1999 Annual Report to Shareholders: Building from a solid foundation

Bonus Resource Services Corporation is the leading provider of service rigs to the Canadian oil and gas industry. The company is based in Calgary and is employing some 1,300 people. Of its 220 rigs 212 operate in Western Canada, the remaining eight are on location in Australia. The company's objective is to provide a complete range of services, including high quality people and equipment backed by a centralized in-house support team of full service safety, maintenance, certification and quality control programs. These factors, combined with the company's range of equipment and geographic diversity, uniquely position the company as a leader in its sphere of activity. Financial and operating highlights in 1999 included a decline of 32 per cent in administrative costs; debt restructuring to provide Bonus with a stable long-term capital structure and the financial flexibility to advance its business plan; and continued growth as shown by the acquisition of seven rigs in Drayton Valley, Alberta, despite low crude oil prices in 1998 and the first quarter in 1999 which impacted negatively in activity levels and revenues for the entire year. The annual report provides a detailed operational and strategic overview, full financial statements and notes, management's discussion of operating and financial performance and a five-year summary overall company performance