Deepwell Energy Services Trust
TSX : DWL.UN

Deepwell Energy Services Trust

March 12, 2010 01:16 ET

Deepwell Announces Potential Acquisition

CALGARY, ALBERTA--(Marketwire - March 11, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Deepwell Energy Services Trust (TSX:DWL.UN) ("Deepwell" or the "Trust") announces that it has entered into a letter of intent regarding the potential acquisition of the remaining 50% of Palko Energy Ltd. that it does not currently own. The transaction is still subject to board approval and other standard conditions. Deepwell's board of trustees and the board of directors of its administrator plan to consider the proposed transaction on March 17, 2010.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

Additional information about the Trust is available at www.sedar.com and on the Trust's website at www.deepwellenergy.com.

Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Trust or Deepwell Energy Services LP, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this document, such statements use such words as "may", "will", "intend", "should", "expect", "believe", "plan", "anticipate", "estimate", "predict", "potential", "continue", or the negative of these terms or other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this document. Such statements include the closing of the proposed acquisition. There is a risk that the transaction will not be approved by Deepwell's board, or by the board of Palko, that due diligence will not be satisfactory or that the parties will not be able to agree on the terms of a definitive agreement. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements.  Deepwell's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Deepwell does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.

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