Production Enhancement Group announces additional common shares for Wireline acquisition



    HOUSTON, TX, March 17 /CNW/ - Production Enhancement Group, Inc. (TSX:
WIS) ("PEG" or the "Company") today announced that the Toronto Stock Exchange
("TSX") has conditionally approved for listing an additional 4,321,507 PEG
common shares (the "Common Shares") to be issued (the "Issuance") in
accordance with a post-closing adjustment of the purchase price in connection
with the acquisition of Wireline Specialists of Louisiana, Inc. ("Wireline").
    On March 5, 2008, the Common Shares issuable pursuant to the acquisition
of Wireline were to be adjusted per the Wireline Agreement. The repricing of
Common Shares was based on the value of the volume weighted average closing
price during the 20 consecutive trading days immediately preceding the first
anniversary of the closing date of March 5, 2007. The issuance of the
additional 4,321,507 Common Shares is based on the repricing of the original
1,234,739 Common Shares from USD 1.72 (CAD 2.00) to USD 0.3828 (CAD 0.3828)
per share. Following the Issuance, an aggregate of 5,556,246 Common Shares
will have been issued pursuant to the Wireline acquisition.
    For further information on the Wireline acquisition, refer to the PEG
press release dated March 5, 2007.

    About Production Enhancement Group, Inc.

    Production Enhancement Group, Inc., a Houston-based energy services
company incorporated in Alberta, Canada, trades on the TSX under the symbol
WIS. PEG's wholly owned subsidiary, WISE(R) Well Intervention Services, Inc.,
has developed patented WISE multifunction coiled tubing technologies and
markets a full range of coiled tubing, pressure pumping, nitrogen, and
wireline services.

    WISE(R) is a registered trademark of Production Enhancement Group, Inc.

    Disclaimers

    The TSX does not accept responsibility for the adequacy or accuracy of
    this release.

    This release and PEG's website referenced in this release may contain
forward-looking information, including expectations of future components of
revenue, cash flow and earnings. By their very nature, the preparation of such
forward-looking information requires the Company to make assumptions, and
involves inherent risks and uncertainties, both general and specific. There is
significant risk that express or implied projections contained in such
forward-looking information will not materialize or will be inaccurate. A
number of factors could cause actual future results, conditions, actions or
event to differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking information. Such differences may
be caused by factors, many of which are beyond PEG's control, which include,
but are not limited to, the level of operations carried on by PEG's customers,
oil and gas prices, weather conditions in offshore and land markets including
natural disasters, availability of capital, access to current or future
financing arrangements, manufacturing cycles of new equipment, the effects of
competition in the markets in which PEG operates, difficulty in continuing to
develop, produce and commercialize technologically advanced services,
availability of human resources and PEG's success in anticipating and managing
the foregoing risks. The preceding list is not comprehensive, and as such,
investors and others who rely on these statements should consider the above
factors as well as the uncertainties they represent and the risk they entail.
The risks outlined above should not be construed as exhaustive. Investors are
cautioned not to place undue reliance on any forward-looking information. PEG
undertakes no obligation to update or revise any forward-looking information.





For further information:

For further information: visit www.productionenhancement.com or contact:
Douglas Parker, Chief Financial Officer, Production Enhancement Group, Inc.,
(281) 282-1851, dparker@wisewellintervention.com

Organization Profile

PRODUCTION ENHANCEMENT GROUP, INC.

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