Flint Energy Services Ltd. Lawsuit

$12.2 million settlement reached in taxation dispute.

Flint Energy Services Ltd. agrees to pay $12.2 million settlement in taxation dispute.

Calgary, Canada: (May-20-08) Several taxation authorities in Quebec brought charges against Flint Energy Services Ltd., a market leader manufacturing an expanding range of integrated products and services for the oil and gas industry, over issues pertaining to taxes. Sources stated that as part of a settlement reached in the case, the company agreed to pay the relevant taxing authorities $12.2 million to resolve the dispute. Company spokespersons stated that Flint will record a recovery in the amount of approximately $9.3 million or $0.19 per fully diluted share during the second quarter of the year. The deal was reached with the taxation authorities in Quebec and the other provinces. Those included the CRA on settlement of the Quebec National Assembly Bill 15, which retroactively taxed income in Quebec impacting the Company from 2002 to 2005.

Flint Energy Services Ltd. in the News

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