IROC ENERGY SERVICES CORP. ANNOUNCES INCREASED NET INCOME AND FILING OF ANNUAL FINANCIAL STATEMENTS

CALGARY, April 18 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSXV: ISC) is pleased to present a summary of its operating and financial results for the three months and one year periods ended December 31, 2010. For a complete copy of IROC's annual financial statements and management's discussion and analysis ("MD&A") please visit www.sedar.com.

    <<
    Highlights for the three months ended December 31, 2010:
    -------------------------------------------------------

    -  Total revenue from continuing operations increased 35% to $20.8
       million for the three months ended December 31, 2010 as compared to
       $15.5 million in the comparable period of the prior year.

    -  Gross margin from continuing operations increased 47% to $7.5 million
       for the three months ended December 31, 2010 as compared to $5.1
       million in the comparable period of the prior year.

    -  EBITDAS from continuing operations increased 73% to $5.1 million for
       the three months ended December 31, 2010 as compared to $3.0 million
       in the comparable period of the prior year.

    -  Net income from continuing operations increased to $2.1 million for
       the three months ended December 31, 2010 as compared to a loss of $0.4
       million in the comparable period of the prior year.

    Highlights for the year ended December, 2010:
    ---------------------------------------------

    -  Total revenue from continuing operations increased 31% to $64.4
       million for the year ended December 31, 2010 as compared to $49.0
       million in the comparable period of the prior year.

    -  Gross margin from continuing operations increased 34% to $21.3 million
       for the year ended December 31, 2010 as compared to $15.9 million in
       the comparable period of the prior year.

    -  EBITDAS from continuing operations increased 66% to $12.5 million for
       the year ended December 31, 2010 as compared to $7.5 million in the
       comparable period of the prior year.

    -  Net income from continuing operations increased to $2.0 million for
       the year ended December 31, 2010 as compared to a loss of $10.9
       million in the comparable period of the prior year.

    -  Expanded our rental product lines to include coiled tubing and related
       well servicing equipment through the acquisition of the rental assets
       of Trust Energy Services Corp.

    Operations
    ----------
    >>

IROC's continuing operations are reported in three segments; the Drilling and Production Services segment, the Technology Services segment and Corporate Services. The following is a discussion of the reporting segments in which IROC operates.

Drilling and Production Services

The Drilling and Production Services segment provides services and rental equipment to oil and gas exploration, development and production companies with most of our customers and operations being located in western Canada, in the provinces of Alberta and Saskatchewan.

The Drilling and Production Services segment consists of two divisions:

    <<
    Eagle Well Servicing ("Eagle") contracts service rigs to oil and gas
    companies to perform various completion, work-over and maintenance
    services on oil and natural gas wells.  Eagle has offices and equipment
    in Red Deer, Grande Prairie and Lloydminster in Alberta and an office and
    equipment in Estevan, Saskatchewan with equipment being used in those
    geographic areas.

    Aero Rental Services ("Aero") provides rental equipment for surface
    pressure control in drilling and work-over operations and tubular
    handling equipment used for the work-over, re-entry and completion
    operations. Aero has an office in Red Deer, Alberta with equipment being
    rented for use primarily in Alberta.  Aero's results are directly
    affected by the level of new well drilling activity.

    -------------------------------------------------------------------------
                                             Three months ended
                           December 31,  September 30,   June 30,   March 31,
                               2010           2010         2010       2010
    -------------------------------------------------------------------------
    Eagle Well Servicing:
      Number of service rigs        35             35         35          36
    -------------------------------------------------------------------------
      Service rig utilization      66%            57%        33%         55%
    -------------------------------------------------------------------------

    Aero Rental Services:
      Gross margin $000's        1,687            735        233         467
    -------------------------------------------------------------------------
      Book value of rental
       equipment $000's         10,724          8,733      7,379       7,005
    -------------------------------------------------------------------------

    Commodity prices:
      NYMEX crude oil $US/bbl    85.17          76.20      78.03       78.72
    -------------------------------------------------------------------------
      AECO Monthly index
       natural gas $CAD/GJ        3.39           3.52       3.66        5.08
    -------------------------------------------------------------------------
                                             Three months ended
                             December 31,  September 30,  June 30,  March 31,
                                2009           2009        2009       2009
    -------------------------------------------------------------------------
    Eagle Well Servicing:
      Number of service rigs        36             36         36          34
    -------------------------------------------------------------------------
      Service rig utilization      49%            34%        27%         46%
    -------------------------------------------------------------------------

    Aero Rental Services:
      Gross margin $000's          455            311         60         368
    -------------------------------------------------------------------------
      Book value of rental
       equipment $000's          6,868          6,743      6,873       5,076
    -------------------------------------------------------------------------

    Commodity prices:
      NYMEX crude oil $US/bbl    76.19          68.30      59.62       43.08
    -------------------------------------------------------------------------
      AECO Monthly index
       natural gas $CAD/GJ        4.01           2.87       3.47        5.34
    -------------------------------------------------------------------------
    >>

At December 31, 2010, Eagle had a fleet of 35 service rigs with our equipment amongst the newest in the industry. All Eagle's service rigs are internally guyed with no requirement for external anchors. This reduces set up time and corresponding costs when compared to anchored rigs. During the second quarter of 2010 we ceased marketing of our oldest service rig and have removed it from the number of active service rigs for utilization calculation purposes. Subsequent to quarter end, in January, 2011 the Corporation has placed one additional rig into service for a total operational service rig fleet of 36 rigs. In addition, three new service rigs are being built with delivery expected in the second and third quarters of 2011.

Commodity prices are the main activity driver as the Corporation's customers' exploration and development programs are directly impacted by oil and natural gas prices. Oil and gas producers spend capital on new wells and service operations when they are economic within the context of current and forecasted commodity prices. Year over year, crude oil prices were stronger in each quarter of 2010 as compared to 2009 and have been following a general trend of strengthening since the fourth quarter of 2008. Subsequent to year end, NYMEX crude oil prices for the first quarter of 2011 averaged $US94.07/bbl. Natural gas prices have experienced less of a recovery than crude oil and remain relatively weak in comparison to historic price levels over the past five years. At current price levels, natural gas development is focused on resource type development projects and liquids rich reservoirs as much conventional shallow gas is no longer economic.

Service rig utilization, as measured by IROC's internal methodology, increased in the quarter to 66%, as compared to 49% in the comparative period of last year. Our utilization percentage increased by 9% as compared to the third quarter as activity levels increased due to the fall and winter freeze-up. Certain areas are only accessible by service rigs and other heavy equipment during winter when the ground is frozen. In 2010, our utilization percentage has increased 14% averaging 53% as compared to 39% in the prior year. Subsequent to year end, first quarter 2011 utilization has increased further to 78%.

On July 16, 2010 IROC purchased all of the rental assets, rental contracts, and most of the business assets of Trust Energy Services Corp. ("Trust"). Trust was a privately owned Alberta based oilfield rental company, specializing in a complete line of coil tubing and well servicing equipment rentals. The Trust assets were acquired to complement Aero Rental Services existing rental assets and to expand the products and services offered. The Trust rental location was closed and all equipment was transferred and integrated into IROC's existing rental asset inventory immediately after the purchase. As part of the asset purchase, Trust's manager has joined Aero Rental Services in a management position.

