CALGARY, June 9, 2011 /CNW/ - Bonnett's Energy Services Trust (TSX: BT.UN) ("Bonnett's", or the "Trust") has released its Q1 2011 financial results.

The Trust generated revenues from operations of $28.9 million for the quarter ended March 31, 2011, $6.2 million more than it generated in the comparable period of 2010. EBITDAC was $8.6 million for Q1 2011, $2.6 million more than Q1 2010.

Revenues and EBITDAC increased 27% and 42% respectively over the same period of the prior year as a result of increased demand for core service offerings as drilling activity continued at a moderate pace. Weather is a key variable that can have a significant effect on the Trust's ability to generate revenue. Cold weather prevailed through the latter part of the quarter, resulting in higher revenues in March than the comparable month of the prior year.

"We are pleased with the results for the quarter," commented Murray Toews, Chief Executive Officer. "Our employees deserve credit for their dedication to operational excellence."

Effective January 1, 2011, the Trust began reporting its financial results in accordance with International Financial Reporting Standards ("IFRS"). Except as otherwise noted, prior period comparative amounts have been restated to reflect financial results as if the Trust had always, subject to certain transitional provisions, prepared its financial statements using IFRS.


Three months ended March 31                          2011                 2010
($000's except per unit amounts)                                            
Revenue from operations                    $       28,947         $        22,770
EBITDAC from operations(1)                             8,550                  6,009
Funds flow from operations(2)                             8,001                  5,401
Funds flow from operations per unit                                            
  - basic                             0.56                  0.38
  - diluted                             0.54                  0.38
Profit and comprehensive income                             5,823                  3,761
Earnings per unit                                            
  - basic                             0.41                  0.26
  - diluted                             0.40                  0.26
Weighted average units                                            
  - basic                              14,318                  14,305
  - diluted                             14,690                  14,322

Non-IFRS Measures:
(1)Earnings before interest, taxes, depreciation, amortization and unit based compensation and certain other items ("EBITDAC") is not a recognized measure under IFRS. Management believes that in addition to net earnings, EBITDAC is a useful supplemental measure as it provides an indication of the results generated by the Trust's principal business activities prior to consideration of how those activities are financed, how the financial results are taxed, how funds are invested or how non-cash depreciation, amortization and unit based compensation charges affect financial results. These measures are identified and presented, where appropriate, together with reconciliations to the equivalent IFRS measure (see "Summary of consolidated statements of comprehensive income" on page 5 of the Trust's Management Discussion and Analysis for the three months ended March 31, 2011). However, they should not be used as an alternative to IFRS, because they may not be consistent with calculations of other companies or trusts.

(2)Funds flow or funds flow from operations and funds flow per unit refers to cash flow from operations before changes in non-cash working capital. The Trust views cash flow from operating activities before changes in non-cash working capital balances, hereafter referred to as funds flow from operations, as a measure of liquidity, and believes that funds flow is a metric used by many investors to assess the financial performance of the Trust. Although changes in non-cash working capital balances will impact cash available, these changes will be a source of cash in one period and a use of cash in another depending on changes in the level of activity in a particular period due to seasonality and other factors. Absent a sustained period of growth in the Trust's business, changes in non-cash working capital will generally not be a use of cash by the Trust over a longer period of time, although that may be the case from one quarter to the next. Any use of cash from an increase in working capital in a particular period will be financed by the Trust's credit facilities and repaid when non-cash working capital decreases and cash is generated.

Bonnett's Energy Services is a diversified Trust, providing wireline and testing services, fishing and oilfield rentals in the Western Canadian Sedimentary Basin. Bonnett's Energy Services is a publicly traded Trust listed on the Toronto Stock Exchange under the symbol "BT.UN".


This press release contains forward-looking information within the meaning of applicable Canadian securities law. This information is subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking information. When used in this document, the words "plan", "anticipate", "believe", "expect", "seek", "propose", "estimate", "intend" and similar expressions, as well as future or conditional verbs such as "may", "would", "could", and "will", as they relate to the Trust, are intended to identify forward-looking information. Such information reflects the Trust's current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, without limitation, those described in the Trust's MD&A for the period ended March 31, 2011, under the heading "Risks and uncertainties", and "Outlook". Forward-looking information concerning expected operating and economic conditions are based upon past operating and economic conditions. Forward-looking information concerning the availability of funding for future operations is based upon sources of funding which the Trust has relied upon in the past and expectations concerning future economic and operating conditions. Forward-looking information concerning the relative future competitive position of the Trust is based upon expectations relating to future economic and operating conditions, the current business environment, present and anticipated programs and expansion plans of other organizations operating in the energy service industry. Forward-looking information concerning the nature and timing of growth is based on past factors affecting the growth of the Trust, past sources of growth and expectations relating to future economic and operating conditions. Forward-looking information in respect of the costs anticipated to be associated with the acquisition and maintenance of equipment are based upon past acquisition and maintenance costs for such equipment and expectations relating to the future acquisition and maintenance cost increases concerning such equipment. Although management of the Trust believes that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to have been correct because, should one or more of the enumerated risks or uncertainties materialize, or should the assumptions underlying forward-looking information prove incorrect, actual results may vary materially from those described in the Trust's MD&A for the period ended March 31, 2011, as intended, planned, anticipated, believed, estimated or expected. Except where required by law, the Trust does not assume any obligation to update forward-looking information if conditions or opinions should change. Readers should not place undue reliance on forward-looking information. All of the forward-looking information of the Trust contained in this press release is expressly qualified, in their entirety, by this cautionary statement.


SOURCE Bonnett's Energy Services Trust

For further information:

Additional information can be obtained by contacting the Trust at Bonnett's Energy Services Ltd., R.R. 2, Site 33, Box 1, Grande Prairie, Alberta, T8V 2Z9. Information is also available at the Trust's website at or by contacting Murray Toews, Chief Executive Officer at (780) 513-3400 or David Ross, Chief Financial Officer at (403) 264-3010, Fax: (403) 693-0093, E-mail:

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