BlackWatch Energy Services Corp. Provides Update on Credit Facilities

    CALGARY, Jan. 21 /CNW/ - BlackWatch Energy Services Corp. ("BlackWatch")
(TSX: BWT) announces that negotiations with its lenders under its senior
secured credit facility, led by the Bank of Nova Scotia, and with the related
party lender under its subordinated loan facility, respecting a longer term
extension of both loan facilities have progressed satisfactorily and are
expected to be completed shortly. BlackWatch expects to finalize negotiations
and enter into formal documentation in this regard within the next two
business days and shall provide further updates in due course.


    BlackWatch is a corporation that provides a range of services to its
customers operating in the western Canadian sedimentary basin including
drilling, wireline services, rig transportation and hauling, production
services and oilfield equipment rentals.

    This press release may contain forward-looking statements subject to
various risk factors and uncertainties, which may cause the actual results,
performance or achievements of BlackWatch to be materially different from
results, performance or achievements expressed or implied by forward-looking
statements. Such factors include, but are not limited to fluctuations in the
market for oil and gas and related products and services, political and
economic conditions, the demand for BlackWatch's services, competition and
BlackWatch's ability to attract and retain customers and employees.

For further information:

For further information: Travis Robertson, President and Chief Executive
Officer, Wiley Auch, Vice President, Finance & CFO; BlackWatch Energy Services
Corp., Phone: (403) 225-3879, Fax: (403) 366-2066, 300, 855 - 8 Avenue SW
Calgary, Alberta, T2P 3P1,

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