Peak Energy Services Ltd. - RECENT MARKET ACTIVITY

TSX SYMBOL: PES

CALGARY, Jan. 21 /CNW/ - "Market Surveillance" ("IIROC") on behalf of the Toronto Stock Exchange has contacted Peak Energy Services Ltd. ("Peak"), in accordance with its usual practice, in light of IIROC's view of recent market activity in the common shares of Peak and has requested that Peak issue this press release.  While it is Peak's general policy not to comment on market activity, Peak confirms it is in very preliminary discussions regarding a potential corporate transaction.  Peak has not entered into any agreements in this regard, including without limitation, any confidentiality agreement or non-binding letter of intent, and there is no assurance that any agreement will be entered into (non-binding or binding) in the future or that any transaction will be considered or completed.  No further comment will be forthcoming unless the situation warrants.

About Peak Energy Services Ltd.

Peak Energy Services Ltd. is a diversified energy services organization operating in western Canada and the United States of America. Through its various operating divisions, Peak provides drilling and production services to its customers both in the conventional oil and gas industry as well as the oil sands regions of western Canada. Peak also provides water technology solutions to a variety of customers throughout North America. Peak's common shares are listed on the Toronto Stock Exchange under the symbol "PES".

Forward Looking Statements:  Certain information set forth in this news release, including management's assessment of future plans, necessarily involve risks and uncertainties, certain of which are beyond Peak's control.  Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so the effect they will have on Peak.  Additional information on these and other factors that could affect Peak are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).  Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and Peak does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.

SOURCE Peak Energy Services Ltd.

For further information:

Monty Balderston
Chief Financial Officer
Phone: (403) 543-7325
Fax: (403) 543-7335

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Peak Energy Services Ltd.

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