Phoenix Oilfield Hauling Inc. Announces Payment of Shares for Services and Grant of Options

CALGARY, ALBERTA--(Marketwire - May 3, 2011) -

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Phoenix Oilfield Hauling Inc. (TSX VENTURE:PHN) ("Phoenix" or the "Company") announces that pursuant to agreements with certain executive officers (the "Executives") Phoenix has issued 1,310,000 common shares (the "Common Shares") at a deemed price of $0.10 per share. The issuance of the Common Shares is subject to regulatory approval and the common shares are subject to a four month hold period, in accordance with applicable securities laws.

Phoenix also wishes to announce that pursuant to the terms and conditions of its Stock Option Plan, it has granted 2,150,000 incentive stock options (the "Options") to certain officers and directors of the Company. 1,450,000 of the Options will be exercisable for a five year period at $0.10 per share and 1/3 of the Options will vest immediately, 1/3 of the Options will vest in one year and 1/3 of the options will vest in two years. 700,000 of the Options are exercisable for a five year period at $0.10 per share and 1/4 of the options vest immediately, 1/4 will vest in one year, 1/4 vest in two years and the remaining 1/4 vest in three years.

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The forward-looking statements contained in this news release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.