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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (9434)3/5/1998 9:54:00 PM
From: Arnie   of 15196
 
SERVICE SECTOR / Total Energy Services Ltd Financing & Acquisitions

CALGARY, March 05 /CNW/ - Total Energy Services Ltd. (''Total'') is
pleased to announce that it has completed its previously announced $10 million
special warrant financing pursuant to which Total sold 4,761,905 special
warrants at a price of $2.10 per warrant through a syndicate comprised of
Peters & Co. Limited, RBC Dominion Securities Inc. and Canaccord Capital
Corporation. In addition, Total has secured a $12 million five-year term loan
and a $2 million equipment acquisition facility through the Hongkong Bank of
Canada.

Total has also completed its previously announced $15 million acquisition
of all of the assets related to the business of Elm Oilpatch Rentals Ltd.
(''Elm''), paid for with $12 million in cash and $3 million in common shares
at an ascribed price of $2.50 per share. Elm provides rental equipment and
transportation services to the gas drilling sector in northwestern Alberta.
This business adds a significant rental network to the existing equipment
rental operations of Total. The effective date of the acquisition was January
3, 1998.

Total is an energy services company involved in the rental of equipment
to the oil and gas drilling industry in northwestern Alberta.
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