2. investorSCOREcard
Peak Energy Services Trust (PES.UN-T)
Market Overview and Opportunity
In 2009, global oil production fell by 2 million barrels of oil per day, representing the largest decline in production
since 1982. Similarly, global natural gas production fell by 2.1 per cent in 2009, representing the first decline in
natural gas production on record. Despite these declines, oil and natural gas production actually rose slightly in North
America in 2009, by 1.6 per cent in both cases (BP Statistical Review of World Energy, June 2010).
It is expected that as the global economy emerges from the recession,
oil and natural gas drilling activity levels will continue to rise in North
America. Peak has the opportunity to meet the needs of its customers’
existing and upcoming drilling and production projects as industry
activities increase. Peak has a geographical reach throughout western
Canada (14 locations) and is pursuing replicating this model in the
United States (3 locations). There is an opportunity for Peak’s
performance to increase with both industry activity levels and increased
market share in the United States as Peak establishes itself in new
geographies.
Products and Services
Peak offers a range of energy services through its various operating divisions. The Trust provides drilling and
production services to customers operating in both the conventional and unconventional oil and natural gas industry.
Peak also provides water technology solutions to a variety of customers in various industries throughout North
America.
Drilling Services
Peak provides surface rentals (solids control, well-site accommodations and remote wastewater treatment systems)
and camp & catering services associated with activities that support the drilling phase of oil and natural gas projects.
Production Services
Peak provides surface rentals (production equipment) and fluids handling services involved with the completion and
production phases of oil and natural gas projects.
Oil Sands Services
Peak provides camp & catering services, fluids handling services and surface rentals that support oil sands projects.
Water Technology
Through its Sanitherm Inc. subsidiary, Peak designs, manufactures and installs permanent and potable water and
wastewater treatments systems for a variety of industries.
3. investorSCOREcard
Peak Energy Services Trust (PES.UN-T)
Growth Strategy
Since its inception in 1996, Peak has expanded by investing approximately $200 million in the acquisition of
complementary service companies. In 2008, Peak Energy Services Trust completed a $62 million public merger with
Wellco Energy Services Trust, an organization that provides a variety of oilfield services to companies engaged in oil
and natural gas development in western Canada. An additional $220 million has been invested since inception to
execute on its internal growth plan.
The Trust is pursuing additional growth opportunities primarily in the United States market and continues to look for
opportunities where it may reduce its infrastructure costs to further improve its margins.
Progress and Milestones
• Completed a $24.8 million equity raise in March 2010
• Signed three wastewater treatment contracts totaling $5.2 million (May 2010)
• Signed two camp and catering contracts that are expected to generate between $6.5 and $8.5 million per
annum (May 2010)
• Signed a wastewater treatment contract valued at approximately $3.3 million (November 2010)
• Signed two camp and catering contracts worth $9.3 million over 3 years and expanded the scope of the two
existing contracts announced in May 2010 by $6.3 million (November 2010)
• Announced intention to complete the conversion to a corporation by December 31, 2010
Investment Highlights
• Revenue growth of 17% year-to-date
• United States market growth in revenue of more than threefold year-to-date to $25.0 million.
