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Peak Energy Services Ltd. Announces Acquisition of The Chimo Group of Companies and Releases Fourth Quarter Results.

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 22, 1996--Peak Energy (Alberta Stock Exchange PES.) Peak Energy Services Ltd. ("Peak") is pleased to announce that it has entered into a letter of intent to purchase all of the issued and outstanding common shares of Chimo Equipment Ltd. and Chimo Polyurethanes Ltd. for $6,000,000, consisting of a combination of cash and common shares of Peak. Chimo Equipment Ltd. is engaged in the rental of drilling related equipment, while Chimo Polyurethanes Ltd. manufactures and sells a wide variety of polyurethane products used in the oil and gas, mining and forestry industries.

The purchase of the Chimo companies is effective January 1, 1997 and is expected to close by January 31, 1997. The completion of this transaction is subject to several conditions precedent, including regulatory approval.

As well, Peak is reporting it's first interim results since Peak began operations effective June 14, 1996 upon the amalgamation of Consolidated Accord Capital Corporation and Burr Leasing Ltd. -0-

Three month period ended, September 30, 1996
($000)

Revenues 643
Loss from Operations (73)
Cash Flow 64
Current Assets 1,205
Current Liabilities 909
Total Assets 7,150
Shareholders' equity 5,581

EPS $0.00





This period includes the operations of Peak from July 1, 1996 to September 30, 1996 and the operations of Peak's two subsidiaries, Buzzard Rentals Ltd. and Anchor King, from August 1, 1996 to September 30, 1996.

The Alberta Stock Exchange has neither approved or disapproved the information contained herein.

CONTACT: Peak Energy Services Ltd.

Christopher Haslam or David Hawkins, 403/543-7325
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Nov 22, 1996
Words:258
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