BRIEF-Production Plus Energy to form JV with Schlumberger in Canada and US

Production Plus Energy Services :

* Entered into an agreement with Schlumberger to create
joint ventures in Canada and US

* Will contribute its HEAL system business to JV entities in
exchange for cash consideration and future contingent payments

* At closing of transaction, production Plus will hold a
50.1% interest in JV entities and Schlumberger will hold 49.9%

* Board of directors of Production Plus has unanimously
approved transaction

* Consideration received for 49.9% interest in HEAL system
business will provide co opportunity to effect a special
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