Technology Services

The Technology Services segment is comprised solely of our Canada Tech division. Canada Tech designs, develops, manufactures and sells or rents a wide line of tools and systems that measure pressures, temperatures and other attributes in the downhole and surface environment of oil and gas wells.

Canada Tech continues to make progress in the sales of products that measure temperature and pressure in Steam Assisted Gravity Drainage ("SAGD") applications in Alberta's heavy oil sector. This is a market segment with large growth potential as this sector has been growing and has recently surpassed natural gas in the dollar amount of Crown royalties being paid to the Alberta Government for the first time.

Our products utilize new and superior technology enabling our gauges and systems to operate in higher temperatures and more challenging environments. Canada Tech's customers require data that is reliable, consistent and accurate. Canada Tech's competitive advantage is the ability to look at each well individually and adapt a system to match the needs of the customer within the well parameters. Due to the custom nature of much of Canada Tech's sales, much of the manufacturing is done on a build to order basis and a significant portion of revenues are on a project basis.

There is continued progress in the permanent monitoring market because of our ability to adapt systems to the customer's needs. This is evident through the SAGD and shale gas projects we are involved in where we are deploying new Hybrid technology which measures temperatures and pressures up to 225 degrees C. In addition, we have developed permanent technology for measuring temperature up to 260 degrees C. For customers with multiple zones in a well, we have installed permanent multi gauge systems with up to six gauges per well and have the capability to increase the number of gauges beyond this. We anticipate growth in SAGD and multiple zone applications, both in Western Canada and internationally where permanent monitoring technology has become more accepted and is ready to be deployed.

In memory tools we continue to pursue sales into international markets. Although sales are marginally reduced over the prior year period, we have executed additional customer contracts and anticipate continued growth over the coming year. In addition, Canada Tech has developed increased memory capability in both Piezo gauges and Quartz gauges to allow for additional data storage.

Canada Tech differs from our other divisions in that the capital requirement is smaller and the value of the division is contained in its patents and proprietary technology. A significant portion of Canada Tech's costs are fixed and as such increased sales volumes have a magnified effect on the EBITDAS of IROC. Financial performance in the last two quarters of 2010 fell short of expectations due to permanent installation projects being delayed or cancelled. While these results are disappointing, we continue to gain market acceptance with our high temperature permanent systems with installations being completed for two additional SAGD customers in the fourth quarter of this year.

Corporate Services

IROC's non-operating segment, Corporate Services, captures general and administrative expenses associated with supporting each of the reporting segments operations noted above, plus costs associated with being a public company. Also, included in Corporate Services is interest expense for debt servicing and income tax expense.

    <<
    Financial results and selected financial information
    ----------------------------------------------------

    -------------------------------------------------------------------------
    $ 000's except
     number of shares  Year ended             Three months ended
     and per share      December   December   September  June 30,   March 31,
     amounts            31, 2010   31, 2010   30, 2010    2010       2010
    -------------------------------------------------------------------------
    Revenue:
      Eagle Well
       Servicing          46,014     15,400     12,241      6,642     11,731
      Aero Rental
       Services            7,602      3,131      1,801        894      1,776
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           53,616     18,531     14,042      7,536     13,507
      Technology services 10,738      2,306      2,402      3,289      2,741
    -------------------------------------------------------------------------
    Total revenue         64,354     20,837     16,444     10,825     16,248
    -------------------------------------------------------------------------

    Operating costs:
      Eagle Well
       Servicing          31,085     10,175      8,234      5,106      7,570
      Aero Rental
       Services            4,480      1,444      1,066        661      1,309
    -------------------------------------------------------------------------
       Total drilling &
        production
        services          35,565     11,619      9,300      5,767      8,879
      Technology services  7,477      1,721      2,108      1,897      1,751
    -------------------------------------------------------------------------
    Total operating costs 43,042     13,340     11,408      7,664     10,630
    -------------------------------------------------------------------------

    Gross margin(1)
      Eagle Well
       Servicing          14,929      5,225      4,007      1,536      4,162
      Aero Rental
       Services            3,122      1,687        735        233        467
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           18,051      6,912      4,742      1,769      4,629
      Technology services  3,261        585        294      1,392        989
    -------------------------------------------------------------------------
    Total gross margin    21,312      7,497      5,036      3,161      5,618
    -------------------------------------------------------------------------

    Gross margin %(1):
      Eagle Well Servicing   32%        34%        33%        23%        35%
      Aero Rental Services   41%        54%        41%        26%        26%
    -------------------------------------------------------------------------
      Total drilling &
       production services   34%        37%        34%        23%        34%
      Technology services    30%        25%        12%        42%        36%
    -------------------------------------------------------------------------
    Total gross margin %     33%        36%        31%        29%        35%
    -------------------------------------------------------------------------

    EBITDAS(1):
      Eagle Well
       Servicing          12,534      4,486      3,403      1,079      3,566
      Aero Rental
       Services            2,398      1,457        524        101        316
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           14,932      5,943      3,927      1,180      3,882
      Technology services  1,046         10       (204)       765        475
      Corporate           (3,500)      (804)      (747)      (970)      (979)
    -------------------------------------------------------------------------
    Total EBITDAS         12,478      5,149      2,976        975      3,378
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    General and
     administrative        8,834      2,348      2,060      2,186      2,240
    -------------------------------------------------------------------------
    Depreciation and
     amortization          8,693      2,431      2,268      2,003      1,991
    -------------------------------------------------------------------------
    Interest expense net
     of interest income    1,209        291        293        265        360
    -------------------------------------------------------------------------
    Stock based
     compensation            506        101         98        129        178
    -------------------------------------------------------------------------
    Provision for current
     and future income
     taxes                   365        221        187       (278)       235
    -------------------------------------------------------------------------
    Loss (gain) on foreign
     exchange                 24         17        (2)        (88)        97
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations 2,010      2,104        437     (1,055)       524
    -------------------------------------------------------------------------
    Net income (loss)      2,010      2,104        437     (1,055)       524
    -------------------------------------------------------------------------
    Net income (loss) per
     common share from
     continuing
     operations:
      - Basic              $0.05      $0.05      $0.01     $(0.02)     $0.01
    -------------------------------------------------------------------------
      - Diluted            $0.05      $0.05      $0.01     $(0.02)     $0.01
    -------------------------------------------------------------------------
    Net income (loss)
     per common share:
      - Basic              $0.05      $0.05      $0.01     $(0.02)     $0.01
    -------------------------------------------------------------------------
      - Diluted            $0.05      $0.05      $0.01     $(0.02)     $0.01
    -------------------------------------------------------------------------
    Weighted average
     common shares
     outstanding:
      - Basic         43,426,436 43,026,730 43,502,346 43,604,911 43,576,971
    -------------------------------------------------------------------------
      - Diluted       43,453,485 43,270,196 43,523,763 43,604,911 43,576,971
    -------------------------------------------------------------------------
    (1) See Non-GAAP Measures


    -------------------------------------------------------------------------
    $ 000's except
     number of shares  Year ended             Three months ended
     and per share      December   December   September  June 30,   March 31,
     amounts            31, 2009   31, 2009   30, 2009     2009       2009
    -------------------------------------------------------------------------
    Revenue:
      Eagle Well
       Servicing          33,496     10,537      7,166      5,349     10,444
      Aero Rental
       Services            4,776      1,501      1,013        900      1,362
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           38,272     12,038      8,179      6,249     11,806
      Technology services 10,751      3,445      2,052      3,053      2,201
    -------------------------------------------------------------------------
    Total revenue         49,023     15,483     10,231      9,302     14,007
    -------------------------------------------------------------------------