• EBITDA growth of 81% year-to-date (on a margin basis improved to 13% in 2010 from 9% in 2009)
• Diversified asset base with quality equipment that meets or exceeds industry averages
• Strong balance sheet with working capital of $30.4 million
• Tangible assets of $194.0 million with approximately 4,000 rental assets
• Significant funded debt reduction of $20.9 million from $60.5 million at December 31, 2009 to $39.6 million
and a current debt to equity ratio of 0.29 to 1.00
4. investorSCOREcard
Peak Energy Services Trust (PES.UN-T)
Management
Curtis W. Whitteron
President and Chief Executive Officer
Matthew J. Huber
Executive Vice President
Monty R. Balderston
Chief Financial Officer and Investor Relations contact
Dale M. Kaufmann
Chief Operating Officer
John E. Hudson
Vice President Health, Safety & Environment and Risk Management
Dean R. Herbert
Vice President, Human Resources and Administration
Marion Jerome
Risk Manager and Corporate Secretary
Comparables
High Arctic Energy Services, Inc. (HWO-T)
Pure Energy Services Ltd. (PSV-T)
Essential Energy Services Ltd (ESN-T)
5. investorSCOREcard
Peak Energy Services Trust (PES.UN-T)
Stock Market Performance Rating 2.0
Stock Market Returns 400,000 $14.00
Return Percentile Rating 350,000 $12.00
Three Months 66% 98% 4.9
Six Months 48% 92% 4.6 300,000
$10.00
Stock Price
1 Year (11.1%) 14% 0.7
Volume
250,000
3 Years (CAGR) (43.6%) 0% 0.0 $8.00
5 Years (CAGR) (46.4%) 0% 0.0 200,000
$6.00
150,000
Market Data
$4.00
Price $0.48 100,000
Mkt Cap (Mil) $82.74
$2.00
Shs Outstanding (Mil) 172.38 50,000
Dividend Yield % 0.0%
Avg Vol Last 3mos. (000's) 98.84 - $-
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
P/E (TTM) NA
Insider Ownership Rating 2.0
Value of Shares and Options Percent of Ownership
Shares Options Total Value Rating Percent Rating 5.3% Insiders
* Adjusted 48.7% > 10% Holders
# of # of $ Value if Adjusted $
$ Value $ Value if Rating Percent of Rating 46.0% Other
Shares Options Exercised Value
Exercised (Add all) Mkt. Value (Add all)
Curtis W. Whitteron
875,436 $420,209 686,114 $329,335 $164,667 $584,877 0.2 0.7% 0.1
President and CEO
Monty R. Balderston
172,622 $82,859 342,501 $164,400 $82,200 $165,059 0.1 0.2% 0.0 Nov-10
CFO
Other Officers Sep-10
622,521 $298,810 1,529,311 $734,069 $367,035 $665,845 0.3 0.8% 0.2
Board of Directors (excl. Jul-10
CEO)
6,234,729 $2,992,670 - $0 $0 $2,992,670 1.2 3.6% 0.7
May-10
> 10% Holders 84,463,163 $40,542,318 - $0 $0 $40,542,318 48.7%
For info only Mar-10
Total (excl. >10% Holders) $44,336,866 $1,227,804 $613,902 $44,950,768 1.8 5.3% 1.1 0% 20% 40% 60% 80% 100%
(Max of 4) (Max of 4) CEO CFO
Other Officers Directors
> 10% Holders Public Float
* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility.
Add: Compensation Type
Category Rating Addition Percent of Compensation
Share and Total Perform- Share and
Salary Perform- Unit Option All Other Comp. ance Unit Option 7.9%
ance Bonus Awards Awards Comp. Bonus Awards Awards
Curtis W. Whitteron Salary
$248,192 $95,390 $26,215 $369,797 0.25
