Hyduke Energy Services Inc. HYKCF

HYD bought deal increased to $10 million

[pritz]

HYDUKE BOUGHT DEAL FINANCING INCREASED TO $10 MILLION 13:06 EST Thursday, December 08, 2005 FSC / Press Release HYDUKE BOUGHT DEAL FINANCING INCREASED TO $10 MILLION Edmonton, Alberta CANADA, December 08, 2005 /FSC/ - Hyduke Energy Services Inc. (HYD - TSX Venture), ("Hyduke" or the "Company"), announced today that its previously announced Offering has been increased by an additional 1,305,000 Units on exercise of an option (the "Underwriters' Option") granted to a syndicate of underwriters led by Westwind Partners Inc. (the "Underwriters"). The total Offering will be 4,349,000 Units. Each Unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of $3.25 at any time on or before 18 months from the closing date. The Offering will result in total gross proceeds to Hyduke of $10.0 million. The net proceeds after expenses and commissions raised from the Offering will be used by Hyduke to retire certain debt, fund capital expenditures and for general corporate purposes. The Offering is scheduled to close on or about December 21, 2005 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities issued pursuant to the Offering shall be subject to a four-month hold period in accordance with applicable securities laws. The common shares have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom. Hyduke Energy Services Inc. is an integrated oilfield services company specializing in the manufacture, repair and distribution of oilfield equipment and supplies. Hyduke is headquartered in Nisku, Alberta and has facilities in Edmonton, Calgary, Nisku, Red Deer and Lloydminster, Alberta. Hyduke operates in three industry segments. The Drilling Equipment segment includes manufacture and repair of land based drilling rigs and drilling rig structures, supply and repair of drilling rig equipment, procurement and distribution of drilling supplies, supply and service of pneumatic controls, engineering and design of drilling rigs and inspection and certification of drilling rig equipment. The Well Service Equipment segment includes manufacture and repair of well service rigs, mobile and skid mounted pump units and other well service equipment, procurement and distribution of well servicing supplies, supply and service of pneumatic controls, engineering and design of well service rigs and inspection and certification of well service equipment. The Other Oilfield Services segment includes manufacture and distribution of cased hole and overburden drill bits and drilling systems, custom and production machining services, and distribution and repair of truck-mounted equipment including cranes, winches and dump boxes. For further information contact: Gordon R. McCormack President and Chief Executive Officer [phone] TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. Hyduke Energy Services Inc. 609 - 21 Avenue Nisku, Alberta, Canada T9E 7X9 Telephone: [phone] Facsimile: [phone] TSX-V Symbol: HYD Website: www.hyduke.com Maximum News Dissemination by Filing Services Canada Inc. Ph: [phone] Fx: [phone] www.usetdas.com © Copyright Filing Services Canada