    Operating costs:
      Eagle Well
       Servicing          22,097      6,982      4,652      3,919      6,544
      Aero Rental Services 3,583      1,047        702        840        994
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           25,680      8,029      5,354      4,759      7,538
      Technology services  7,406      2,356      1,554      1,808      1,688
    -------------------------------------------------------------------------
    Total operating
     costs                33,086     10,385      6,908      6,567      9,226
    -------------------------------------------------------------------------

    Gross margin(1)
      Eagle Well
       Servicing          11,399      3,555      2,514      1,430      3,900
      Aero Rental
       Services            1,194        455        311         60        368
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           12,593      4,010      2,825      1,490      4,268
      Technology services  3,344      1,088        498      1,245        513
    -------------------------------------------------------------------------
    Total gross margin    15,937      5,098      3,323      2,735      4,781
    -------------------------------------------------------------------------

    Gross margin %(1):
      Eagle Well Servicing   34%        34%        35%        27%        37%
      Aero Rental Services   25%        30%        31%         7%        27%
    -------------------------------------------------------------------------
      Total drilling &
       production services   33%        33%        34%        24%        36%
      Technology services    31%        32%        24%        41%        23%
    -------------------------------------------------------------------------
    Total gross margin %     33%        33%        32%        29%        34%
    -------------------------------------------------------------------------

    EBITDAS(1):
      Eagle Well Servicing 9,617      3,057      2,129        997      3,434
      Aero Rental Services   745        331        206        (53)       261
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           10,362      3,388      2,335        944      3,695
      Technology services    932        512         29        556       (165)
      Corporate           (3,779)      (927)      (985)      (917)      (950)
    -------------------------------------------------------------------------
    Total EBITDAS          7,515      2,973      1,379        583      2,580
    -------------------------------------------------------------------------

    General and
     administrative        8,422      2,125      1,944      2,152      2,201
    -------------------------------------------------------------------------
    Depreciation and
     amortization          8,454      2,392      2,073      1,978      2,011
    -------------------------------------------------------------------------
    Interest expense net
     of interest income    1,232        446        308        205        273
    -------------------------------------------------------------------------
    Stock based
     compensation            340         74         64         92        110
    -------------------------------------------------------------------------
    Provision for current
     and future
     income taxes           (620)        380      (268)      (785)        54
    -------------------------------------------------------------------------
    Loss on foreign
     exchange                619         43        168        354         54
    -------------------------------------------------------------------------
    Net income (loss)
     from continuing
     operations          (10,886)      (395)    (9,314)    (1,260)        82
    -------------------------------------------------------------------------
    Net income (loss)    (10,576)      (481)    (9,324)    (1,260)       488
    -------------------------------------------------------------------------
    Net income (loss)
     per common share
     from continuing
     operations:
      - Basic             $(0.25)    $(0.01)    $(0.21)    $(0.03)      $  -
    -------------------------------------------------------------------------
      - Diluted           $(0.25)    $(0.01)    $(0.21)    $(0.03)      $  -
    -------------------------------------------------------------------------
    Net income (loss)
     per common share:
    -------------------------------------------------------------------------
      - Basic             $(0.24)    $(0.01)    $(0.21)    $(0.03)     $0.01
    -------------------------------------------------------------------------
      - Diluted           $(0.24)    $(0.01)    $(0.21)    $(0.03)     $0.01
    -------------------------------------------------------------------------
    Weighted average
     common shares
     outstanding:
      - Basic         44,000,524 43,565,754 43,947,852 44,200,651 44,296,448
    -------------------------------------------------------------------------
      - Diluted       44,000,524 43,565,754 43,947,852 44,200,651 44,296,448
    -------------------------------------------------------------------------
    (1) See Non-GAAP Measures


    Outlook
    -------
    >>

The continued strength in the price of oil combined with the ever increasing application of horizontal drilling has provided for significant improvements in levels of activity in the Western Canadian Sedimentary Basin during the last half of 2010. The industry has seen year over year increases in all aspects of the service business with activity levels for the first quarter of 2011 indicating this trend is likely to continue through 2011.

Eagle Well Servicing has developed solid relationships with active oil and gas operators across Western Canada by providing the newest equipment available, trained personnel and a competent group of managers that combine to provide value to our customers both in superior customer service and efficient operations. We experienced continued strong utilization and improved financial performance through the winter season resulting from our customers' oil driven activities and seasonal activity increases for our northern based rigs. 36 service rigs (our entire fleet) were fully operational and crewed during the winter as demand remained strong for our equipment and personnel in all of our operating areas. Subsequent to year end, and in response to continuing customer demand, Eagle has initiated a build program for 3 new service rigs expected to be delivered and operational during the second quarter of 2011.

Aero Rental Services, having grown both organically and with the equipment and personnel acquired from Trust Energy Services during the past year, has facilities and a staff of pressure control professionals capable of handling increased activity in the near term. Management intends to continue deploying capital into this division given the increasing returns and continuing increased demand for its products and services. Capital expenditures of $5 million are planned, with the bulk of the assets to be acquired during the first half of 2011. The Corporation expects Aero will become an increasingly important contributor to the financial performance of the Corporation by providing an increasing share of both revenue and cash flow over time.

Canada Tech continues to focus on increasing revenue streams by penetrating both domestic and international markets. Management has continued to work on efficiencies to reduce our fixed costs while at the same time pushing hard to extend our penetration into select markets around the world. A number of new products introduced over the past two years will allow for increased diversification with some of the oilsands applications for our technology beginning to contribute.

The increase in activity witnessed during the last half of 2010 is expected to continue during 2011, given strong oil prices and the resulting intensity of oil based activity. Oil wells require greater levels of maintenance over time, which bodes well for the service industry as new wells are completed adding more inventory to the active wells requiring attention. It is currently estimated that over 75 percent of activity in Canada is oil related. This provides a solid base for our service driven businesses. The continuing labour shortage is a cause for concern and much of our success in the coming quarters will depend on our ability to access personnel for our field operations.

In summary, we are now optimistic the challenges the industry experienced in late 2009 and early 2010 have certainly receded. Increased activity levels experienced during the last half of 2010 are expected to continue as we make our way through 2011.

IROC remains well positioned for growth from both financial and operational perspectives. Subsequent to year end, on April 11, 2011, the Corporation completed a short form prospectus offering of 7,200,361 common shares at a price of $1.40 per common share, for estimated net proceeds after costs of approximately $9.3 million. Along with this offering, Key Energy Services, Inc. sold the 8,734,469 common shares which it had held since 2005. Key's ownership amounted to 20.47% of the total outstanding common shares and we believe the sale of these shares to a much wider distribution along with the new shares issued will enhance liquidity in the trading of the Corporation's shares.

As we move into 2011, IROC has a strong balance sheet, the newest in equipment and technologies, and a competent group of employees that will allow us to both create opportunities for growth and capitalize on opportunities as they present themselves.

About IROC Energy Services Corporation

IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a diverse range of products, services and equipment to the oil and gas industry that are among the newest and most innovative in the Western Canadian Sedimentary Basin and international markets. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in the following core areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, Rental Services and Coiled Tubing Services. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.

