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Quest Energy Services Ltd. acquires outstanding common shares of Production Enhancement Group, Inc.

Date Closed

June 6, 2008

Lead Office



69.60 Million CAD

On June 4, 2008, Quest Energy Services (Canada) Ltd. ("Quest"), an indirect wholly owned subsidiary of Al-Qahtani Marine & Oilfield Services Co. of Saudi Arabia ("Al-Qahtani"), and Production Enhancement Group, Inc. ("PEG" or the "Company") jointly announced that Quest has been successful under its previously announced offer to purchase the outstanding common shares of PEG for $0.65 Cdn per share. A total of 49,904,093 Common Shares of PEG representing 72.7% of the outstanding Common Shares (or 56.4% calculated on a diluted basis as of today's date) were validly deposited under the Offer. The total value of the deal was C$69.60 million.

McCarthy Tétrault LLP advised Production Enhancement Group with a team led by Andrew Grasby.