Calfrac Announces Leadership Team Appointments

CALGARY, Oct. 18 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX - CFW) announces that Fernando Aguilar has been appointed as the President and Chief Operating Officer of Calfrac, effective November 1, 2010.  Mr. Aguilar will report to Doug Ramsay, who will continue to serve as Chief Executive Officer and a director, and in that role will remain responsible for providing stewardship and control over the business and affairs of the Company.  Mr. Aguilar, who has been a director of Calfrac since May 2008, has resigned from the board of directors.

Mr. Gordon Dibb, Calfrac's current Chief Operating Officer, will remain with Calfrac as Executive Vice President until June 30, 2011.  He will report directly to Mr. Ramsay and will assist Mr. Aguilar with matters of transition.  Mr. Dibb is a founding shareholder of Calfrac Well Services Ltd.  He was the company's initial Chief Financial Officer on its incorporation in 1999, and transitioned to the position of Chief Operating Officer in April 2006. 

"We would like to thank Gordon for his many years of dedicated service to the Company, and the time he has given us to transition company leadership," said Doug Ramsay, Calfrac's Chief Executive Officer.  "Gordon has been a key contributor to the success of Calfrac and its transition from a start-up private company to a public entity with a market capitalization of over $1 billion.  Fernando has been a valuable contributor to our board of directors since his appointment in 2008, and we expect that his experience spanning over 28 years in the oilfield services sector and extensive international exposure will serve Calfrac well as it continues to execute on its growth strategy, both domestically and abroad." 

Mr. Aguilar has been with CGG Veritas since 2004 and has held several leadership positions with that company, most recently serving as President, Geophysical Services for the Americas, since April 2009.  Prior to joining CGG Veritas, Mr. Aguilar was with Schlumberger for 22 years, serving in roles with increasing responsibilities in the technology, business and oilfield service sectors, predominantly in the Pumping Services and Wireline and Testing groups.  Mr. Aguilar's last position with Schlumberger was Vice President, Oilfield Services.  Mr. Aguilar holds a degree in Civil Engineering, specializing in Hydraulic Resources Management, and has completed the Stanford Executive Program at Stanford University and the Director's Education Program at the University of Calgary.

Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW".  Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico and Argentina.

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws.  The words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements.  These forward-looking statements and information are based on certain key expectations and assumptions made by Calfrac.  Although Calfrac believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as Calfrac cannot give any assurance that they will prove to be correct.  As forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks.  These include, but are not limited to, prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, component parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive.  Additional information on these and other risk factors that could affect Calfrac's operations or financial results is included in Calfrac's annual information form and may be accessed through the SEDAR website (www.sedar.com).  The forward-looking statements and information contained in this press release are made as of the date hereof and Calfrac does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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For further information:

Douglas R. Ramsay President and Chief Executive Officer Telephone:  [phone] Fax:  [phone]	Laura A. Cillis Senior Vice President, Finance and Chief Financial Officer Telephone:  [phone] Fax:  [phone]
Tom J. Medvedic Senior Vice President, Corporate Development Telephone:  [phone] Fax: [phone]