Cautionary Statement Regarding Forward Looking Information and Statements

Certain information contained in this news release, including information related to the Corporation's planned capital expenditures and growth opportunities, outlook for future oil and gas prices, cyclical industry fundamentals, drilling, completion, work over and abandonment activity levels, the Corporation's ability to fund future obligations and capital expenditures, and information or statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "likely", "estimate", "predict", "potential", "continue", "maintain", "retain", "grow", and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. This information or these statements are based on certain assumptions and analysis made by the Corporation in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. In particular, the Corporation's expectation of uncertain demand and prices for oil and natural gas and the resulting future industry activity, is premised on the Corporation's understanding of customers' capital budgets and their ability to access capital, the focus of its customers on deeper and horizontal drilling opportunities in the current natural gas pricing environment, and the continuing impact of the recent global financial crisis and the current economic recovery all of which affects the demand for oil and gas. Whether actual results, performance or achievements will conform to the Corporation's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from the Corporation's expectations. Such risks and uncertainties include, but are not limited to: fluctuations in the price and demand for oil and natural gas; fluctuations in the level of oil and natural gas exploration and development activities; fluctuations in the demand for well servicing; the effects of weather conditions on operations and facilities; the existence of competitive operating risks inherent in well servicing; general economic, market or business conditions; changes in laws or regulations, including taxation, environmental and currency regulations; the lack of availability of qualified personnel or management; the other risk factors set forth under the heading "Risks" in the annual MD&A for the year ended December 31, 2010 and other unforeseen conditions which could impact on the use of services supplied by the Corporation.

Consequently, all of the forward-looking information and statements made in this news release are qualified by this cautionary statement and there can be no assurance that the actual results or developments anticipated by the Corporation will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Corporation or its business or operations. Except as may be required by law, the Corporation assumes no obligation to update publicly any such forward-looking information and statements, whether as a result of new information, future events, or otherwise.

This press release is not for dissemination in United States or to any United States news services. The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws and are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state 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.

    <<
    Non-Gaap Measures
    -----------------
    >>

The financial statements have been prepared in accordance with GAAP. Certain supplementary information and measures not recognized under GAAP are provided where Management believes they assist the reader in understanding IROC's results. These measures include:

    <<
    1. EBITDAS and EBITDAS per share- EBITDAS is defined as earnings before
       interest, taxes, depreciation and amortization, stock-based
       compensation expense, foreign exchange gains and losses, goodwill
       impairment, note receivable impairment, and gains or losses on
       disposal of property and equipment. EBITDAS and EBITDAS per share are
       not recognized measures under GAAP. The Corporation believes that
       EBITDAS is provided as a measure of operating performance without
       reference to financing decisions, income tax impacts and non-cash
       expenses, which are not controlled at the operating management level.
       Accordingly, the Corporation believes EBITDAS is a useful measure for
       prospective investors in evaluating the financial performance of the
       Corporation, and specifically, the ability of the Corporation to
       service the interest on its indebtedness. Investors should be
       cautioned that EBITDAS should not be construed as an alternative to
       net income determined in accordance with GAAP as an indicator of the
       Corporation's performance. IROC's method of calculating EBITDAS may
       differ from those of other companies, and accordingly, EBITDAS may not
       be directly comparable to measures used by other companies. EBITDAS %
       is calculated as EBITDAS divided by revenue.

    2. Gross margin is defined as revenue less operating expenses. Gross
       margin % is defined as gross margin divided by revenue. The Company
       believes that gross margin and gross margin % are useful measures
       which provide an indicator of the Corporation's fundamental ability to
       make money on the products and services it sells. The Corporation
       believes the relationship between revenues and costs expressed by the
       gross margin % is a useful measure when compared between different
       financial periods as it demonstrates the trending relationship between
       revenues, costs and margins. Gross margin and gross margin % are not
       recognized measures of GAAP and do not have any standardized meaning
       prescribed by GAAP. IROC's method of calculating gross margin and
       gross margin % may differ from those of other companies, and
       accordingly, may not be directly comparable to measures used by other
       companies. Gross margin is reconciled to revenue - continuing
       operations in the Financial results and selected financial information
       table.
    >>

The following is a reconciliation of EBITDAS and EBITDAS per share to net income from continuing operations:

    <<
    -------------------------------------------------------------------------
    $ 000's except
     number of shares  Year ended             Three months ended
     and per share      December   December   September  June 30,   March 31,
     amounts            31, 2010   31, 2010   30, 2010    2010       2010
    -------------------------------------------------------------------------
    Net income (loss)
     from continuing
     operations            2,010      2,104        437     (1,055)       524

    Depreciation and
     amortization          8,693      2,431      2,268      2,003      1,991
    Loss (gain) on
     foreign exchange         24         17         (2)       (88)        97
    Stock based
     compensation expense    506        101         98        129        178
    Loss (gain) on
     disposal of equipment   (29)       (16)        (5)        (1)        (7)
    Other interest           227         64         45         37         81
    Interest on long-term
     debt                  1,029        237        263        239        290
    Interest income          (47)       (10)       (15)       (11)       (11)
    Goodwill impairment        -          -          -          -          -
    Note receivable
     impairment (recovery)  (300)         -       (300)         -          -
    Income taxes:
      Current                  -          -          -          -          -
      Future                 365        221        187       (278)       235

    -------------------------------------------------------------------------
    EBITDAS - continuing
     operations           12,478      5,149      2,976        975      3,378
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    EBITDAS per share
      Basic                $0.29      $0.12      $0.07      $0.02      $0.08
      Diluted              $0.29      $0.12      $0.07      $0.02      $0.08
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    $ 000's except
     number of shares  Year ended            Three months ended
     and per share      December   December   September  June 30,   March 31,
     amounts            31, 2009   31, 2009   30, 2009     2009       2009
    -------------------------------------------------------------------------
    Net income (loss)
     from continuing
     operations          (10,886)      (395)    (9,314)    (1,260)        82

    Depreciation and
     amortization          8,454      2,392      2,073      1,978      2,011
    Loss (gain) on
     foreign exchange        619         43        168        354         54
    Stock based
     compensation expense    340         74         64         92        110
    Loss (gain) on disposal
     of equipment             26         33         (2)        (1)        (4)
    Other interest           269         92         50         54         73
    Interest on long-term
     debt                  1,048        373        276        187        212
    Interest income          (85)       (19)       (18)       (36)       (12)
    Interest and accretion
     on debentures             -          -          -          -          -
    Goodwill impairment    6,850          -      6,850          -          -
    Note receivable
     impairment            1,500          -      1,500          -          -
    Income taxes:
    Current                    -          -          -          -          -
    Future                  (620)       380       (268)      (785)        54

    -------------------------------------------------------------------------
    EBITDAS - continuing
     operations            7,515      2,973      1,379        583      2,580
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    EBITDAS per share
      Basic                $0.17      $0.07      $0.03      $0.01      $0.06
      Diluted              $0.17      $0.07      $0.03      $0.01      $0.06
    -------------------------------------------------------------------------
    >>

------

IROC ENERGY SERVICES CORP. ANNOUNCES INCREASED NET INCOME AND FILING OF QUARTERLY FINANCIAL STATEMENTS

CALGARY, April 18 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSXV: ISC) is pleased to present a summary of its operating and financial results for the three months and one year periods ended December 31, 2010. For a complete copy of IROC's quarterly financial statements and management's discussion and analysis ("MD&A") please visit www.sedar.com.

