4.0 million. In conjunction with the asset purchase, Petrowest and WCFN will enter into a major strategicalliance, structured as a joint venture, which will see Petrowest provide a combination of services withinthe WCFN traditional lands.On April 27, 2007, Petrowest approved the implementation of a DRIP program which provides theopportunity for unitholders to reinvest the cash distributions towards the purchase of additional units fromtreasury at a price equal to 95% of the average market price based on weighted average trading pricesfor the ten days prior to distribution payment date.- 10 -
SUMMARY OF RESULTS- QUARTERLY ANALYSISPetrowest commenced trading on the Toronto Stock Exchange on September 7, 2006, the day ofcommencement of commercial operations of the Trust. Accordingly, the first quarter of fiscal 2007 has nocomparative figures for the same period in the previous year, as the Trust was not yet created.$000sexcept per unit amounts, margins and ratios Q1 2007 Q4-2006 Q3-2006 (Stub) (1)Revenue by segmentConstruction 9,984 11,089 2,520Transportation 11,307 11,954 3,726Civil 9,951 10,124 3,697Rentals 1,621 2,662 964Total Revenue 32,863 35,829 10,907Operating expenses by segmentConstruction 7,663 7,820 1,857Transportation 9,507 9,649 3,052Civil 6,809 6,567 2,242Rentals 1,367 1,051 604Total operating expenses 25,346 25,087 7,755Administrative Expenses 1,691 1,291 507EBITDA (2) 5,826 9,451 2,645Amortization of property and equipment 5,131 4,682 1,142Amortization of intangible assets 2,180 2,113 672Interest - net 494 59 127Loss (gain) on disposal of assets 246 (20) (58)Net earnings (loss) (2,225) 2,617 762Net earnings (loss) per unit basic and($0.08) $0.09 $0.03dilutedNotes (1) Q3-2006 stub is for the period from September 7, 2006 to September 30, 2006.(2)The term EBITDA is not a measure recognized by Canadian generally accepted accounting principles("GAAP") and does not have standardized meanings prescribed by GAAP.- 11 -
Page 1 and 2: PETROWEST ENERGY SERVICES TRUST ANN
Page 3 and 4: STRATEGIC ALLIANCEPetrowest has ent
Page 5 and 6: for the period ended December 31, 2
Page 7 and 8: DESCRIPTION OF BUSINESSPetrowest is
Page 9: or negotiations on work tied to a n
Page 13 and 14: The Transportation segment costs in
Page 15 and 16: RECONCILIATION OF NET EARNINGS TO E
Page 17 and 18: PROPERTY AND EQUIPMENT EXPENDITURES
Page 19 and 20: The Trust has no financial instrume
Page 21 and 22: Management and the Board of Directo
Page 23 and 24: Petrowest Energy Services TrustCons
Page 25 and 26: Petrowest Energy Services TrustCons
Page 27 and 28: Petrowest Energy Services TrustNote

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