President and CEO 21.4% Bonus
Monty R. Balderston Shares & Units
$176,492 $45,992 $25,315 $247,799 0.25
CFO Options
Matthew J. Huber 0.0% All Other
$197,635 $66,433 $25,581 $289,649 0.25
Executive VP 70.7%
Dale M. Kaufmann $183,846 $51,102 $6,855 $241,803 0.25
COO
Dean R. Herbert
$170,058 $35,771 $25,235 $231,064 0.25
VP Human Resources
Total $976,223 $0 $0 $294,688 $109,201 $1,380,112 0.00 0.00 0.25
(Max Score)
Bonus: Net Buying/Selling Last Six Months
Insider Holdings Beginning and Ending Value
Transactions
Adjusted Share and
$50,000,000
Rating
Option Value
$40,000,000
Buying Selling Net Bonus
$30,000,000
Curtis W. Whitteron, President and CEO $0 $0 $0 0.00
$20,000,000
Monty R. Balderston, CFO $0 $0 $0 0.00
Other Officers $24,390 $24,390 $0 0.00 $10,000,000
Board of Directors (excl. CEO) $0 $0 $0 0.00
$-
> 10% Holders (info only) $0 $0 $0
Total (excl. >10% Holders) $24,390 $24,390 $0 0.00 (Total Score) Beg Trans- Ending
Value actions Value
6. investorSCOREcard
Peak Energy Services Trust (PES.UN-T)
Balance Sheet Analysis Rating 3.4
Short-Term Liquidity Quadrant 3: Quadrant 1:
"RECOVERING" "OPTIMAL"
$ 30.0
+ VE
This Company's cash flow is considered to be seasonal, therefore this report uses trailing twelve
months cash flow as a proxy for annual cash flow. $ 25.0
$ 20.0
Quadrant Rating Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
$ 15.0
Working Capital $ 9.5 ($0.7) $ 27.8 $ 26.1 $ 30.4 Sep-09
Cash Flow Ops (Q in mil) ($0.4) ($0.2) $ 4.7 $ 0.3 $ 5.3 $ 10.0 Sep-10
Cash Flow
Cash Flow Ops (TTM in mil) $ 13.5 $ 7.0 $ 2.7 $ 4.4 $ 10.1 Dec-09
$ 5.0 Jun-10
Quadrant Rating 4.0 2.0 4.0 4.0 4.0 Mar-10
$-
Addition to Quadrant Rating
($5.0)
Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant
ranking based on current cash generation/burn rate and working capital position. The ($10.0)
- VE
Company's short term liquidity situation is OPTIMAL. At the current cash generation rate the
($10) $- $ 10 $ 20 $ 30 $ 40
Company's working capital will double in 36 month(s). Quadrant 2:
Quadrant 4:
"URGENT" "DRAWING DOWN"
Add: 0.0 - VE Working Capital + VE
Short-Term Liquidity Rating 4.0
Debt to Equity
Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Utilities
Telecom
Equity
Number of Companies
Materials
Common Stock Equity $ 159.2 $ 150.7 $ 173.2 $ 168.9 $ 171.4 Info Tech
Industrials
Total Equity $ 159.2 $ 150.7 $ 173.2 $ 168.9 $ 171.4
Health Care
Energy
Cons Staples
Debt and Equivalents Cons Disc
Pref. Securities of Sub Trust - - - - - PES.UN-T
Pref. Equity Outside Stock Equity - - - - -
Preferred Stock Equity - - - - -
Minority Interest (Bal. Sheet) - - - - -
Short-Term Debt $ 3.2 $ 11.9 - - -
Long-Term Debt $ 56.8 $ 49.7 $ 49.1 $ 49.2 $ 49.2
Capital Lease Obligations - - - - -
Total Debt and Equivalents $ 60.0 $ 61.5 $ 49.1 $ 49.2 $ 49.2
0.00 1.00 2.00 3.00 4.00
Debt to Equity 0.38 0.41 0.28 0.29 0.29
Debt to Equity Rating 4.4 Low Risk Debt to Equity High Risk
Debt to Equity Rating 4.4
Interest Coverage
Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 4.5 x
EBIT 4.0 x
Interest Coverage
