JOINT NEWS RELEASE - WESTERN ENERGY SERVICES CORP. COMPLETES ACQUISITION OF STONEHAM DRILLING TRUST BECOMING CANADA'S SIXTH LARGEST CONTRACT DRILLER AND INCREASES ITS REVOLVING CREDIT FACILITY

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[{"type":"text","content":"\n\n\n Jun. 10, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, June 10, 2011 /CNW/ - Western Energy Services Corp. ("Western") (TSX Venture: WRG) and Stoneham Drilling Trust ("Stoneham") (TSX: SDG.UN) are pleased to announce the closing of the previously\n announced acquisition of Stoneham by Western.\n\n\nFurther to the joint press release by Western and Stoneham dated April\n 7, 2011, Western acquired all of the outstanding securities of Stoneham\n by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). The Arrangement was approved at the special meeting of Stoneham\n unitholders on June 9, 2011 by 99.98% of the votes cast by the Stoneham\n unitholders and 99.97% of the votes cast by the Stoneham unitholders,\n after excluding those required to be excluded by Multilateral\n Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Arrangement was also approved by the Court of Queen's Bench of\n Alberta on June 9, 2011.\n\n\nPursuant to the Arrangement, Stoneham unitholders received at their\n election: (i) 61.538 Western common shares; or (ii) $24.00 in cash,\n subject to a maximum of $115 million in aggregate cash paid, resulting\n in the issuance of approximately 196 million Western common shares and\n the payment of $115 million in cash.  Based o...

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