Essential Energy Services Trust
TSX : ESN.UN

Essential Energy Services Trust

June 11, 2008 18:09 ET

Essential Energy Services Trust Announces Amendments to the Trust Unit Rights Incentive Plan

CALGARY, ALBERTA--(Marketwire - June 11, 2008) - Essential Energy Services Trust ("Essential") (TSX:ESN.UN) today announced that the Board of Directors of Essential Energy Services Operating Corp., the Manager of Essential, has approved amendments to the Trust Unit Rights Incentive Plan (the "Plan") that will be put before the Unitholders at the upcoming Annual General and Special Meeting on June 17, 2008.

The amendments will change Articles 4.2 and 9.2 of the Plan to read as follows:

4.2 The aggregate number of Trust Units that may be issued pursuant to the exercise of Options awarded under the Plan and all other share compensation arrangements of the Trust is 10% of the Trust Units outstanding from time to time, subject to the following limitations:

(a) the aggregate number of Trust Units reserved for issuance to any one person under the Plan, together with all other share compensation arrangements of the Trust, must not exceed 5% of the then outstanding Trust Units (on a non-diluted basis);

(b) the aggregate number of Trust Units reserved for issuance to non-employee directors, must not exceed 1% of the issued and outstanding Trust Units;

(c) the aggregate number of Trust Units reserved for issuance to Insiders, must not exceed 10% of the issued and outstanding Trust Units; and

(d) the aggregate number of Trust Units issuable to Insiders within a one year period, must not exceed 10% of the issued and outstanding Trust Units.

The Trust Units in respect of which Options are not exercised shall be available for subsequent Options. No fractional units may be purchased or issued hereunder.

9.2 Notwithstanding Article 9.1, the Board may not, without approval of the holders of a majority of the Trust Units present and voting in person or by proxy at a meeting of holders of Trust Units, amend the Plan or any Option granted under the Plan to:

(a) increase the maximum number of Trust Units that may be issued under the Plan or the maximum number or percentage of Trust Units that may be issued under the Plan;

(b) reduce the Option Price of an outstanding Option (including the reissue of an Option within 90 days of cancellation which constitutes a reduction in the Option Price);

(c) extend the expiry date of an outstanding Option or amend the Plan to allow for the grant of an Option with an expiry date of more than five (5) years from the grant date;

(d) amend the definition of Participants to expand the categories of individuals eligible for participation in the Plan;

(e) amend Article 6.2 to permit the transferability of Options, except to permit a transfer to a family member, an entity controlled by the Participant or a family member, a charity or for estate planning or estate settlement purposes; or

(f) amend this Article 9 of the Plan.

Essential Energy Services Trust provides a range of essential oilfield services to oil and gas producers in western Canada related to the ongoing servicing of producing wells and new drilling activity.

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

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