Flint Energy Services Ltd. announces reminder of annual general meeting & clarification on equity based compensation plans



    (TSX: FES)

    CALGARY, May 6 /CNW/ - Flint Energy Services Ltd. (the "Corporation")
wishes to confirm that the time, date and location of the annual and special
general meeting of shareholders (the "Meeting") originally scheduled for May
11, 2009 has been changed to 3:00 pm MT on Tuesday May 19, 2009 in the Wild
Rose room, at the Sheraton Suites Calgary Eau Claire, 255 Barclay Parade SW,
Calgary, Alberta. Notice of this change has previously been provided to all
shareholders.
    In addition to the usual business conducted at the annual general
meeting, shareholders will be asked to consider and approve a deferred share
unit plan ("DSU Plan") established by the Corporation as a means to provide
equity based compensation to the Corporation's Board of Directors other than
through the Corporation's Stock Option Plan. As described in the Management
Information Circular, under the DSU Plan, the Common Shares available from
Treasury to satisfy the obligations under the DSU Plan shall not exceed 10% of
the issued and outstanding shares of the Corporation.
    Shareholders will also be asked to consider and approve for a further
three years, the unallocated options under the Corporation's Stock Option
Plan, first approved by the shareholders in 2006. The Corporation's Stock
Option Plan provided that outstanding grants of options shall not exceed 12%
of the issued and outstanding Common Shares of the Corporation.
    Further details of each of these plans are set out in the Corporation's
Management Information Circular.
    The Corporation has received enquiries as to the relationship between the
limits set out in these two plans.
    It was and is the intention of the Board of Directors that the aggregate
limits under both plans together not exceed the limit of 12% of the issued and
outstanding Common Shares of the Corporation set out in the Corporation's
Stock Option Plan. The Board of Directors has instructed, and management of
the Corporation has made, revisions to the language of the DSU Plan to clarify
this intention as follows:

    
    "the aggregate number of Common Shares available for issuance from
    Treasury under this DSU Plan from time to time, together with all options
    issued and outstanding from time to time under the Corporation's Stock
    Option Plan, shall not in the aggregate exceed 12% of the issued and
    outstanding Common Shares."
    

    The Corporation will be seeking shareholder approval of the DSU Plan at
the Meeting based on the plan language so revised.

    Flint Energy Services Ltd. is a market leader providing an expanding
range of integrated products and services for the oil and gas industry
including: production services, facility infrastructure, oilfield
transportation, tubular management services, process equipment design and
manufacturing, and plant maintenance. Flint provides this unique breadth of
products and services through over 60 strategic locations in the oil and gas
producing areas of western North America, from Inuvik in the Northwest
Territories to Mission, Texas on the Mexican border. Flint is a preferred
provider of infrastructure construction management, module fabrication,
maintenance services for upgrading and production facilities in Alberta's oil
sands sector. Flint Energy Services Ltd. is a publicly traded company listed
on the Toronto Stock Exchange under the symbol "FES".

    %SEDAR: 00017156E




For further information:

For further information: W. J. (Bill) Lingard, President and Chief
Executive Officer; Paul M. Boechler, Chief Financial Officer; or Guy Cocquyt,
Director of Investor Relations, Telephone: (403) 218-7100, Fax: (403)
215-5481, Website: www.flintenergy.com

Organization Profile

FLINT ENERGY SERVICES LTD.

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