GLOBAL ENERGY SERVICES LTD. RELEASES FINANCIAL RESULTS FOR 3rd QUARTER ENDING
September 30, 2010

TSX-V: "GLK"                                                            Shares Outstanding 20,785,959 

CALGARY, Nov. 26 /CNW/ -

Global Energy Services Ltd. announces quarterly financials.

Nine months ended Sept 30, 2010	2009 Consolidated	2010 Consolidated
	$	$
Revenue	4,219,277	4,047,884
Expenses	4,438,577	3,503,713
Development costs	390,843	140,253
Segment Income	(610,173)	403,918
Stock-based compensation expense	41,584	14,930
Interest	28,274	36,513
Amortization and write-downs	303,955	330,672
Income tax expense (recovery)	(487,081)	(88,388)
Net Income	(496,904)	110,190
Capital expenditures	156,220	292,265
Total assets	4,326,062	4,048,992

     

Highlights:

• Revenue totaled $4,047,884 for the nine month period ended September 30, 2010 compared to $4,219,227 for the same period in 2009, a decline of 4 percent or $171,343. Revenue generated from the communications segment increased by 44 percent or $1,069,747 to $3,521,409 from $2,451,662 in the comparable period of 2009. Communications revenue accounted for 87 percent of the total revenues as compared to 58 percent for the same period in 2009. Most of the increase in revenue from the communication segment is due to improvements in industry activity levels.
  
  
• Gross Margin for the nine month period ended September 30, 2010, showed an increase of 34 percent or $483,639 to $1,889,486 versus $1,405,847 in the comparable period in 2009.  The gross margin as a percentage of sales increased to 47 percent from 35 percent. The gross margin in 2010 was higher due to continuing improvements in the communications segment.
  
  
• Net income (loss) increased by $607,094 resulting in a net income of $110,190 for the nine month period ended September 30, 2010 as compared to a net loss of ($496,904) in the comparable period in 2009. 

Derek Begin, president of Global Energy Services Ltd., is quoted as saying, "The third quarter has seen an increase activity that has resulted in improvement in communication revenue. Our US and Sask footprint has resulted communication growth".

Global Energy Services Ltd. is an innovative oilfield service company that provides production services and communications solutions to the oil and gas industry. The production services segment utilizes its patented Activator Hydraulic Submersible Pump ("HSP") to enhance and increase ultimate production in both conventional and unconventional gas, oil, and CBM wells. Global was founded in 1994 and is listed on the TSX-V. More information about Global Energy Services can be found at http://www.global-energy.ca  

%SEDAR: 00006009E

For further information:

Derek M. Begin, President and Chief Executive Officer.
Don Jorgensen VP of Finance and Chief Financial officer
Global Energy Services Ltd.
#10, 1220 -59^th. Ave. SE
Calgary, Alberta T2H 2M4
Tel: [phone]
Fax: [phone]
E-mail: [email protected]
E-mail ; [email protected]
Web site at: www.global-energy.ca