Leader Energy Services Ltd.
TSX VENTURE : LEE

Leader Energy Services Ltd.

July 21, 2009 08:30 ET

Leader Energy Services to Proceed With Share Consolidation

CALGARY, ALBERTA--(Marketwire - July 21, 2009) - Leader Energy Services Ltd. ("Leader" or the "Company") (TSX VENTURE:LEE) today announced it will proceed with a consolidation of the common shares of the Company. The consolidation was approved at the special meeting of the shareholders of the Company held on June 11, 2009. The consolidation will result in each shareholder of the Company receiving one post-consolidation share for every three pre-consolidation common shares held. Prior to the completion of the consolidation the Company has 39,794,046 common shares outstanding, and upon completion of the consolidation, the Company will have approximately 13,264,682 common shares outstanding.

The name of the Company will not be changed in conjunction with the consolidation of the Common Shares. The exact number of post-consolidated shares will most likely vary from this approximation to a small extent depending upon the treatment of the fractions that will occur when each shareholder's holdings are consolidated on a one for three basis. Any fractional shares resulting from the consolidation of the common shares shall be converted such that each fractional common share remaining after conversion be changed to one whole common share. This consolidation requires the approval of all applicable regulatory authorities, including the TSX Venture Exchange.

The Board of Directors and management of the Corporation believe that the consolidation will provide the Corporation with increased flexibility to seek additional financing opportunities. The consolidation may also reduce trading costs related to the number of shares purchased by investors and may reduce the buy/sell spread on the shares.

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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