Global Energy Services Ltd releases strong financial results for quarter
ending March 31, 2010

TSX-V: "GLK"

Shares Outstanding 20,785,959

CALGARY, May 27 /CNW/ - Global Energy Services Ltd. ("Global") (GLK - TSX Venture) announces financials.

    
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    Three months ended March 31, 2010
                                     2009 Consolidated     2010 Consolidated
    -------------------------------------------------------------------------
                                                     $                     $
    Revenue                                  2,083,604             2,240,434
    Expenses                                 2,007,494             1,578,492
    Development costs                          150,886                37,524
                                     ----------------------------------------
    Segment Income                             (74,776)              624,418
                                     ----------------------------------------
    Stock-based compensation expense            12,005                 8,409
    Interest                                     9,168                17,889
    Amortization and write-downs               146,038               109,927
    Income tax expense (recovery)              (76,063)              123,403
                                     ----------------------------------------
    Net Income                                (165,923)              364,790
                                     ----------------------------------------
    Capital expenditures                        23,409               143,535
    Total assets                             5,562,617             5,328,453
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    Highlights:

    -   Net income (loss) improved by $530,714 resulting in a net income of
        $364,790 for the three month period ended March 31, 2010 as compared
        to a net loss of $165,923 in the comparable period in 2009. On a
        weighted average per share basis, the net income was $0.018 versus
        $0.008 of net loss in 2009.

    -   Revenue totaled $2,240,434 for the three month period ended
        March 31, 2010 compared to $2,083,604 for the same period in 2009, an
        increase of 8 percent or $156,830. Revenue generated from the
        communications segment increased by 50 percent or $644,878 to
        $1,939,956 from $1,295,078 in the comparable period of 2009.

    -   The gross margin for the three month period ended March 31, 2010,
        showed an improvement of 87 percent or $542,380 to $1,164,548, versus
        $622,168 in the comparable period in 2009.

    -   Sales and marketing expenses increased by 9 percent or $7,426 to
        $101,624 for the three month period ended March 31, 2010 as compared
        with $101,624 in 2009. Included in these costs was a one time
        customer retention allowance of $51,671. Excluding the one time item,
        the sales and marketing costs decreased by 43 percent or $43,245 to
        $57,379.
    

Derek Begin, president of Global Energy Services Ltd., is quoted as saying, "The positive first quarter is a welcome relief after weathering the economic downturn that we experienced in 2009. We used 2009 to put our costs and operations in order and look forward to a great 2010".

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.

Readers can review the interim statements on the Company's website located at http://www.global-energy.ca or on SEDAR located at www.sedar.com. 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., No. 10, 1220-59th. Ave. SE, Calgary, Alberta, T2H 2M4, Tel: [phone], Fax: [phone], E-mail: [email protected], E-mail: [email protected]