Quarterly ($4.6) ($4.3) $ 2.7 ($3.6) $ 4.5
3.5 x
TTM $ 1.4 ($6.7) ($12.5) ($9.8) ($0.7)
3.0 x
Interest Expense 2.5 x
Quarterly $ 1.1 $ 1.3 $ 1.3 $ 1.1 $ 1.1 2.0 x
TTM $ 4.5 $ 4.5 $ 4.6 $ 4.7 $ 4.8
1.5 x
Interest Coverage 1.0 x
Quarterly #N/A #N/A 2.1 x #N/A 4.0 x 0.5 x
TTM 0.3 x #N/A #N/A #N/A #N/A
0.0 x
Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
Interest Coverage Rating
Qtrly Interest Coverage Rating 1.0 1.7 Quarterly
TTM Interest Coverage Rating 0.4 TTM
Interest Coverage Rating 1.7
8. investorSCOREcard
Peak Energy Services Trust (PES.UN-T)
Return On Capital Rating 1.7
Return On Invested Capital (ROIC)
15%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Invested Capital Period Ending $ 252.6 $ 257.4 $ 229.6 $ 275.5 $ 218.6
Average Invested Capital $ 219.4 $ 255.0 $ 243.5 $ 252.5 $ 247.1 10%
ROIC on Rolling TTM
* Net Income $ 24.2 $ 23.9 $ 7.8 ($4.8) ($12.9)
Add Back: After Tax Interest Expense $ 1.1 $ 1.9 $ 2.8 $ 3.3 $ 2.9
Annual ROIC 11.5% 10.1% 4.4% -0.6% -4.0% 5%
Basis
Level Rating 3.2 3.1 2.4 1.8 1.5
Consistency Rating 2.4
0%
Quarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
Invested Capital Period Ending $ 226.9 $ 218.6 $ 228.1 $ 222.9 $ 225.8
Average Invested Capital $ 257.5 $ 246.8 $ 237.3 $ 227.1 $ 224.5
(5%)
* Net Income ($4.8) ($12.8) ($19.5) ($18.6) ($11.8)
Add Back: After Tax Interest Expense $ 2.9 $ 2.9 $ 2.9 $ 3.0 $ 3.0
Quarterly ROIC -0.8% -4.0% -7.0% -6.8% -3.9%
Level Rating 1.8 1.5 1.2 1.2 1.5 (10%)
Consistency Rating 1.4 Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep
01 02 03 04 05 06 07 08 09 10
Return on Invested Capital (ROIC) Rating 1.7
Return On Assets (ROA)
15%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Total Assets Period Ending $ 269.4 $ 271.7 $ 240.9 $ 301.2 $ 235.2
Average Total Assets $ 234.4 $ 270.5 $ 256.3 $ 271.1 $ 268.2 10%
ROA on Rolling TTM
* Net Income $ 24.2 $ 23.9 $ 7.8 ($4.8) ($12.9)
Add Back: After Tax Interest Expense $ 1.1 $ 1.9 $ 2.8 $ 3.3 $ 2.9
Annual ROA 10.8% 9.5% 4.2% -0.6% -3.7% 5%
Basis
Level Rating 3.2 3.1 2.5 2.0 1.7
Consistency Rating 2.5
0%
Quarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
Total Assets Period Ending $ 239.2 $ 235.2 $ 249.3 $ 237.6 $ 243.5
Average Total Assets $ 276.5 $ 264.9 $ 254.5 $ 242.1 $ 241.0
(5%)
* Net Income ($4.8) ($12.8) ($19.5) ($18.6) ($11.8)
Add Back: After Tax Interest Expense $ 2.9 $ 2.9 $ 2.9 $ 3.0 $ 3.0
Quarterly ROA -0.8% -4.0% -7.0% -6.8% -3.9%
Level Rating 2.0 1.7 1.4 1.4 1.7 (10%)
Consistency Rating 1.6 Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep
01 02 03 04 05 06 07 08 09 10
Return on Assets (ROA) Rating 1.9
Return On Common Equity (ROE)
20%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Total Equity Period Ending $ 180.3 $ 162.7 $ 138.7 $ 173.8 $ 150.7 15%
Average Common Equity $ 160.9 $ 171.5 $ 150.7 $ 156.3 $ 162.3
ROE on Rolling TTM
* Net Income $ 24.2 $ 23.9 $ 7.8 ($4.8) ($12.9) 10%
Add Back: NA $ - $ - $ - $ - $ -
Annual ROE 15.0% 13.9% 5.2% -3.1% -7.9%
5%
Basis
Level Rating 3.1 3.0 2.3 1.6 1.3
Consistency Rating 2.3
0%
Quarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
Total Equity Period Ending $ 159.2 $ 150.7 $ 173.2 $ 168.9 $ 171.4 (5%)
Average Common Equity $ 170.1 $ 165.4 $ 165.2 $ 163.2 $ 164.7
* Net Income ($4.8) ($12.8) ($19.5) ($18.6) ($11.8)
(10%)
Add Back: NA $ - $ - $ - $ - $ -
Quarterly ROE -2.8% -7.8% -11.8% -11.4% -7.2%
Level Rating 1.6 1.3 1.0 1.1 1.3 (15%)
Consistency Rating 1.3 Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep
01 02 03 04 05 06 07 08 09 10
Return on Common Equity (ROE) Rating 1.5
* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
9. investorSCOREcard
Peak Energy Services Trust (PES.UN-T)
Valuation Rating 3.7
Price to Earnings (P/E)
120.0 x
(Lower numbers receive higher rankings)
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 100.0 x
* Price $ 12.10 $ 4.52 $ 2.79 $ 0.53 $ 0.32
P/E on Rolling TTM
Earnings Per Share (EPS) $ 1.01 $ 0.89 $ 0.26 ($0.11) ($0.27)
80.0 x
Annual P/E 12.0 x 5.1 x 10.7 x
Basis
Annual P/E Rating 3.6 4.3 3.7 60.0 x
Quarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 40.0 x
* Price $ 0.54 $ 0.32 $ 0.33 $ 0.29 $ 0.48
Earnings Per Share (EPS) ($0.10) ($0.27) ($0.39) ($0.31) ($0.21)
20.0 x
Quarterly (TTM) P/E
Quarterly (TTM) P/E Rating 0.0 x
Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep
01 02 03 04 05 06 07 08 09 10
Price to Earnings (P/E) N/A
Price to Book (P/Book)
2.5 x
(Lower numbers receive higher rankings)
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
2.0 x
P/Book on Quarterly
* Price $ 12.10 $ 4.52 $ 2.79 $ 0.53 $ 0.32
Book Equity Per Share $ 6.77 $ 5.92 $ 5.01 $ 3.59 $ 3.11
1.5 x
Annual P/Book 1.8 x 0.8 x 0.6 x 0.1 x 0.1 x
Basis
Annual P/Book Rating 3.7 4.4 4.5 4.7 4.7
1.0 x
Quarterly Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
* Price $ 0.54 $ 0.32 $ 0.33 $ 0.29 $ 0.48
Book Equity Per Share $ 3.29 $ 3.11 $ 1.00 $ 0.98 $ 0.99 0.5 x
Quarterly P/Book 0.2 x 0.1 x 0.3 x 0.3 x 0.5 x
Quarterly P/Book Rating 4.7 4.7 4.6 4.7 4.6 0.0 x
Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep
01 02 03 04 05 06 07 08 09 10
Price to Book (P/Book) 4.6
Enterprise Value to EBITDA (EV/EBITDA)
100.0 x
(Lower numbers receive higher rankings)
90.0 x
EV/EBITDA on Rolling TTM
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
80.0 x
* Enterprise Value $ 353.6 $ 188.1 $ 146.4 $ 106.1 $ 77.0
EBITDA $ 43.24 $ 38.00 $ 24.30 $ 21.71 $ 6.79 70.0 x
60.0 x
Annual EV/EBITDA 8.3 x 5.1 x 6.1 x 5.3 x 11.4 x
Basis
Annual EV/EBITDA Rating 3.6 4.4 4.2 4.4 2.6 50.0 x
40.0 x
Quarterly (TTM) Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
* Enterprise Value $ 83.8 $ 77.0 $ 95.6 $ 88.4 $ 122.3 30.0 x
EBITDA $ 16.85 $ 7.41 $ 1.11 $ 3.88 $ 12.95
20.0 x
Quarterly (TTM) EV/EBITDA 5.1 x 10.4 x 94.8 x 25.6 x 10.2 x 10.0 x
Qrtly (TTM) EV/EBITDA Rating 4.4 3.0 0.0 3.0 0.0 x
Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep
01 02 03 04 05 06 07 08 09 10
Enterprise Value to EBITDA (EV/EBITDA) 2.8
* Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
10. investorSCOREcard
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