Global Energy Services Ltd. Announces 2007 Second Quarter Results



    Shares outstanding:  18,819,293

    CALGARY, Aug. 29 /CNW/ - Global Energy Services Ltd. ("the Corporation")
- (TSX-Ven: GLK) announces that the Board of Directors has approved the
release of the second quarter financials which show the termination of the
acquisition activities and the effects of the general slow-down in industry
activity which resulted in an impairment of goodwill charge in the quarter.

    
    HIGHLIGHTS
    -------------------------------------------------------------------------
             Three Months ended June 30,              2007              2006
    -------------------------------------------------------------------------
                                                         $                 $
    -------------------------------------------------------------------------
    Revenue                                      1,437,410         2,133,493
    -------------------------------------------------------------------------
    Net (loss)                                  (3,109,660)         (335,210)
    -------------------------------------------------------------------------
      Per Share                                     (0.165)           (0.018)
    -------------------------------------------------------------------------
             Six Months ended June 30,                2007              2006
    -------------------------------------------------------------------------
                                                         $                 $
    -------------------------------------------------------------------------
    Revenue                                      4,974,607         6,185,587
    -------------------------------------------------------------------------
    Net (loss)                                  (3,715,287)          295,974
    -------------------------------------------------------------------------
      Per Share                                     (0.197)            0.016
    -------------------------------------------------------------------------
    

    Mr. Derek Begin, President and CEO of Global Energy stated: "the oil and
gas industry's second quarter 2007 experienced a significant contraction in
drilling and related activities and this is reflected in the financial results
of our communications segment. However, our production services segment is
continuing to gain market acceptance and I feel that our artificial lift
solution will provide growth and prosperity for Global Energy in the future."

    Global Energy Services Ltd. is a diverse service provider to the oil and
gas industry. Global is an industry leader in providing state of the art
communications services through their offerings of satellite, wireless and
cellular solutions combined with the latest computer systems and 24/7 support.
Global provides modern solutions to address artificial lift challenges. Global
manufactures and installs its patented (HSP) Hydraulic Submersible Pumps; this
positive displacement pump is being utilized in conventional oil & gas, does
not gas lock and functions optimally in a horizontal position. Global's
commitment to providing current technologies and working with its clients to
provide innovative solutions to their needs has resulted in Global Energy
becoming a strategic partner to many of the oil & gas leading companies.
    Readers can review the interim statements on the Company's website
located at www.global-energy.ca or on SEDAR located at www.sedar.com.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.





For further information:

For further information: Derek M. Begin, President and Chief Executive
Officer, Global Energy Services Ltd., No.10, 5920 - 11th Street S.E., Calgary,
Alberta, T2H 2M4, Tel: (403) 243-0820, Fax: (403) 243-3425, E-mail:
dbegin@global-energy.ca, Or visit our web site at: www.global-energy.ca

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GLOBAL ENERGY SERVICES LTD.

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