RED DEER, ALBERTA--(Marketwire - April 4, 2012) - Parkland Energy Services Inc. (TSX VENTURE:PKE) ("Parkland") received a Demand for Payment dated April 2, 2012 from Univalor Trust SA ("Univalor"). The notice states that Univalor has not received the quarterly payment due on March 30, 2012 regarding the $2,251,920 CAD debenture registered in the name of Univalor. Univalor demands payment April 4, 2012 by 5:00 pm EST of the principal in full plus $570,567.86 of accrued unpaid interest and $12,500 of additional enforcement costs.
Parkland has objected to this Demand of Payment and disputes the amounts alleged owing to Univalor. Parkland intends to vigorously defend itself against Univalor's claims. Parkland has remitted interest owing under the debentures to the trustee under the debentures and has assumed that the interest was forwarded by the trustee to debenture holders.
At this time Parkland believes that there is a dispute between the trustee under the debentures and certain holders of the Debentures.
Parkland is a company based in Red Deer, Alberta that specializes in the manufacturing of separator packages, metering skids, production tanks and pressure vessels, and the provision of sandblasting and painting, coating, welding and fabrication services. And through its wholly owned subsidiary Ace Oilfield Construction Ltd. provides lease site construction and reclamation, as well as, small inch pipeline construction and facility work. The company's common shares are listed on the TSX Venture Exchange and trade under the symbol "PKE".
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of hydrocarbon reserves and resources, the realization of reserve and resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of drilling and development operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of hydrocarbon resources; production or recovery rates; accidents, Labor disputes and other risks of the oil and gas industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward looking statements.The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.