Leader Energy Services Ltd.

Leader Energy Services Ltd.

October 28, 2009 16:00 ET

Leader Energy Services Ltd.- Amendment Of Convertible Debenture Conversion Price

CALGARY, ALBERTA--(Marketwire - Oct. 28, 2009) - Leader Energy Services Ltd. (TSX VENTURE:LEA) ("Leader" or the "Company") today announced that it has offered to the holders of its 10% convertible debentures, the option to reduce the share conversion ratio from $4.80 per share to $0.40 per share for those holders that grant deferrals of interest payments due September 30, 2009 and March 31, 2010 until maturity date on March 12, 2012 at which time such interest will be paid together with interest at 10% thereon.

Holders of all of the outstanding $15,000,000 principal amount of debentures have agreed to this proposal thereby allowing the Company to defer interest payments that would have been otherwise due and payable on September 30, 2009 and March 31, 2010.

Further information can be found under the Company's listing at www.sedar.com and on the Company's website at www.leaderenergy.com.

Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "estimate", "believe", "likely", "will", or estimates of business activity, and similar expressions and statements relating to matters that are not historical facts, are forward looking statements. Such statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Leader to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors include commodity prices, demand for oil and gas related products and service, competition, political and economic conditions, demand and acceptance of new products and ways of doing business, changes in laws and regulations to which Leader is subject, and the ability to attract and retain key personnel.

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

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