2009-05-18-2009-05-14-2009-05-14

Bought rig mobilization & demobilization assets.

Petrowest Energy Services Trust, Calgary, (Toronto: PRW-UN) has sold its under-performing rig mobilization and demobilization assets of its transportation segment to an undisclosed buyer for C$10 million in cash. The buyer holds more than 10% of the outstanding trust units of Petrowest. Petrowest will retain all of the accounts receivable and accounts payable, estimated at approximately C$800,000 of positive working capital. The proceeds will be used to pay debt and allow management to focus available resources on more profitable segments.