Global Energy Services Ltd. releases 2009 financials

    
    TSX-V: "GLK"
    Shares Outstanding: 20,785,959
    

CALGARY, April 27 /CNW/ - Global Energy Services Ltd. ("Global Energy") (GLK - TSX Venture), announces the Board of Directors have approved the release of the December 31, 2009, financial reports.

    
    Financial highlight to December 31, 2009

    -   Revenue totalled $5,979,409 for the year ended December 31, 2009
        compared to $9,175,981 for the same period in 2008, a decrease of 35
        percent or $3,196,582. Revenue generated from the communications
        segment decreased by 22 percent or $1,039,452 to $3,774,452 from
        $4,813,904 in the comparable period of 2008. Revenue from production
        services amounted to $2,228,567 as compared with $4,280,831 for the
        prior year. This represents a 48 percent decrease or $2,052,264 and
        is attributable to massive cuts in gas well completions and well
        optimization by industry.

    -   Net loss improved by $107,608 resulting in a net loss of $521,897 for
        the year ended December 31, 2009 compared to a net loss of $629,505
        in 2008. On a weighted average per share basis, the net loss was
        $0.025 versus $0.031 of net loss in 2008. The decrease in loss
        resulted from reduction of expenses and consolidating of operations.

    -   At December 31, 2009, the Company had a working capital surplus
        (current assets less current liabilities) of $1,122,972 compared to a
        surplus of $1,853,716 at December 31, 2008. The company has an
        operating loan with a maximum facility of $1,200,000 bearing interest
        at prime plus 1.0 percent.

    -   We have planned for a slight improvement in our Canadian revenues for
        2010 and have planned to maintain the previous cost reductions to
        reflect the reduced revenue base. Given the cost reductions expected
        our current cash resources are sufficient for the Company to complete
        its short term strategic objectives.
    

According to Mr. Derek Begin, President and CEO the outlook for Global Energy Services is improving as "we are focusing on our opportunities arising from the licensing agreement with Lufkin Industries and our communication segment is growing with the higher rig utilization."

About Global Energy Services Ltd.

Global Energy Services Ltd. is an innovative oilfield service company that provides production services and communications solutions to the oil and gas industry. The production services segment utilizes its patented Activator hydraulic submersible pump to enhance gas production in conventional gas and coalbed methane wells. Global's communications segment provides a complete suite of integrated products and solutions specifically suited for the oil and gas industry. Global was founded in 1994 and is listed on the TSX-V.

More information about Global Energy Services Ltd. can be found at http://www.global-energy.ca

For further information: Don Jorgensen, VP of Finance & CFO, Global Energy Services Ltd., Tel: [phone], Email: [email protected]