Lockerbie & Hole Announces Project Delay

    TSX: LH

    EDMONTON, Jan. 21 /CNW/ - Lockerbie & Hole Inc. (the "Company" or
"Lockerbie") has received verbal confirmation from Suncor Energy Services Inc.
("Suncor") that its construction program on Suncor's Firebag 3 co-generation
plant has been delayed effective immediately. This delay will defer
approximately $35 million in revenue from fiscal 2010 until a later date. The
Company's remaining project with Suncor at the Steepbank Extraction Plant is
proceeding as planned.

    About Lockerbie

    Lockerbie was founded in 1898 and is one of the largest mechanical
construction contractors in Canada. Lockerbie is a multi-disciplined
contractor providing mechanical, electrical, instrumentation, pipe
fabrication, module assembly, boiler erection, insulation and civil
construction services primarily to the oilsands, mining, institutional,
municipal and commercial market sectors. Lockerbie is headquartered in
Edmonton, Alberta.

    Forward Looking Statements

    This press release contains statements concerning Lockerbie's outlook and
expectations regarding the timing of and continuation of its projects with
Suncor, the revenues from the Firebag 3 project and the timing of receiving
such revenues. Such forward-looking statements or information are based on a
number of assumptions which may prove to be incorrect. Assumptions have been
made regarding, among other things the general economic, business and market
conditions. Although Lockerbie believes that the expectations reflected in
such forward-looking statements or information are reasonable, undue reliance
should not be placed on forward-looking statements because Lockerbie can give
no assurance that such expectations will prove to be correct. The
forward-looking statements are based on Lockerbie's current expectations,
estimates and projections, and are subject to a number of significant risks
and uncertainties that could cause actual results to differ materially from
those anticipated. Such risks and uncertainties include, among others, oil and
gas prices, the further delay or cancellation of any Suncor projects, general
economic, business and market conditions and other risks as are detailed from
time to time in continuous disclosure filings of Lockerbie. Should one or more
of these risks or uncertainties materialize, or should assumptions underlying
the forward-looking statements prove incorrect, actual results may vary
materially from those described herein as anticipated, believed, estimated or
expected. These forward-looking statements are made as of the date of this
press release, and Lockerbie assumes no obligation to update or revise them to
reflect new events or circumstances, except as required by applicable laws.

    %SEDAR: 00025533E

For further information:

For further information: Gordon L. Panas, President & Chief Executive
Officer, or Michael G. Slapman, Chief Financial Officer at: Telephone: (780)
452-1250, Fax: (780) 452-1284, Website:

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