Phoenix Oilfield Hauling Inc.
TSX VENTURE : PHN

Phoenix Oilfield Hauling Inc.

October 01, 2010 18:33 ET

Phoenix Oilfield Hauling Inc. Engages Werklund Capital Corp.

NISKU, ALBERTA--(Marketwire - Oct. 1, 2010) -

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Phoenix Oilfield Hauling Inc. (TSX VENTURE:PHN) ("Phoenix" or the "Company") announces that it has entered into a letter agreement (the "Letter Agreement"), with Werklund Capital Corp. ("WCC") dated effective October 1, 2010. Pursuant to the Letter Agreement the Company has engaged WCC to assist in the business development and corporate finance requirements of the Company. Specifically, WCC has been engaged to source, analyze and negotiate terms of potential acquisitions and transactions, and manage the Company's financing needs by sourcing new debt and equity (collectively, the "Services"). The term of the Letter Agreement is open-ended on a month-to-month basis for a minimum of three (3) months, and can be terminated by either party with 30 days written notice. WCC is a Non-Arm's Length Party (as the term is defined in Policy 1.1 of the TSX Venture Corporate Finance Manual) in relation to the Corporation, as David Werklund is a director of both the Company and WCC, and Blake Lyon is a director of the Company and President of WCC.

ABOUT PHOENIX OILFIELD HAULING INC.

Phoenix is a public energy services corporation operating in Western Canada and the United States, which trades on the TSXV under the symbol "PHN".

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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