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Elite Oilfield Rentals & BlackWatch Energy Services Trust	Update Date: 01/28/09
Date Announced: 10/10/06
Value (million $USD): 9.0 million U.S. Dollar 10.1 million Canadian Dollar

Status: Completed

TRANSACTION DETAILS
Date Announced	10/10/06
Date Originally Announced	10/10/06
Format	Acq. of Assets	Acquisition techniques	Not Applicable
Attitude	Friendly	Agency	n/a
Value	9.0 million U.S. Dollar 10.1 million Canadian Dollar	Advisor Fees	n/a

SYNOPSIS

CANADA - BlackWatch Energy Services Trust (BE) acquired Elite Oilfield Rentals, a provider of oilfield equipment rental services, for 10.143 mil Canadian dollars ($9.035 mil US). The consideration consisted of C$5.2 mil ($4.632 mil) in cash, the assumption of C$0.232 mil ($0.207 mil) in liabilities and the issuance of 0.575 mil BE trust units valued at C$4.711 mil ($4.196 mil). The units were valued based on BE closing stock price of C$8.19 ($7.295) on October 9, the last full trading day prior to the announcement.

TARGET
Name	Elite Oilfield Rentals
Industries	Equipment rental and leasing, nec
City	Valleyview
State	n/a
Nation	Canada
Incorporated in	n/a
Public Status	Private
Business Description	Provide oilfield equipment rental and leasing services
Advisors	NULL
Target Sales	n/a

ACQUIROR
Name	BlackWatch Energy Services Trust (TSXVenture : BWT.UN)
Industries	Natural gas transmission and distribution; Natural gas distribution
City	Calgary
State	n/a
Nation	Canada
Incorporated in	n/a
Public Status	Public
Business Description	BlackWatch Energy Services Trust, located in Calgary, Alberta, provides natural gas transmission and distribution services. The company services includes drilling, electric wireline services, rig transportation and equipment hauling, soil tubing well services, oilfield equipment leasing.
Advisors	NULL
Acquiror Sales	n/a

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