Essential Energy Services Trust

Essential Energy Services Trust

February 10, 2010 17:49 ET

Essential Energy Services Trust Announces 2010 Capital Spending Budget

CALGARY, ALBERTA--(Marketwire - Feb. 10, 2010) - Essential Energy Services Trust ("Essential" or the "Trust") (TSX:ESN.UN) announced today the Board of Directors has approved a 2010 capital spending budget of $6 million comprised of $2 million of growth capital and $4 million of net maintenance capital. The growth capital includes upgrading two coil tubing rigs from shallow to intermediate depth and the purchase of one intermediate depth coil tubing rig. In addition, the growth capital includes the conversion of two anchored double service rigs to free-standing. Essential will assess the appropriate level of capital spending relative to industry activity as the year progresses.

Essential operates a well-maintained fleet of equipment including 51 service rigs, 23 rod rigs, 30 coil tubing rigs, 14 e-line trucks and 6 slickline trucks. In addition, Essential operates a downhole tools business, including providing multi-stage fracturing services, and a rentals business.

About Essential

Essential Energy Services Trust provides oilfield services to oil and gas producers in western Canada related to the ongoing servicing of producing wells and new drilling activity. Further information about Essential can be found at

Reader Advisory

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking statements including capital spending, the uses of capital and the services offered by the Trust. Although the Trust believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Trust can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oilfield services sector (e.g. demand, pricing and terms for oilfield services; current and expected oil and gas prices; exploration and development costs and delays; reserves discovery and decline rates; pipeline and transportation capacity; weather, health, safety and environmental risks), competition, and uncertainties resulting from potential delays or changes in plans with respect to development projects or capital expenditures and changes in legislation, including but not limited to tax laws, royalties and environmental regulations, stock market volatility and the inability to access sufficient capital from external and internal sources. Accordingly, readers should not place undue reliance on the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Trust's financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website ( The forward-looking statements and information contained in this news release are made as of the date hereof and the Trust undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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