GLOBAL ENERGY SERVICES LTD. RELEASES 2010 ANNUAL FINANCIALS

TSX-V: "GLK"
Shares Outstanding 20,785,959

CALGARY, April 21 /CNW/ - Global Energy Services Ltd. ("Global Energy") (TSXV: GLK), announces the Board of Directors have approved the release of the December 31, 2010, financial reports.

Financial highlight to December 31, 2010

  • Revenue totaled $5,432,879 for the year ended December 31, 2010 compared to $5,979,409 for the same period in 2009, a decrease of 9 percent or $546,530. Revenue generated from the communications segment increased by 22 percent or $840,422 to $4,614,874 from $3,774,452 in the comparable period of 2009. Revenue from production services amounted to $858,257 as compared with $2,228,567 for the prior year. This represents a 61 percent decrease or $1,370,310 and is attributable to continued weakness in the conventional gas market.

  • Net loss improved by $369,428 resulting in a net loss of $152,469 for the year ended December 31, 2010 compared to a net loss of $521,897 in 2009. On a weighted average per share basis, the net loss was $0.007 versus $0.025 of net loss in 2009. The decrease in loss resulted from reduction of expenses and an improvement in the communication segment.

  • At December 31, 2010, the Company had a working capital surplus (current assets less current liabilities) of $1,107,194 compared to a surplus of $1,122,973 at December 31, 2009. The company has an operating loan with a maximum facility of $1,200,000 bearing interest at prime plus 1.0 percent.

  • We have continued to maintain our liquidity and capital resources and we are seeing improvements in many of the industry areas except for conventional gas. Given the cost reductions expected our current cash resources are sufficient for the Company to complete its short term strategic objectives.

According to Mr. Derek Begin, President and CEO the outlook for Global Energy Services is improving as "we are focusing on our opportunities arising from the licensing agreement with Lufkin Industries and our communication segment is growing with the higher industry activity."

About Global Energy Services Ltd.

Global Energy Services Ltd. is an innovative oilfield service company that provides production services and communications solutions to the oil and gas industry. The production services segment utilizes its patented Activator hydraulic submersible pump to enhance gas production in conventional gas and coalbed methane wells. Global's communications segment provides a complete suite of integrated products and solutions specifically suited for the oil and gas industry. Global was founded in 1994 and is listed on the TSX-V.

More information about Global Energy Services Ltd. can be found at http://www.global-energy.ca

SOURCE Global Energy Services Ltd.

For further information:

Contact Global Energy Services Ltd.

Don Jorgensen
VP of Finance & CFO
Global Energy Services Ltd.
Tel: 403.243.0820
Email: djorgensen@global-energy.ca

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Global Energy Services Ltd.

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