Newport Partners Income Fund
TSX : NPF.UN
TSX : NPF.DB
TSX : NPF.DB.A

Newport Partners Income Fund

February 10, 2011 08:00 ET

Newport Partners Income Fund's NPC Integrity Energy Services Increases Ownership in Oil Sands Division to 100%

TORONTO, ONTARIO--(Marketwire - Feb. 10, 2011) -

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

Newport Partners Income Fund (TSX:NPF.UN)(TSX:NPF.DB)(TSX:NPF.DB.A) announced today that its indirect wholly-owned subsidiary, NPC Integrity Energy Services Limited Partnership ("NPC") has acquired all of the units of Golosky Holdings LP and Clearwater Holdings LP held by Oil Sands Energy Holdings Inc. and settled certain distributions owing and other claims for $19.7 million in cash. As a result of the transaction, NPC now owns 100% of its Oil Sands division.

NPC is an established oilfield services company serving traditional oil & gas and oil sands-related production companies. NPC provides a wide range of services required by today's major energy producers in Western Canada including maintenance, turnaround and construction services, field maintenance, pipe fabrication and assembly, highly-skilled welding, wear technology, machining, repair and transportation supply services.

The unit purchase agreement relating to the transaction will be available on SEDAR at www.sedar.com.

About Newport Partners Income Fund

Newport Partners Income Fund is an unincorporated, open-ended trust created to hold, through its investment in Newport Partners Commercial Trust, interests in Newport Private Yield LP, a limited partnership established under the laws of the Province of Ontario. NPF began trading on the TSX on August 8, 2005 under the symbol NPF.UN.

Newport Partners Income Fund is a publicly-traded diversified fund that invests in successful Canadian private businesses. The fund, following the transaction, will have $443 million invested in 12 companies representing a diverse cross-section of the Canadian economy.

Forward-Looking Statements

Certain information included in this news release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Without limitation, information regarding the closing of the transaction constitutes forward-looking information. Such forward-looking information reflects management's current beliefs and is based on information currently available to management of the Fund and the businesses in which the Fund holds an ownership interest (the "Operating Partnerships"). Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information, including risks related to the satisfaction of all closing conditions to transaction, the receipt of all required consents and approvals and the abilities, actions, financial condition and circumstances of other parties to the transaction. These factors should not be considered exhaustive. In addition, in evaluating this information, investors should specifically consider various factors, including the risks outlined in the Fund's public disclosure documents filed on SEDAR at www.sedar.com, which may cause actual events or results to differ materially from any forward-looking statement. In formulating forward-looking information herein, management has assumed that business and economic conditions affecting the Fund and the Operating Partnerships and the other parties to the transaction will continue substantially in the ordinary course, including without limitation, with respect to general levels of economic activity. Although the forward-looking information is based on what management of the Fund and the Operating Partnerships consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect. This forward-looking information is made as of the date of this news release, and the Fund does not assume any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking information. The Fund is providing the forward-looking information for the purpose of providing investors with some context for the information presented herein. Readers are cautioned that this information may not be appropriate for any other purpose.

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