Phoenix Oilfield Hauling Inc. -former Marine BioProducts International Corporation-

1609 Derwent Way Delta , Canada

Tel: +1 (604) 523-2400
Fax: +1 (604) 523-2402

Marine BioProducts International Corp. announced an update on its previously announced transaction with Phoenix Oilfield Hauling Ltd. Effective March 30, 2006, Marine and Phoenix entered into an arrangement agreement and two option agreements to purchase all of the shares of Phoenix Oilfield Hauling Ltd., Alberta Loader Rentals Inc, and EMJ Consulting Ltd. (collectively Phoenix) for an aggregate purchase price of approximately $21.0 million less indebtedness. Marine will pay the net purchase price by issuing 12.5 million common shares of Marine (post reorganization) and making a cash payment of $7.5 million to the shareholders of Phoenix. The closing of the acquisition of Phoenix is expected to occur on or about May 9, 2006 at which time Marine's name will be changed to Phoenix Oilfield Hauling Ltd. (Newco).

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Phoenix Oilfield Hauling Inc. -former Marine BioProducts International Corporation-

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