    <<
    Highlights for the three months ended December 31, 2010:
    -------------------------------------------------------

    -  Total revenue from continuing operations increased 35% to $20.8
       million for the three months ended December 31, 2010 as compared to
       $15.5 million in the comparable period of the prior year.

    -  Gross margin from continuing operations increased 47% to $7.5 million
       for the three months ended December 31, 2010 as compared to $5.1
       million in the comparable period of the prior year.

    -  EBITDAS from continuing operations increased 73% to $5.1 million for
       the three months ended December 31, 2010 as compared to $3.0 million
       in the comparable period of the prior year.

    -  Net income from continuing operations increased to $2.1 million for
       the three months ended December 31, 2010 as compared to a loss of $0.4
       million in the comparable period of the prior year.

    Highlights for the year ended December, 2010:
    ---------------------------------------------

    -  Total revenue from continuing operations increased 31% to $64.4
       million for the year ended December 31, 2010 as compared to $49.0
       million in the comparable period of the prior year.

    -  Gross margin from continuing operations increased 34% to $21.3 million
       for the year ended December 31, 2010 as compared to $15.9 million in
       the comparable period of the prior year.

    -  EBITDAS from continuing operations increased 66% to $12.5 million for
       the year ended December 31, 2010 as compared to $7.5 million in the
       comparable period of the prior year.

    -  Net income from continuing operations increased to $2.0 million for
       the year ended December 31, 2010 as compared to a loss of $10.9
       million in the comparable period of the prior year.

    -  Expanded our rental product lines to include coiled tubing and related
       well servicing equipment through the acquisition of the rental assets
       of Trust Energy Services Corp.

    Operations
    ----------
    >>

IROC's continuing operations are reported in three segments; the Drilling and Production Services segment, the Technology Services segment and Corporate Services. The following is a discussion of the reporting segments in which IROC operates.

Drilling and Production Services

The Drilling and Production Services segment provides services and rental equipment to oil and gas exploration, development and production companies with most of our customers and operations being located in western Canada, in the provinces of Alberta and Saskatchewan.

The Drilling and Production Services segment consists of two divisions:

    <<
    Eagle Well Servicing ("Eagle") contracts service rigs to oil and gas
    companies to perform various completion, work-over and maintenance
    services on oil and natural gas wells.  Eagle has offices and equipment
    in Red Deer, Grande Prairie and Lloydminster in Alberta and an office and
    equipment in Estevan, Saskatchewan with equipment being used in those
    geographic areas.

    Aero Rental Services ("Aero") provides rental equipment for surface
    pressure control in drilling and work-over operations and tubular
    handling equipment used for the work-over, re-entry and completion
    operations. Aero has an office in Red Deer, Alberta with equipment being
    rented for use primarily in Alberta.  Aero's results are directly
    affected by the level of new well drilling activity.

    -------------------------------------------------------------------------
                                             Three months ended
                           December 31,  September 30,   June 30,   March 31,
                               2010           2010         2010       2010
    -------------------------------------------------------------------------
    Eagle Well Servicing:
      Number of service rigs        35             35         35          36
    -------------------------------------------------------------------------
      Service rig utilization      66%            57%        33%         55%
    -------------------------------------------------------------------------

    Aero Rental Services:
      Gross margin $000's        1,687            735        233         467
    -------------------------------------------------------------------------
      Book value of rental
       equipment $000's         10,724          8,733      7,379       7,005
    -------------------------------------------------------------------------

    Commodity prices:
      NYMEX crude oil $US/bbl    85.17          76.20      78.03       78.72
    -------------------------------------------------------------------------
      AECO Monthly index
       natural gas $CAD/GJ        3.39           3.52       3.66        5.08
    -------------------------------------------------------------------------
                                             Three months ended
                             December 31,  September 30,  June 30,  March 31,
                                2009           2009        2009       2009
    -------------------------------------------------------------------------
    Eagle Well Servicing:
      Number of service rigs        36             36         36          34
    -------------------------------------------------------------------------
      Service rig utilization      49%            34%        27%         46%
    -------------------------------------------------------------------------

    Aero Rental Services:
      Gross margin $000's          455            311         60         368
    -------------------------------------------------------------------------
      Book value of rental
       equipment $000's          6,868          6,743      6,873       5,076
    -------------------------------------------------------------------------

    Commodity prices:
      NYMEX crude oil $US/bbl    76.19          68.30      59.62       43.08
    -------------------------------------------------------------------------
      AECO Monthly index
       natural gas $CAD/GJ        4.01           2.87       3.47        5.34
    -------------------------------------------------------------------------
    >>

At December 31, 2010, Eagle had a fleet of 35 service rigs with our equipment amongst the newest in the industry. All Eagle's service rigs are internally guyed with no requirement for external anchors. This reduces set up time and corresponding costs when compared to anchored rigs. During the second quarter of 2010 we ceased marketing of our oldest service rig and have removed it from the number of active service rigs for utilization calculation purposes. Subsequent to quarter end, in January, 2011 the Corporation has placed one additional rig into service for a total operational service rig fleet of 36 rigs. In addition, three new service rigs are being built with delivery expected in the second and third quarters of 2011.

Commodity prices are the main activity driver as the Corporation's customers' exploration and development programs are directly impacted by oil and natural gas prices. Oil and gas producers spend capital on new wells and service operations when they are economic within the context of current and forecasted commodity prices. Year over year, crude oil prices were stronger in each quarter of 2010 as compared to 2009 and have been following a general trend of strengthening since the fourth quarter of 2008. Subsequent to year end, NYMEX crude oil prices for the first quarter of 2011 averaged $US94.07/bbl. Natural gas prices have experienced less of a recovery than crude oil and remain relatively weak in comparison to historic price levels over the past five years. At current price levels, natural gas development is focused on resource type development projects and liquids rich reservoirs as much conventional shallow gas is no longer economic.

Service rig utilization, as measured by IROC's internal methodology, increased in the quarter to 66%, as compared to 49% in the comparative period of last year. Our utilization percentage increased by 9% as compared to the third quarter as activity levels increased due to the fall and winter freeze-up. Certain areas are only accessible by service rigs and other heavy equipment during winter when the ground is frozen. In 2010, our utilization percentage has increased 14% averaging 53% as compared to 39% in the prior year. Subsequent to year end, first quarter 2011 utilization has increased further to 78%.

On July 16, 2010 IROC purchased all of the rental assets, rental contracts, and most of the business assets of Trust Energy Services Corp. ("Trust"). Trust was a privately owned Alberta based oilfield rental company, specializing in a complete line of coil tubing and well servicing equipment rentals. The Trust assets were acquired to complement Aero Rental Services existing rental assets and to expand the products and services offered. The Trust rental location was closed and all equipment was transferred and integrated into IROC's existing rental asset inventory immediately after the purchase. As part of the asset purchase, Trust's manager has joined Aero Rental Services in a management position.

Technology Services

The Technology Services segment is comprised solely of our Canada Tech division. Canada Tech designs, develops, manufactures and sells or rents a wide line of tools and systems that measure pressures, temperatures and other attributes in the downhole and surface environment of oil and gas wells.

