Bonnett's Energy Services Trust (TSX:BT.UN) ("Bonnett's", or the "Trust") has
released its 2009 results

TSX SYMBOL: BT.UN

GRANDE PRAIRIE, AB, March 11 /CNW/ - Bonnett's Energy Services Trust had earnings before interest, taxes, depreciation and amortization and unit based compensation ("EBITDAC") and before losses incurred on the sale of equipment, of $2.5 million for the three months ended December 31, 2009 on revenues of $16.0 million. This compares with EBITDAC of $3.5 million on revenues of $21.5 million for the comparable period of 2008.

For the year ended December 31, 2009, the Trust incurred a loss from continuing operations of $9.4 million for the year compared with a loss from continuing operations of $4.2 million in 2008. The Trust also incurred an additional loss from discontinued operations in 2008 of $0.6 million.

Murray Toews, Chief Executive Officer of the Trust, commented, "2009 was a difficult year for the oil and gas industry, and the Trust was not immune to these challenges. We do, however, believe that we are well poised to benefit from an industry turnaround. During 2009, the Trust focused on reducing its cost structure and improving operating efficiencies and safety programs to provide additional value and better service to our customers. Management continues to evaluate its complement of services and explore options that will increase value for the unitholders of the Trust."

    
    FINANCIAL HIGHLIGHTS
                            Three Months Ended             Year Ended
                                December 31,               December 31,
                                (unaudited)
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    ($000's except per
     unit amounts)         2009     2008     2007     2009     2008     2007
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    Revenue from
     continuing
     operations         $16,022  $21,522  $18,069  $53,432  $78,753  $80,734
    EBITDAC from
     continuing
     operations(1)        2,419    3,544    1,818    4,008   12,297   11,054
    Funds flow from
     continuing
     operations(2)        1,790    2,828     (613)   1,473    8,449    6,197
    Funds flow from
     continuing
     operations per
     unit - basic
     and diluted           0.12     0.19    (0.05)    0.10     0.64     0.53
    Net income (loss)
     from continuing
     operations            (886)  (2,364) (25,455)  (9,367)  (4,201) (55,947)
    Net income (loss)      (886)  (2,582) (28,328)  (9,367)  (4,775) (62,200)
    Net income (loss)
     from continuing
     operations per
     unit - basic and
     diluted              (0.06)   (0.18)   (2.18)   (0.65)   (0.32)   (4.81)
    Net income (loss)
     per unit - basic
     and diluted          (0.06)   (0.18)   (2.43)   (0.65)   (0.36)   (5.35)
    Distribution to
     Unitholders              -        -        -        -        -   10,409
      per unit - basic        -        -        -        -        -     0.90
    Weighted average
     units
      basic and diluted  14,305   14,305   11,630   14,305   13,254   11,630
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    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 or how the results are taxed. 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 Management's Discussion and Analysis for
        the year ended December 31, 2009). 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 continuing 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 year ended December 31, 2009, 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, 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. Forward-looking information in respect of the costs anticipated to be associated with the acquisition and maintenance of equipment are based upon past acquisition and maintenance costs for such equipment and expectations relating to the future acquisition and maintenance cost increases concerning such equipment. 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 the Trust's MD&A for the year ended December 31, 2009, 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]