Mullen Agrees to Amend Pe Ben Offer

Mullen Group Income Fund's indirect subsidiary 6460291 Canada Inc. has entered into a definitive support agreement with Pe Ben Oilfield Services Ltd. pursuant to which Mullen has agreed to amend the terms of its previously announced take-over bid (as so amended, the "Revised Offer") by, among other things, increasing the offer price to $18.50 in cash for each Pe Ben share and increasing the minimum acceptance condition from 50% of the Pe Ben shares to 66 2/3% of the Pe Ben shares, on a fully diluted basis. Any Pe Ben shareholders who previously tendered to the initial offer will be entitled to the increased price.

The Board of Directors of Pe Ben has determined that the Revised Offer is fair, from a financial point of view, to all shareholders of Pe Ben and in the best interests of Pe Ben and its shareholders and, accordingly, has unanimously recommended that Pe Ben shareholders ACCEPT the Revised Offer.

"After mailing our initial offer we were able to hold meaningful discussions with Pe Ben's representatives and gain access to the Pe Ben data room. As a result of our due diligence review of the Pe Ben documentation we felt comfortable in increasing our cash bid," stated Stephen H. Lockwood, President and Co-Chief Executive Officer.

Mullen has agreed to mail a notice of change and variation amending its take-over bid circular to Pe Ben shareholders as soon as reasonably practicable with the Revised Offer being open for acceptance until 5:00 p.m. (Calgary time) on January 12, 2006. Pe Ben has agreed to prepare and mail a notice of change to its directors' circular recommending approval of the Revised Offer within 3 business days of Mullen's mailing of the amended take-over bid circular.

Concurrent with execution of the definitive support agreement directors of Pe Ben agreed to tender their and their associates shares (approximately 42% of the issued and outstanding shares of Pe Ben) to Mullen's Revised Offer.

Mullen is an income trust governed by the laws of Alberta. The Fund was created in conjunction with Mullen Transportation Inc.'s conversion of its assets and operations into an income trust. The operating businesses owned by the Fund focus on two sectors of the economy - the oil and gas industry and the transportation and distribution of freight - areas where these businesses have developed strong business relationships and industry leadership. Mullen is a publicly traded income trust listed on the Toronto Stock Exchange under the symbol "MTL.UN".
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