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BETA WELL SERVICE LAUNCHES OFFERING ON AMERICAN STOCK EXCHANGE

 NEW YORK, Jan. 29 /PRNewswire/ -- Beta Well Service Inc., of Alberta, Canada, today launched an initial public offering on the American Stock Exchange. Trading under the ticker symbol "BWS", the company's common stock opened at 12:52 p.m. Eastern Daylight Time at $14 on 100 common shares immediately followed by 106,000 common shares at that same price. Additionally, 81,300 warrants trading under the ticker symbol BWS.WS, opened at $5.
 Beta Well Service Inc. was formed over 40 years ago to provide well servicing, workovers and completions to both major and independent oil and gas companies primarily in Western Canada. The company concentrates its operations on oil and gas wells located in adverse climatic and geographic areas. Beta is the second largest well servicing company in Canada and one of only a handful of such companies to obtain contracts for work in the Republic of Russia.
 "We are pleased to be listing our shares on the American Stock Exchange. The ability to go public on an auction market represents a new plateau in the maturity of our company and is a true testimony of our company's growth and leadership position in the global well servicing industry," said Bill Gordica, president and chief executive officer of Beta Well. "Our AMEX listing will afford Beta Well many benefits including high visibility in the investment community, liquidity and importantly, will provide our shareholders with a fair and orderly environment in which to invest." The company has selected Goin & Company, Inc. as its specialist firm.
 For the year ended Sept. 30, 1992, Beta Well Services achieved net income of $543,000 or $.17 per share, up from a loss of $2,118,000 or $.67 per share, in 1991.
 The American Stock Exchange is committed to becoming the recognized, premier marketplace for growth companies and derivative securities. By responding to listed company needs and initiating quality services, the AMEX finds innovative ways to add value to the expanding community of companies and investors it serves.
 -0- 1/29/93
 /CONTACT: Melissa Grand, manager of Equities Communications of AMEX, 212-306-1635/
 (BWS)


CO: Beta Well Service Inc. ST: Alberta IN: OIL SU:

WB -- NY060 -- 0810 01/29/93 13:50 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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