Flint Energy Services to Acquire IPEC

Flint Energy Sevices Ltd. is acquiring IPEC Ltd. for approximately $190 million. The acquisition will create the largest midstream oilfield services company in Canada with significant operations in the U.S., and will have annual sales of approximately $900 million in size. The transaction closed on November 22, 2001 and Flint common shares began trading on the TSE on November 23, 2001 under the FES symbol.

Bennett Jones LLP is acting for Flint Energy, led by Robert Lehodey and assisted by Frank Layton, Brad Markel, Brent Ludwig and Mark Kortbeek. Acting for IPEC is a Stikeman Elliott team led by Christopher Nixon in Calgary that included David Weekes (tax), Alyson Goldman (corporate and securities matters) and Susan Hutton (competition) in Ottawa.