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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: SofaSpud who wrote (11207)	6/13/1998 6:34:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Bonus Resource Services Purchases Assets Of Alberta Gold Well Servicing Corp. BONUS RESOURCE SERVICES CORP. ANNOUNCES CLOSING THE PURCHASE OF ASSETS FROM ALBERTA GOLD AND RELATED BRIDGE FINANCING CALGARY, June 11 /CNW/ - Bonus Resource Services Corp. is pleased to announce it has closed the purchase of assets from Alberta Gold Well Servicing Corp Ltd. with an effective date of June 1, 1998. The purchase was financed through a combination of cash and the issuance of 1.4 million common shares from treasury. Cash consideration was satisfied through a combination of available reserves and a Subordinated Promissory Note provided by an affiliate of EnSerCo, L.L.C. of Houston, Texas. The Subordinated Note, in the initial principal amount of US$22.5 million with a maximum principal amount of US$25 million, has a one year term and is repayable by Bonus at any time after December 8, 1998. EnSerCo, L.L.C. was created by affiliates of Enron Capital & Trade Resources Corp. and SCF Partners for the primary purpose of providing capital to the oilfield service sector. Alberta Gold operates its fleet of 42 rigs in north-central Alberta and British Columbia which are key areas in the development of natural gas reserves. The acquisition provides Bonus with significant influence in its existing Red Deer and Grande Prairie operating areas and solidifies the Company's position as the dominant provider of service rigs in western Canada. Bonus' fleet now represents 25 percent of the western Canadian service rigs and is substantially larger than its nearest competitor. Bonus Resource Services Corp. is Canada's largest service rig company with 204 service rigs in western Canada and 7 service rigs in Australia. The Company trades on The Toronto Stock Exchange under the symbol BOU.