First Reserve Fund Makes Investment in Destiny Resource Services by Way of Private Placement

Business Wire, July 9, 1999

CALGARY, Alberta--(BUSINESS WIRE)--July 8, 1999--

First Reserve Fund V First Reserve Fund VIII, L.P. ("Fund VIII") announced that it has made an investment in Destiny Resource Services Corp. by way of a private placement completed on June 30, 1999.

Fund VIII acquired 7,812,500 common shares at a price of $1.28 per share. In addition, Fund VIII lent Destiny $10,000,000 secured by a subordinated secured debenture. Fund VIII has no present intention to increase the beneficial ownership, control or direction over the securities of Destiny.

Fund VIII is a private equity fund and is managed by First Reserve Corporation. First Reserve Corporation is a private equity firm specializing in the energy industry. Founded in 1980, the firm currently manages a portfolio of energy holdings with a market value in excess of $1.5 billion.

The firm is headquartered in Greenwich, Connecticut and also has offices in Houston, Texas and Denver, Colorado. Other First Reserve portfolio companies include TransMontaigne Inc., Weatherford International, Inc., National-Oilwell, Inc., Cal Dive International, Inc., Cardinal Services, Inc. and Pursuit Resources Corp.

Destiny Resource Services Corp. is a Calgary based oilfield service company providing essential integrated services to the seismic, exploration and production industries in Canada, the United States, Central and South America, the Middle East, Africa and Southeast Asia.

Note to Editors: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein