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

Petrowest Energy Services TrustNotes to Interim Unaudited Consolidated Financial Statements13 Subsequent Events - continuedTri-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.- 32 -