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Gold/Mining/Energy : Alpine Oil Services ASL TSE -- Ignore unavailable to you. Want to Upgrade?

To: Rick Thomas who wrote (856)	2/8/2000 1:36:00 PM
From: Jason Krueger	Read Replies (1) \| Respond to of 896

ALPINE COMPLETES PRIVATE PLACEMENT OF COVERTIBLE DEBENTURES February 8, 2000 Mr. Rodney Hauser, President and Chief Executive Officer of Alpine Oil Services Corporation, is pleased to announce that the Company has completed a private placement of Unsecured, 9% Convertible Debentures due January 31, 2005 in the amount of $3,000,000 with a private investor. The Debentures are convertible into Common Shares of Alpine at a price of $1.00 per share after one year. Proceeds of the issue will be used for working capital and to reduce short-term bank indebtedness. January 2000 equipment utilization rates are up substantially over January 1999 levels. Alpine anticipates these activity levels to continue for the duration of the first quarter. There has been an increased interest for Alpine?s services in the United States, particularly for underbalanced surface separation and rotating blowout preventers. Alpine is very optimistic that a number of underbalanced drilling projects will be launched during the second quarter. The number of rigs drilling in our contract area for Pemex in Mexico has increased, and a second underbalanced package will be required there by the end of the first quarter. Alpine Oil Services Corporation is an innovative, value-added energy services entity competing in the Canadian upstream oil and gas market. Alpine is the second largest provider of Underbalanced Drilling surface pressure control equipment complete with rotating blowout preventers, and the largest provider of Drill Stem Testing and Telemetry services, in North America. Internationally, the Company sells its proprietary equipment into more than 15 select markets. Alpine is a recognized leader in the research, development and application of innovative technologies related to the services it provides. Alpine uses this technological knowledge base to design, engineer and manufacture all of the downhole tools used in its services. To date, Alpine has developed and presently uses more than 100 types of proprietary tools and equipment in its three main service lines.