Phoenix Oilfield Hauling Inc. Completes Purchase of Rental Assets

CALGARY, ALBERTA--(Marketwire - Nov. 2, 2011) -

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Phoenix Oilfield Hauling Inc. ("Phoenix" or the "Company") (TSX VENTURE:PHN) is pleased to announce that 1277119 Alberta Ltd., a wholly-owned subsidiary of Phoenix, has completed an asset purchase with an arm's length private company (the "Vendor") and its shareholders (the "Agreement") for the acquisition of oilfield rental equipment currently based in the Fort Assiniboine area of Alberta and consisting of certain barrel tanks, generators, rig mats, flare stacks and various other equipment from the Vendor (the "Acquisition").

Subject to any holdback for encumbrances, the Company will pay a total of $1,955,000 (plus G.S.T.) for the assets purchased pursuant to the Acquisition.

The Vendor is arm's length to Phoenix and no finder's fee will be paid in connection with the Acquisition.

The Acquisition is subject to approval by the TSX Venture Exchange.

About Phoenix Oilfield Hauling Inc.

Phoenix is a public energy services transportation corporation operating in Western Canada, Texas and Pennsylvania.

Reader Advisory

This news release contains certain forward-looking statements, including the expected purchase price, the completion of the Acquisition and the receipt of regulatory approval for the Acquisition. These forward-looking statements are based on the reasonable beliefs of the Company's management, as well as assumptions made by and information currently available to management. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with loss of markets, volatility of commodity prices, fluctuations in foreign exchange or interest rates, environmental risks, competition from other companies, ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, the lack of availability of qualified personnel or management, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All forward-looking statements contained in this press release are expressly qualified in their entirety by these cautionary statements.

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.