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CALGARY, ALBERTA--(Marketwire - Dec. 16, 2011) - Werklund Capital Corporation ("WCC") in connection with a non-brokered private placement (the "Private Placement") by Phoenix Oilfield Hauling Inc. (the "Corporation") (TSX VENTURE:PHN), acquired control and ownership of 1,241,667 common shares of the Corporation ("Common Shares") and a secured convertible debenture in the principal amount of $4,720,000 (the "Debenture") convertible on or before December 13, 2014 into Common Shares on the basis of one Common Share for each $2.55 of principal amount of the Debenture held. As of the date hereof, WCC owns, controls or has direction over, directly or indirectly, an aggregate of 3,549,014 Common Shares representing 49.9% of the Corporation's issued and outstanding Common Shares. Details of the acquisitions are or will be available on SEDI, as required. |