Canada Tech continues to make progress in the sales of products that measure temperature and pressure in Steam Assisted Gravity Drainage ("SAGD") applications in Alberta's heavy oil sector. This is a market segment with large growth potential as this sector has been growing and has recently surpassed natural gas in the dollar amount of Crown royalties being paid to the Alberta Government for the first time.

Our products utilize new and superior technology enabling our gauges and systems to operate in higher temperatures and more challenging environments. Canada Tech's customers require data that is reliable, consistent and accurate. Canada Tech's competitive advantage is the ability to look at each well individually and adapt a system to match the needs of the customer within the well parameters. Due to the custom nature of much of Canada Tech's sales, much of the manufacturing is done on a build to order basis and a significant portion of revenues are on a project basis.

There is continued progress in the permanent monitoring market because of our ability to adapt systems to the customer's needs. This is evident through the SAGD and shale gas projects we are involved in where we are deploying new Hybrid technology which measures temperatures and pressures up to 225 degrees C. In addition, we have developed permanent technology for measuring temperature up to 260 degrees C. For customers with multiple zones in a well, we have installed permanent multi gauge systems with up to six gauges per well and have the capability to increase the number of gauges beyond this. We anticipate growth in SAGD and multiple zone applications, both in Western Canada and internationally where permanent monitoring technology has become more accepted and is ready to be deployed.

In memory tools we continue to pursue sales into international markets. Although sales are marginally reduced over the prior year period, we have executed additional customer contracts and anticipate continued growth over the coming year. In addition, Canada Tech has developed increased memory capability in both Piezo gauges and Quartz gauges to allow for additional data storage.

Canada Tech differs from our other divisions in that the capital requirement is smaller and the value of the division is contained in its patents and proprietary technology. A significant portion of Canada Tech's costs are fixed and as such increased sales volumes have a magnified effect on the EBITDAS of IROC. Financial performance in the last two quarters of 2010 fell short of expectations due to permanent installation projects being delayed or cancelled. While these results are disappointing, we continue to gain market acceptance with our high temperature permanent systems with installations being completed for two additional SAGD customers in the fourth quarter of this year.

Corporate Services

IROC's non-operating segment, Corporate Services, captures general and administrative expenses associated with supporting each of the reporting segments operations noted above, plus costs associated with being a public company. Also, included in Corporate Services is interest expense for debt servicing and income tax expense.

    <<
    Financial results and selected financial information
    ----------------------------------------------------

    -------------------------------------------------------------------------
    $ 000's except
     number of shares  Year ended             Three months ended
     and per share      December   December   September  June 30,   March 31,
     amounts            31, 2010   31, 2010   30, 2010    2010       2010
    -------------------------------------------------------------------------
    Revenue:
      Eagle Well
       Servicing          46,014     15,400     12,241      6,642     11,731
      Aero Rental
       Services            7,602      3,131      1,801        894      1,776
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           53,616     18,531     14,042      7,536     13,507
      Technology services 10,738      2,306      2,402      3,289      2,741
    -------------------------------------------------------------------------
    Total revenue         64,354     20,837     16,444     10,825     16,248
    -------------------------------------------------------------------------

    Operating costs:
      Eagle Well
       Servicing          31,085     10,175      8,234      5,106      7,570
      Aero Rental
       Services            4,480      1,444      1,066        661      1,309
    -------------------------------------------------------------------------
       Total drilling &
        production
        services          35,565     11,619      9,300      5,767      8,879
      Technology services  7,477      1,721      2,108      1,897      1,751
    -------------------------------------------------------------------------
    Total operating costs 43,042     13,340     11,408      7,664     10,630
    -------------------------------------------------------------------------

    Gross margin(1)
      Eagle Well
       Servicing          14,929      5,225      4,007      1,536      4,162
      Aero Rental
       Services            3,122      1,687        735        233        467
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           18,051      6,912      4,742      1,769      4,629
      Technology services  3,261        585        294      1,392        989
    -------------------------------------------------------------------------
    Total gross margin    21,312      7,497      5,036      3,161      5,618
    -------------------------------------------------------------------------

    Gross margin %(1):
      Eagle Well Servicing   32%        34%        33%        23%        35%
      Aero Rental Services   41%        54%        41%        26%        26%
    -------------------------------------------------------------------------
      Total drilling &
       production services   34%        37%        34%        23%        34%
      Technology services    30%        25%        12%        42%        36%
    -------------------------------------------------------------------------
    Total gross margin %     33%        36%        31%        29%        35%
    -------------------------------------------------------------------------

    EBITDAS(1):
      Eagle Well
       Servicing          12,534      4,486      3,403      1,079      3,566
      Aero Rental
       Services            2,398      1,457        524        101        316
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           14,932      5,943      3,927      1,180      3,882
      Technology services  1,046         10       (204)       765        475
      Corporate           (3,500)      (804)      (747)      (970)      (979)
    -------------------------------------------------------------------------
    Total EBITDAS         12,478      5,149      2,976        975      3,378
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    General and
     administrative        8,834      2,348      2,060      2,186      2,240
    -------------------------------------------------------------------------
    Depreciation and
     amortization          8,693      2,431      2,268      2,003      1,991
    -------------------------------------------------------------------------
    Interest expense net
     of interest income    1,209        291        293        265        360
    -------------------------------------------------------------------------
    Stock based
     compensation            506        101         98        129        178
    -------------------------------------------------------------------------
    Provision for current
     and future income
     taxes                   365        221        187       (278)       235
    -------------------------------------------------------------------------
    Loss (gain) on foreign
     exchange                 24         17        (2)        (88)        97
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations 2,010      2,104        437     (1,055)       524
    -------------------------------------------------------------------------
    Net income (loss)      2,010      2,104        437     (1,055)       524
    -------------------------------------------------------------------------
    Net income (loss) per
     common share from
     continuing
     operations:
      - Basic              $0.05      $0.05      $0.01     $(0.02)     $0.01
    -------------------------------------------------------------------------
      - Diluted            $0.05      $0.05      $0.01     $(0.02)     $0.01
    -------------------------------------------------------------------------
    Net income (loss)
     per common share:
      - Basic              $0.05      $0.05      $0.01     $(0.02)     $0.01
    -------------------------------------------------------------------------
      - Diluted            $0.05      $0.05      $0.01     $(0.02)     $0.01
    -------------------------------------------------------------------------
    Weighted average
     common shares
     outstanding:
      - Basic         43,426,436 43,026,730 43,502,346 43,604,911 43,576,971
    -------------------------------------------------------------------------
      - Diluted       43,453,485 43,270,196 43,523,763 43,604,911 43,576,971
    -------------------------------------------------------------------------
    (1) See Non-GAAP Measures


    -------------------------------------------------------------------------
    $ 000's except
     number of shares  Year ended             Three months ended
     and per share      December   December   September  June 30,   March 31,
     amounts            31, 2009   31, 2009   30, 2009     2009       2009
    -------------------------------------------------------------------------
    Revenue:
      Eagle Well
       Servicing          33,496     10,537      7,166      5,349     10,444
      Aero Rental
       Services            4,776      1,501      1,013        900      1,362
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           38,272     12,038      8,179      6,249     11,806
      Technology services 10,751      3,445      2,052      3,053      2,201
    -------------------------------------------------------------------------
    Total revenue         49,023     15,483     10,231      9,302     14,007
    -------------------------------------------------------------------------

