Leader Energy Services holders to convert all C$1.2 million 7.5% debentures

Pittsburgh, Nov. 8 - Leader Energy Services Ltd. said all holders of its C$1.2 million 7.5% secured convertible debentures maturing January 2006 have agreed to convert the principal debt to shares of the company at a price of C$1.40 per share.

Accrued interest will be paid in cash.

The debentures were originally convertible at a price of C$1.60 per share, but the lower price was offered to induce holders to convert now.

The conversion is subject to regulatory approval.

Leader Energy Services is a Calgary, Alta., provider of essential field services for oil and gas well stimulation.

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