BONNETT'S ENERGY SERVICES TRUST ANNOUNCES UNITHOLDER, OPTIONHOLDER AND COURT APPROVAL OF ITS PROPOSED CONVERSION TO A CORPORATION

CALGARY, June 27, 2011 /CNW/ - Bonnett's Energy Services Trust (TSX: BT.UN) (the "Trust") is pleased to announce that at its annual and special meeting held this morning in Calgary, unitholders and optionholders of the Trust approved the proposed conversion of the Trust (the "Conversion") from an income trust to a corporation to be named Bonnett's Energy Corp. ("New Bonnett's") by way of a statutory plan of arrangement (the "Arrangement") under section 193 of the Business Corporations Act (Alberta).  Unitholders voted 98.8% in favour of the Conversion and Unitholders and Optionholders, voting together as a single class, voted 98.9% in favour of the Conversion.

A final order of the Court of Queen's Bench of Alberta approving the Arrangement was granted earlier today.  Subject to the satisfaction or waiver of all other conditions to closing, the Arrangement is expected to become effective on June 30, 2011, at which time all of the trust units of the Trust will be exchanged, on a one-for-one basis, for common shares of New Bonnett's, and all of the trust unit options of the Trust will be exchanged, on a one-for-one basis, for options to purchase common shares of New Bonnett's at an exercise price per New Bonnett's common share equal to the exercise price per trust unit of the Trust under the trust unit option being exchanged.

The Toronto Stock Exchange has conditionally approved the substitutional listing of the New Bonnett's common shares.  If the Conversion is completed on June 30, 2011, it is expected that the common shares of New Bonnett's will commence trading on the Toronto Stock Exchange under the symbol "BT" on or about Thursday, July 7, 2011, at which time the trust units of the Trust will be delisted from the Toronto Stock Exchange.

At the meeting, the unitholders of the Trust also approved a stock option plan for New Bonnett's, the details of which are described in the Trust's Information Circular dated May 27, 2011.

Bonnett's Energy Services is a diversified Trust, providing wireline and testing services, fishing and oilfield rentals in the Western Canadian Sedimentary Basin.  Bonnett's Energy Services is a publicly traded Trust listed on the Toronto Stock Exchange under the symbol "BT.UN".

Cautionary Statement Regarding Forward-Looking Information

This press release contains certain forward-looking statements or information within the meaning of applicable Canadian provincial securities laws.  All statements, other than statements of historical fact, are forward-looking statements or information.  When used in this press release, the words "anticipate", "will", "believe", "estimate", "expect", "intend", "target", "plan", "goals", "objectives", "pro forma", "forecast", ��schedule", "may" and other similar words and expressions, identify forward-looking statements or information.  These forward-looking statements or information relate to, among other things: the timing of closing of the Arrangement and the timing of the listing of the New Bonnett's Common Shares and delisting of the Trust Units.  Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this press release and Bonnett's Energy Services Ltd. ("Bonnett's") the adminstrator of the Trust, has made assumptions based on or related to many of these factors.  Although Bonnett's has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.  Bonnett's does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances where any other events affecting such statements or information, other than as required by applicable securities laws.  Unitholders and Optionholders are cautioned against attributing undue reliance on forward-looking statements or information.


SOURCE Bonnett's Energy Services Trust

For further information:

Additional information can be obtained by contacting the Trust at Bonnett's Energy Services Ltd., R.R. 2, Site 33, Box 1, Grande Prairie, Alberta, T8V 2Z9. Information is also available at the Trust's website at www.bonnettsenergy.com or by contacting Murray Toews, Chief Executive Officer at (780) 513-3400 or David Ross, Chief Financial Officer at (403) 264-3010, Fax: (403) 693-0093, E-mail: info@bonnettsenergy.com

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Bonnett's Energy Services Trust

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