Peak Announces New Camp and Catering Contracts for $9.3 Million and the
Expansion of Existing Camp Contracts for an Additional $6.3 Million

TSX SYMBOL: PES.UN

CALGARY, Nov. 8 /CNW/ - Peak Energy Services Trust ("Peak" or the "Trust") announces that it has entered into two new contractual relationships to provide camp and catering services in Alberta and expanded the scope of two existing camp and catering contracts. 

Under the two new relationships, Peak will provide remote camp and catering services for up to 330 personnel.  The camps, which will comprise of single and double occupancy accommodations, recreation facilities and wastewater treatment services, are expected to generate a minimum revenue stream of approximately $9.3 million over the terms of the agreements, the longest of which is 3 years in duration.

In addition, Peak is pleased to announce the expansion of two previously announced camp contracts.  The expanded operations will add approximately 193 additional beds, bringing the total number of contracted beds to approximately 560.  The increased scope of these contracts are expected to generate an additional revenue stream of approximately $6.3 million over their terms, the longest of which expires in late 2011 and the total anticipated revenue for the projects to between $14.8 million and $16.5 million.

Mr. Whitteron stated "Peak is very pleased with continued growth that we are experiencing in our camp and catering operation, and in particular the confidence shown by our clients as they expand on the breadth of their current contracts for this service with Peak.  We believe this speaks to the high level of service provided by Peak, which reflects on our core values and is a keystone to our brand promise."

About Peak Energy Services Trust

Peak Energy Services Trust is a diversified energy services organization operating in western Canada and the United States of America. Through its various operating divisions, Peak provides drilling and production services to its customers both in the conventional and unconventional oil and natural gas industry as well as the oil sands regions of western Canada. The Trust also provides water technology solutions to a variety of customers throughout North America. Peak's units are listed on the Toronto Stock Exchange under the symbol "PES.UN".

The TSX have neither approved nor disapproved the information contained herein.

FORWARD-LOOKING INFORMATION

This news release contains forward-looking information within the meaning of applicable Canadian securities legislation regarding expected future events and financial and operating results of the Trust. By its nature, forward-looking information requires the Trust to make assumptions and is subject to numerous inherent risks and uncertainties. There is significant risk that assumptions, predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking information as a number of factors could cause actual future results, conditions, actions or events to differ materially from expectations, estimations or intentions expressed in the forward-looking information. The Trust disclaims any intention or otherwise to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. It is the current policy of the Trust to evaluate its past forward-looking information and where it deems appropriate, provide updates subject to requirements by law. The forward-looking statements contained in this news release are made as of the date hereof. Additionally, the Trust undertakes no obligation to comment on expectations of, or statements made by, third parties in respect of this news release.

In particular, forward-looking information includes the following statements within this news release regarding the expectations of: oil and natural gas industry activity levels; expectations of contracted revenue amounts, size of and configuration of camp operations, expectations of future oil and natural gas industry activity levels, the future provision of Peak's services and its impact on equipment utility, forecasted financial performance and expectations for Peak's operations and cash flows and the Trust's ability to increase market share in various geographical regions.As a result, you are cautioned not to place undue reliance on these forward-looking statements. These statements are based on certain assumptions and analysis made by the Trust in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to the Trust's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from the Trust's expectations. Such risks and uncertainties include, but are not limited to: fluctuations in the price and demand for oil and natural gas; currency fluctuations; fluctuations in the level of oil and natural gas exploration and development activities; fluctuations in the demand for oilfield services that the Trust provides; the effects of weather conditions on operations; the existence of competition from other oilfield service entities; general economic, market or business conditions including the consequences of the recent global economic recession; public market volatility and the related ability to access sufficient capital to fund activities; availability to access debt financing to fund activities; government policy changes; changes in laws or regulations, including taxation and environmental regulations; liabilities inherent in the oil and natural gas field services business; the lack of availability of qualified personnel or management; and other unforeseen conditions which could impact the use of services supplied by the Trust.

Consequently, all of the forward-looking information made in this document are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Trust will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Trust or its business or operations.

For further information:

Peak Energy Services Trust
Mr. Curtis W. Whitteron
President and Chief Executive Officer
Livingston Place, South Tower
Suite 900, 222 - 3^rd Avenue SW  T2P 0B4
Tel: [phone]
Fax: [phone]

or

Peak Energy Services Trust
Mr. Monty R. Balderston
Chief Financial Officer
Livingston Place, South Tower
Suite 900, 222 - 3^rd Avenue SW  T2P 0B4
Tel: [phone]
Fax: [phone]