Peak Energy Services Trust Announces Securityholder and Court Approvals for<br>its Previously Announced Conversion to a Corporation

TSX SYMBOL: PES.UN

CALGARY, Dec. 3 /CNW/ - Peak Energy Services Trust ("Peak" or the "Trust") is pleased to announce that it received today securityholder and court approvals for its previously announced plan of arrangement pursuant to which the Trust will convert (the "Reorganization") into an energy services company that will operate under the name "Peak Energy Services Ltd.".  Securityholders voted in excess of 99% in favour of the Reorganization.  The Reorganization is expected to become effective on December 31, 2010.      
 
Forward Looking Statements:  Certain information set forth in this news release, including the expected completion of the Reorganization and timing thereof may contain forward-looking statements, and necessarily involve risks and uncertainties, certain of which are beyond the Trust's control, including risks associated with the timing and completion of the Reorganization.  Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Trust or its unitholders will derive therefrom.  Additional information on these and other factors that could affect the Trust are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).  Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and the Trust does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.

%SEDAR: 00020683E

For further information:

Peak Energy Services Trust
Mr. Curtis W. Whitteron
President and Chief Executive Officer
[phone]
[phone] (FAX)

or

Peak Energy Services Trust
Mr. Monty R. Balderston
Chief Financial Officer
[phone]
[phone] (FAX)