    Operating costs:
      Eagle Well
       Servicing          22,097      6,982      4,652      3,919      6,544
      Aero Rental Services 3,583      1,047        702        840        994
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           25,680      8,029      5,354      4,759      7,538
      Technology services  7,406      2,356      1,554      1,808      1,688
    -------------------------------------------------------------------------
    Total operating
     costs                33,086     10,385      6,908      6,567      9,226
    -------------------------------------------------------------------------

    Gross margin(1)
      Eagle Well
       Servicing          11,399      3,555      2,514      1,430      3,900
      Aero Rental
       Services            1,194        455        311         60        368
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           12,593      4,010      2,825      1,490      4,268
      Technology services  3,344      1,088        498      1,245        513
    -------------------------------------------------------------------------
    Total gross margin    15,937      5,098      3,323      2,735      4,781
    -------------------------------------------------------------------------

    Gross margin %(1):
      Eagle Well Servicing   34%        34%        35%        27%        37%
      Aero Rental Services   25%        30%        31%         7%        27%
    -------------------------------------------------------------------------
      Total drilling &
       production services   33%        33%        34%        24%        36%
      Technology services    31%        32%        24%        41%        23%
    -------------------------------------------------------------------------
    Total gross margin %     33%        33%        32%        29%        34%
    -------------------------------------------------------------------------

    EBITDAS(1):
      Eagle Well Servicing 9,617      3,057      2,129        997      3,434
      Aero Rental Services   745        331        206        (53)       261
    -------------------------------------------------------------------------
      Total drilling &
       production
       services           10,362      3,388      2,335        944      3,695
      Technology services    932        512         29        556       (165)
      Corporate           (3,779)      (927)      (985)      (917)      (950)
    -------------------------------------------------------------------------
    Total EBITDAS          7,515      2,973      1,379        583      2,580
    -------------------------------------------------------------------------

    General and
     administrative        8,422      2,125      1,944      2,152      2,201
    -------------------------------------------------------------------------
    Depreciation and
     amortization          8,454      2,392      2,073      1,978      2,011
    -------------------------------------------------------------------------
    Interest expense net
     of interest income    1,232        446        308        205        273
    -------------------------------------------------------------------------
    Stock based
     compensation            340         74         64         92        110
    -------------------------------------------------------------------------
    Provision for current
     and future
     income taxes           (620)        380      (268)      (785)        54
    -------------------------------------------------------------------------
    Loss on foreign
     exchange                619         43        168        354         54
    -------------------------------------------------------------------------
    Net income (loss)
     from continuing
     operations          (10,886)      (395)    (9,314)    (1,260)        82
    -------------------------------------------------------------------------
    Net income (loss)    (10,576)      (481)    (9,324)    (1,260)       488
    -------------------------------------------------------------------------
    Net income (loss)
     per common share
     from continuing
     operations:
      - Basic             $(0.25)    $(0.01)    $(0.21)    $(0.03)      $  -
    -------------------------------------------------------------------------
      - Diluted           $(0.25)    $(0.01)    $(0.21)    $(0.03)      $  -
    -------------------------------------------------------------------------
    Net income (loss)
     per common share:
    -------------------------------------------------------------------------
      - Basic             $(0.24)    $(0.01)    $(0.21)    $(0.03)     $0.01
    -------------------------------------------------------------------------
      - Diluted           $(0.24)    $(0.01)    $(0.21)    $(0.03)     $0.01
    -------------------------------------------------------------------------
    Weighted average
     common shares
     outstanding:
      - Basic         44,000,524 43,565,754 43,947,852 44,200,651 44,296,448
    -------------------------------------------------------------------------
      - Diluted       44,000,524 43,565,754 43,947,852 44,200,651 44,296,448
    -------------------------------------------------------------------------
    (1) See Non-GAAP Measures


    Outlook
    -------
    >>

The continued strength in the price of oil combined with the ever increasing application of horizontal drilling has provided for significant improvements in levels of activity in the Western Canadian Sedimentary Basin during the last half of 2010. The industry has seen year over year increases in all aspects of the service business with activity levels for the first quarter of 2011 indicating this trend is likely to continue through 2011.

Eagle Well Servicing has developed solid relationships with active oil and gas operators across Western Canada by providing the newest equipment available, trained personnel and a competent group of managers that combine to provide value to our customers both in superior customer service and efficient operations. We experienced continued strong utilization and improved financial performance through the winter season resulting from our customers' oil driven activities and seasonal activity increases for our northern based rigs. 36 service rigs (our entire fleet) were fully operational and crewed during the winter as demand remained strong for our equipment and personnel in all of our operating areas. Subsequent to year end, and in response to continuing customer demand, Eagle has initiated a build program for 3 new service rigs expected to be delivered and operational during the second quarter of 2011.

Aero Rental Services, having grown both organically and with the equipment and personnel acquired from Trust Energy Services during the past year, has facilities and a staff of pressure control professionals capable of handling increased activity in the near term. Management intends to continue deploying capital into this division given the increasing returns and continuing increased demand for its products and services. Capital expenditures of $5 million are planned, with the bulk of the assets to be acquired during the first half of 2011. The Corporation expects Aero will become an increasingly important contributor to the financial performance of the Corporation by providing an increasing share of both revenue and cash flow over time.

Canada Tech continues to focus on increasing revenue streams by penetrating both domestic and international markets. Management has continued to work on efficiencies to reduce our fixed costs while at the same time pushing hard to extend our penetration into select markets around the world. A number of new products introduced over the past two years will allow for increased diversification with some of the oilsands applications for our technology beginning to contribute.

The increase in activity witnessed during the last half of 2010 is expected to continue during 2011, given strong oil prices and the resulting intensity of oil based activity. Oil wells require greater levels of maintenance over time, which bodes well for the service industry as new wells are completed adding more inventory to the active wells requiring attention. It is currently estimated that over 75 percent of activity in Canada is oil related. This provides a solid base for our service driven businesses. The continuing labour shortage is a cause for concern and much of our success in the coming quarters will depend on our ability to access personnel for our field operations.

In summary, we are now optimistic the challenges the industry experienced in late 2009 and early 2010 have certainly receded. Increased activity levels experienced during the last half of 2010 are expected to continue as we make our way through 2011.

IROC remains well positioned for growth from both financial and operational perspectives. Subsequent to year end, on April 11, 2011, the Corporation completed a short form prospectus offering of 7,200,361 common shares at a price of $1.40 per common share, for estimated net proceeds after costs of approximately $9.3 million. Along with this offering, Key Energy Services, Inc. sold the 8,734,469 common shares which it had held since 2005. Key's ownership amounted to 20.47% of the total outstanding common shares and we believe the sale of these shares to a much wider distribution along with the new shares issued will enhance liquidity in the trading of the Corporation's shares.

As we move into 2011, IROC has a strong balance sheet, the newest in equipment and technologies, and a competent group of employees that will allow us to both create opportunities for growth and capitalize on opportunities as they present themselves.

About IROC Energy Services Corporation

IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a diverse range of products, services and equipment to the oil and gas industry that are among the newest and most innovative in the Western Canadian Sedimentary Basin and international markets. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in the following core areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, Rental Services and Coiled Tubing Services. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.

