CALGARY, Jan. 12 /CNW/ -- Dennis Geherman ("Geherman") announced today that on January 8, 2010, 1243524 Alberta Ltd. sold 2,614,197 trust units ("Units") of PetroWest Energy Services Trust ("PetroWest") in a private transaction, representing approximately 8.2% of PetroWest's issued and outstanding Units. Geherman and wife, Donna Geherman, are the only shareholders of 1243524 Alberta Ltd. The sale reduces 1243524 Alberta Ltd.'s ownership of Units of PetroWest to nil. After the sale, Geherman, together with persons who may be joint actors, owns or has control over 2,979,705 Units (which includes 50,000 subordinated units which may be converted into Units upon certain conditions being met, as disclosed in PetroWest's public disclosure documents), or approximately 9.4% of the 31,766,308 issued and outstanding Units of PetroWest.
The shares were sold for investment purposes. Geherman may acquire additional Units of PetroWest, depending on market conditions and in compliance with applicable law.
Geherman will be filing a report (as contemplated by National Instrument 62-104 Take-Over Bids and Issuer Bids) in connection with the sale of the Units.
The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity. 1438437.v2