Flint Energy Services Closes Public Share Offering

On May 2, 2006, Flint Energy Services Ltd. announced the closing of the public share offering in connection with the previously announced offering of April 20, 2006. Upon closing, Flint Energy sold two million common shares at $58 per common share, and SCF-IV LP, a major shareholder, sold 2,600,000 common shares at $58 per common share.
In addition, SCF-IV, LP granted the underwriters an over-allotment option to purchase up to an additional 690,000 common shares at $58 per common share, which was fully exercised on May 11, 2006, bringing the full value of the offering to $306,820,000. Flint did not receive any proceeds from the sale of common shares by SCF-IV or from the over-allotment option.
TD Securities Inc. acted as bookrunner and TD Securities Inc. and Peters & Co. Limited acted as co-lead managers for the offering, with the remaining underwriting syndicate comprised of FirstEnergy Capital Corp., Sprott Securities Inc. and Westwind Partners Inc. This deal is the largest oil and gas service sector public share offering completed in Canada to date.
Flint was represented by Bennett Jones LLP with a team led by Frank Layton, Q.C., that included Neil Stevenson, Mark Kortbeek, Jason Marino, Harinder Basra, Peter Inglis, Michael Der and Lisa Ricketts. The underwriting syndicate was represented by Kent Kufeldt, Kirk Litvenenko and Christopher Wolfenberg of Macleod Dixon LLP.


Peter I. Inglis Frank P. Layton Lisa N. Ricketts Jason T. Marino Neil H. Stevenson Harinder Basra Mark P. Kortbeek