Bonnett's Energy Services Trust (TSX:BT.UN) ("Bonnett's", or the "Trust") has
released its Q3 2010 results

TSX SYMBOL: BT.UN

GRANDE PRAIRIE, AB, Nov. 10 /CNW/ - Demand for the Trust's services has increased considerably compared with the same period of the prior year as drilling activity increased in 2010. Q3 2010 revenues were almost double those of Q3 2009. EBITDAC for the nine months ended September 30, 2010 was 6 times higher than the comparable period of 2009. According to Nickle's Daily Oil Bulletin data, the rig release count for the first nine months of 2010 was 8,010 in western Canada, a 40% increase over the same period of 2009. The Petroleum Services Association of Canada ("PSAC") has forecast 11,350 wells to be drilled (rig released) in Canada in 2010, a 35% increase in the number of wells drilled in Canada in 2009.

Diversification continues to be a key component of success for the Trust, and management continues to explore additional specialty offerings to bring added value to its customers. Added investment in new technologies has brought new expertise, new customers and new growth opportunities for the Trust.

    
    FINANCIAL HIGHLIGHTS

                                      Three Months Ended   Nine Months Ended
    (Unaudited)                            September 30        September 30
    ($000's except per unit amounts)      2010      2009      2010      2009
    -------------------------------------------------------------------------
    Revenue from operations           $ 19,920  $ 10,351  $ 51,833  $ 37,410
    EBITDAC from operations(1)           5,007     1,137     9,812     1,589
    Funds flow from operations(2)        4,432       541     8,078      (170)
    Funds flow from operations per unit
      - basic                             0.31      0.04      0.56     (0.01)
      - diluted                           0.31      0.04      0.56     (0.01)

    Income (loss) before other items     2,015    (1,940)      855    (7,612)
    Net income (loss)                      909    (2,735)   (1,968)   (8,481)
    Net income (loss) per unit
      - basic                             0.06     (0.19)    (0.14)    (0.59)
      - diluted                           0.06     (0.19)    (0.14)    (0.59)
    Weighted average units
      - basic                           14,310    14,305    14,308    14,305
      - diluted                         14,430    14,305    14,308    14,305
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Non-GAAP Measures:
    ------------------
    (1) Earnings before interest, taxes, depreciation, amortization and unit
        based compensation and certain other items ("EBITDAC") is not a
        recognized measure under Canadian Generally Accepted Accounting
        Principles (GAAP). Management believes that in addition to net
        earnings, EBITDAC is a useful supplemental measure as it provides an
        indication of the results generated by the Trust's principal business
        activities prior to consideration of how those activities are
        financed, how the financial results are taxed, how funds are invested
        or how non-cash depreciation, amortization and unit based
        compensation charges affect financial results. These measures are
        identified and presented, where appropriate, together with
        reconciliations to the equivalent GAAP measure (see "Summary of
        consolidated statements of loss" on page 5 of the Trust's MD&A for
        the three and nine months ended September 30, 2010). However, they
        should not be used as an alternative to GAAP, because they may not be
        consistent with calculations of other companies or trusts.

    (2) Funds flow or funds flow from operations and funds flow per unit
        refers to cash flow from operations before changes in non-cash
        working capital. The Trust views cash flow from operating activities
        before changes in non-cash working capital balances, hereafter
        referred to as Funds Flow, as a measure of liquidity, and believes
        that Funds Flow is a metric used by many investors to assess the
        financial performance of the Trust. As the Trust may distribute a
        portion of its cash on an ongoing basis, the Trust believes that
        Funds Flow is an appropriate consideration in determining funds
        available for distribution to Unitholders. Although changes in non-
        cash working capital balances will impact cash available to finance
        distributions, these changes will be a source of cash in one period
        and a use of cash in another depending on changes in the level of
        activity in a particular period due to seasonality and other factors.
        Absent a sustained period of growth in the Trust's business, changes
        in non-cash working capital will generally not be a use of cash by
        the Trust over a longer period of time, although that may be the case
        from one quarter to the next. Given that these changes are not
        predictable and tend to even out over time, management does not
        believe it is appropriate to include such changes in determining cash
        flow from operating activities being a measure used to indicate
        capacity of the Trust to generate cash flow for paying distributions
        in the future. Any use of cash from an increase in working capital in
        a particular period will be financed by the Trust's credit facilities
        and repaid when non cash working capital decreases and cash is
        generated.
    

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release contains forward-looking information within the meaning of applicable Canadian securities law. This information is subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking information. When used in this document, the words "plan", "anticipate", "believe", "seek", "propose", "estimate", "intend" and similar expressions, as well as future or conditional verbs such as "may", "would", "could", and "will", as they relate to the Trust, are intended to identify forward-looking information. Such information reflects the Trust's current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, without limitation, those described in the Trust's MD&A for the three and nine months ended September 30, 2010, under the heading "Risks and uncertainties", and "Outlook". Forward-looking information concerning expected operating and economic conditions are based upon past operating and economic conditions. Forward-looking information concerning the availability of funding for future operations is based upon sources of funding which the Trust has relied upon in the past and expectations concerning future economic and operating conditions. Forward-looking information concerning the relative future competitive position of the Trust is based upon expectations relating to future economic and operating conditions, future drilling activity, the current business environment, present and anticipated programs and expansion plans of other organizations operating in the energy service industry. Forward-looking information concerning the nature and timing of growth is based on past factors affecting the growth of the Trust, past sources of growth and expectations relating to future economic and operating conditions. Although management of the Trust believes that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to have been correct because, should one or more of the enumerated risks or uncertainties materialize, or should the assumptions underlying forward-looking information prove incorrect, actual results may vary materially from those described in this press release and in the Trust's MD&A for the three and nine months ended September 30, 2010 as intended, planned, anticipated, believed, estimated or expected. Except where required by law, the Trust does not assume any obligation to update forward-looking information if conditions or opinions should change. Readers should not place undue reliance on forward-looking information. All of the forward-looking information of the Trust contained in this press release is expressly qualified, in their entirety, by this cautionary statement.

%SEDAR: 00022595E

For further information: Additional information can be obtained by contacting the Trust at Bonnett's Energy Services Ltd., R.R. 2, Site 33, Box 1, Grande Prairie, Alberta, T8V 2Z9. Information is also available at the Trust's website at www.bonnettsenergy.com; Murray Toews, Chief Executive Officer at [phone]; or David Ross, Chief Financial Officer at [phone], Fax: [phone], E-mail: [email protected]