Bonnett's Energy Services Trust - Update on corporate conversion plan



    CALGARY, Dec. 10 /CNW/ - Bonnett's Energy Services Trust (the "Trust" or
"Bonnett's") announced on September 19, 2007 its intention to convert to a
publicly traded corporation. Since that time the Trust has sold its fracturing
assets and has been working on restructuring its debt facilities.
    In order to maintain its focus on the Trust's operations and
restructuring of its debt facilities, the Trust has determined to defer the
conversion process to a later date and continue to operate as a
non-distribution paying Trust. Even though the Trust will not be paying
distributions, it is not expected to be subject to any cash taxes in the near
future because of its significant tax pools.
    Furthermore, in order to incent non-executive employees and to more fully
align their interests with those of the unitholders, the Trust has also made
the decision to reprice all its outstanding options with the exception of
those held by the Board of Directors and Executive. The exercise price of the
repriced options will be set at $3.00.

    Disclosure Regarding Forward-Looking Statements
    Certain statements contained in this news release constitute
forward-looking statements. When used in this document, the words "may",
"would", "could", "will", "intend", "plan", "anticipate", "believe", "seek",
"propose", "estimate", "expect", and similar expressions, as they relate to
the Trust, are intended to identify forward-looking statements. Such
statements reflect the Trust's current views with respect to future events and
are subject to certain risks, uncertainties and assumptions. Many factors
could cause the Trust's actual results, performance or achievements to vary
from those anticipated in this news release. Should one or more of these risks
or uncertainties materialize, or should assumptions underlying forward-looking
statements prove incorrect, actual results may vary materially from those
described in this news release as intended, planned, anticipated, believed,
estimated or expected. Except where required by law, the Trust does not assume
any obligation to update these forward-looking statements if conditions or
opinions should change. Readers should not place undue reliance on
forward-looking statements.

    Additional Information
    Additional information relating to the Trust is filed on SEDAR and can be
viewed at This information includes the Trust's Annual
Information Form dated March 31, 2007. Information can also 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

    %SEDAR: 00022595E

For further information:

For further information: Murray Toews, Chief Executive Officer or Kelvin
Torgerson, Chief Financial Officer, At (780) 830-2705, Fax: (780) 532-4811,

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