CWC Snags Service Rig Division's Assets, Personnel

Central Alberta Well Services Corp. has acquired all of the assets and personnel of a service rig division of an Alberta based drilling company. The transaction has an effective date of June 30, 2008 and is subject to the final approval of the TSX Venture Exchange.

The acquisition adds one 1,500 meter and two 4,000 meter service rigs and related equipment to CWC's fleet of 38 service rigs. Upon completion of certain equipment enhancements and technology upgrades, the rigs will be comparable to CWC's current equipment and are expected to enjoy utilization consistent with CWC's above industry standard performance. The transaction was funded by internal cash flow.

CWC has also announced that Fredrick (Rick) Dawson has joined the CWC management team as Vice President, Business Development. Dawson has 36 years of oilfield service and marketing experience. He spent 20 years with CenAlta Well Servicing, the largest privately owned service rig company in Canada and was the company's President at the time of its sale to Precision Drilling.  Dawson spent eight years at Precision Drilling as the Vice President of Sales for the Well Servicing division.

"We are pleased to be expanding our fleet and welcome the management and employees who have joined us with this acquisition. The added rigs will allow CWC to meet increasing demands for our service equipment in the third and fourth quarters of 2008 and the first quarter of 2009. In addition, the acquisition will assist in the expansion plans of the Company into northern B.C. and southeast Saskatchewan," said CWC President and CEO Darryl Wilson.
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