Cautionary Statement Regarding Forward Looking Information and Statements

Certain information contained in this news release, including information related to the Corporation's planned capital expenditures and growth opportunities, outlook for future oil and gas prices, cyclical industry fundamentals, drilling, completion, work over and abandonment activity levels, the Corporation's ability to fund future obligations and capital expenditures, and information or statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "likely", "estimate", "predict", "potential", "continue", "maintain", "retain", "grow", and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. This information or these statements are based on certain assumptions and analysis made by the Corporation in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. In particular, the Corporation's expectation of uncertain demand and prices for oil and natural gas and the resulting future industry activity, is premised on the Corporation's understanding of customers' capital budgets and their ability to access capital, the focus of its customers on deeper and horizontal drilling opportunities in the current natural gas pricing environment, and the continuing impact of the recent global financial crisis and the current economic recovery all of which affects the demand for oil and gas. Whether actual results, performance or achievements will conform to the Corporation's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from the Corporation's expectations. Such risks and uncertainties include, but are not limited to: fluctuations in the price and demand for oil and natural gas; fluctuations in the level of oil and natural gas exploration and development activities; fluctuations in the demand for well servicing; the effects of weather conditions on operations and facilities; the existence of competitive operating risks inherent in well servicing; general economic, market or business conditions; changes in laws or regulations, including taxation, environmental and currency regulations; the lack of availability of qualified personnel or management; the other risk factors set forth under the heading "Business Risks" in the annual MD&A for the year ended December 31, 2010 and other unforeseen conditions which could impact on the use of services supplied by the Corporation.

Consequently, all of the forward-looking information and statements made in this news release are qualified by this cautionary statement and there can be no assurance that the actual results or developments anticipated by the Corporation will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Corporation or its business or operations. Except as may be required by law, the Corporation assumes no obligation to update publicly any such forward-looking information and statements, whether as a result of new information, future events, or otherwise.

This press release is not for dissemination in United States or to any United States news services. The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws and are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state 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.

    <<
    Non-Gaap Measures
    -----------------
    >>

The financial statements have been prepared in accordance with GAAP. Certain supplementary information and measures not recognized under GAAP are provided where Management believes they assist the reader in understanding IROC's results. These measures include:

    <<
    1. EBITDAS and EBITDAS per share- EBITDAS is defined as earnings before
       interest, taxes, depreciation and amortization, stock-based
       compensation expense, foreign exchange gains and losses, goodwill
       impairment, note receivable impairment, and gains or losses on
       disposal of property and equipment. EBITDAS and EBITDAS per share are
       not recognized measures under GAAP. The Corporation believes that
       EBITDAS is provided as a measure of operating performance without
       reference to financing decisions, income tax impacts and non-cash
       expenses, which are not controlled at the operating management level.
       Accordingly, the Corporation believes EBITDAS is a useful measure for
       prospective investors in evaluating the financial performance of the
       Corporation, and specifically, the ability of the Corporation to
       service the interest on its indebtedness. Investors should be
       cautioned that EBITDAS should not be construed as an alternative to
       net income determined in accordance with GAAP as an indicator of the
       Corporation's performance. IROC's method of calculating EBITDAS may
       differ from those of other companies, and accordingly, EBITDAS may not
       be directly comparable to measures used by other companies. EBITDAS %
       is calculated as EBITDAS divided by revenue.

    2. Gross margin is defined as revenue less operating expenses. Gross
       margin % is defined as gross margin divided by revenue. The Company
       believes that gross margin and gross margin % are useful measures
       which provide an indicator of the Corporation's fundamental ability to
       make money on the products and services it sells. The Corporation
       believes the relationship between revenues and costs expressed by the
       gross margin % is a useful measure when compared between different
       financial periods as it demonstrates the trending relationship between
       revenues, costs and margins. Gross margin and gross margin % are not
       recognized measures of GAAP and do not have any standardized meaning
       prescribed by GAAP. IROC's method of calculating gross margin and
       gross margin % may differ from those of other companies, and
       accordingly, may not be directly comparable to measures used by other
       companies. Gross margin is reconciled to revenue - continuing
       operations in the Financial results and selected financial information
       table.
    >>

The following is a reconciliation of EBITDAS and EBITDAS per share to net income from continuing operations:

    <<
    -------------------------------------------------------------------------
    $ 000's except
     number of shares  Year ended             Three months ended
     and per share      December   December   September  June 30,   March 31,
     amounts            31, 2010   31, 2010   30, 2010    2010       2010
    -------------------------------------------------------------------------
    Net income (loss)
     from continuing
     operations            2,010      2,104        437     (1,055)       524

    Depreciation and
     amortization          8,693      2,431      2,268      2,003      1,991
    Loss (gain) on
     foreign exchange         24         17         (2)       (88)        97
    Stock based
     compensation expense    506        101         98        129        178
    Loss (gain) on
     disposal of equipment   (29)       (16)        (5)        (1)        (7)
    Other interest           227         64         45         37         81
    Interest on long-term
     debt                  1,029        237        263        239        290
    Interest income          (47)       (10)       (15)       (11)       (11)
    Goodwill impairment        -          -          -          -          -
    Note receivable
     impairment (recovery)  (300)         -       (300)         -          -
    Income taxes:
      Current                  -          -          -          -          -
      Future                 365        221        187       (278)       235

    -------------------------------------------------------------------------
    EBITDAS - continuing
     operations           12,478      5,149      2,976        975      3,378
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    EBITDAS per share
      Basic                $0.29      $0.12      $0.07      $0.02      $0.08
      Diluted              $0.29      $0.12      $0.07      $0.02      $0.08
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    $ 000's except
     number of shares  Year ended            Three months ended
     and per share      December   December   September  June 30,   March 31,
     amounts            31, 2009   31, 2009   30, 2009     2009       2009
    -------------------------------------------------------------------------
    Net income (loss)
     from continuing
     operations          (10,886)      (395)    (9,314)    (1,260)        82

    Depreciation and
     amortization          8,454      2,392      2,073      1,978      2,011
    Loss (gain) on
     foreign exchange        619         43        168        354         54
    Stock based
     compensation expense    340         74         64         92        110
    Loss (gain) on disposal
     of equipment             26         33         (2)        (1)        (4)
    Other interest           269         92         50         54         73
    Interest on long-term
     debt                  1,048        373        276        187        212
    Interest income          (85)       (19)       (18)       (36)       (12)
    Interest and accretion
     on debentures             -          -          -          -          -
    Goodwill impairment    6,850          -      6,850          -          -
    Note receivable
     impairment            1,500          -      1,500          -          -
    Income taxes:
    Current                    -          -          -          -          -
    Future                  (620)       380       (268)      (785)        54

    -------------------------------------------------------------------------
    EBITDAS - continuing
     operations            7,515      2,973      1,379        583      2,580
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    EBITDAS per share
      Basic                $0.17      $0.07      $0.03      $0.01      $0.06
      Diluted              $0.17      $0.07      $0.03      $0.01      $0.06
    -------------------------------------------------------------------------
    >>

SOURCE IROC Energy Services Corp.

For further information: PLEASE CONTACT: IROC Energy Services Corp., Mr. Thomas M. Alford, President and CEO, Telephone: (403) 263-1110, Email: investorrelations@iroccorp.com

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IROC Energy Services Corp.

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