Global Energy Services announces release of 2008 results



    
    TSX-V: "GLK"                              Shares Outstanding: 20,535,959
    

    CALGARY, April 30 /CNW/ - Global Energy Services Ltd. (GLK - TSX
Venture), an innovative oilfield service company that provides production
services and communications solutions to the oil and gas industry, announces
the Board of Directors have approved the release of the 2008 financials.

    
    -------------------------------------------------------------------------
    Years Ended December 31,                              2008        2007
    -------------------------------------------------------------------------
                                                    $            $
    Revenue                                           9,108,115    8,750,240
    Net income (loss)                                  (629,505)  (4,798,059)
      Per share                                          (0.031)      (0.255)
    Adjusted EBITDA                                     178,033     (917,275)
      Per share                                           0.009       (0.049)
    Capital expenditures                                351,912      374,280
    Working capital                                   1,858,407    1,323,469
    Total assets                                      6,256,524    6,351,636
    Shareholders' equity                              3,493,182    3,668,058
    

    "The 2008 fiscal year was a steady year for Global Energy Services Ltd.,"
said Mr. Derek Begin, President and CEO of Global Energy. "Global's outlook
for the future is bright. Our patented down-hole pump is a leader in low
pressure, low volume dewatering and is being sought after by the industry. The
collapse of gas prices and lowering of oil prices has and will continue to be
a challenge. As with most oil and gas service companies we have downsized at
all levels of the company and have reduced costs wherever possible to maximize
shareholder value."
    Readers can review the annual audited statements on the Company's website
located at www.global-energy.ca or on SEDAR located at www.sedar.com.

    The information in this news release includes certain information and
statements about management's view of future events, expectations, plans and
prospects that constitute forward looking statements. These statements are
based upon assumptions that are subject to significant risks and
uncertainties. Because of these risks and uncertainties and as a result of a
variety of factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and indicated by
these forward looking statements. Although Global Energy Services Ltd.
believes that the expectations reflected in forward-looking statements are
reasonable, it can give no assurances that the expectations of any forward
looking statements will prove to be correct. Global Energy disclaims any
intention and assumes no obligation to update or revise any forward looking
statements to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting such
forward looking statements or otherwise.

    About Global Energy Services Ltd.

    Global Energy Services Ltd. is an innovative oilfield service company
that provides production services and communications solutions to the oil and
gas industry. The production services segment utilizes their patented
Activator hydraulic submersible pump to enhance gas production in conventional
gas and coalbed methane wells. Global's communications segment provides a
complete suite of integrated products and solutions specifically suited for
the oil and gas industry. Global Energy was founded in 1994 and is listed on
the TSX-V.
    More information about Global Energy Services can be found at
http://www.global-energy.ca

    
    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    





For further information:

For further information: Derek Begin, President and CEO, Global Energy
Services Ltd., Tel: (403) 243-0820, Email: dbegin@global-energy.ca; Don
Jorgensen, Vice President and CFO, Global Energy Services Ltd., Tel: (403)
243-0820, Email: djorgensen@global-energy.ca

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GLOBAL ENERGY SERVICES LTD.

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