Bonnett's Energy Services Trust provides an update on its outstanding credit facilities



    TSX SYMBOL: BT.UN

    CALGARY, Jan. 31 /CNW/ - Bonnett's Energy Services Trust (the "Trust" or
"Bonnett's") provides the following update with respect to matters relating to
its outstanding credit facilities:
    Bonnett's has now received all the proceeds from its previously announced
sale of its fracturing assets. The total proceeds for these assets amounted to
$27.6 million. In addition, in January, the Trust sold its aircraft and some
other non-essential assets for proceeds totalling $3.5 million. The total
proceeds of $31.1 million have been used to reduce the Trust's outstanding
debt. At the end of January, 2008, the Trust's debt, excluding the revolving
operating line, is $42.8 million.
    Bonnett's and its lenders have entered into a three month extension to
April 30, 2008 of its current debt facilities and are in the process of
negotiating longer term credit facilities. The lenders have recognized
Bonnett's significant progress on reducing the outstanding debt and have
indicated their willingness to continue the long term relationship with
Bonnett's.

    Disclosure Regarding Forward-Looking Statements

    Certain statements contained in this news release constitute
forward-looking statements. When used in this document, the words "may",
"would", "could", "will", "intend", "plan", "anticipate", "believe", "seek",
"propose", "estimate", "expect", and similar expressions, as they relate to
the Trust, are intended to identify forward-looking statements. Such
statements reflect the Trust's current views with respect to future events and
are subject to certain risks, uncertainties and assumptions. Many factors
could cause the Trust's actual results, performance or achievements to vary
from those anticipated in this news release. Should one or more of these risks
or uncertainties materialize, or should assumptions underlying forward-looking
statements prove incorrect, actual results may vary materially from those
described in this news release as intended, planned, anticipated, believed,
estimated or expected. Except where required by law, the Trust does not assume
any obligation to update these forward-looking statements if conditions or
opinions should change. Readers should not place undue reliance on
forward-looking statements.

    Additional Information

    Additional information relating to the Trust is filed on SEDAR and can be
viewed at www.sedar.com. This information includes the Trust's Annual
Information Form dated March 31, 2007. Information can also 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.

    %SEDAR: 00022595E




For further information:

For further information: Murray Toews, Chief Executive Officer or Kelvin
Torgerson, Chief Financial Officer, at (780) 830-2705, Fax: (780) 532-4811,
E-mail: info@bonnettsenergy.com

Organization Profile

BONNETT'S ENERGY SERVICES TRUST

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