Phoenix Oilfield Hauling Inc.
TSX VENTURE : PHN

Phoenix Oilfield Hauling Inc.

November 29, 2010 15:45 ET

Phoenix Oilfield Hauling Inc. Confirms Third Quarter Financial Results and Announces Private Placement

NISKU, ALBERTA--(Marketwire - Nov. 29, 2010) -

THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Phoenix Oilfield Hauling Inc. (the "Company") (TSX VENTURE:PHN) wishes to clarify its Press Release dated November 26,2010 ("the "Press Release"). The Press Release incorrectly stated that Phoenix Announces Second Quarter Financial Results. The Press Release should have stated that Phoenix Announces Third Quarter Financial Results.

Phoenix also announces that it will be completing a non-brokered private (the "Private Placement"). The Private Placement is for up to 1,250,000 Common Shares at a price of $0.08 per Common Share for total gross proceeds of $100,000 and it is expected that insiders of the Company will participate. The Private Placement is subject to receipt of all necessary regulatory approvals. The Common Shares issued pursuant to the Private Placement will be subject to a 4 month hold period in Canada from the date of the closing of the Private Placement. The Private Placement is expected to close prior to December 31, 2010.

Reader Advisory

This news release may contain certain forward-looking statements, which include assumptions with respect to (i) future operations; (ii) future economic conditions; (iii) future capital expenditures; and (iv) cash flow. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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