Peak Energy Services Trust Provides Update on Intention to Convert to a
Corporation

TSX SYMBOL: PES.UN

CALGARY, Nov. 3 /CNW/ - As announced on September 27, 2010, Peak Energy Services Trust ("Peak" or the "Trust") intends to convert to a growth-oriented corporation (the "Conversion") pursuant to a plan of arrangement under the Business Corporations Act (Alberta).

Today, Peak filed the necessary materials with the required parties and the securityholders of record on November 3, 2010 will be receiving notice of the special meeting (the "Meeting") to be held on December 3, 2010 at 9:00 AM (Calgary time) in the main boardroom of Burnet, Duckworth & Palmer LLP, 1400, 350 - 7 Avenue S.W., Calgary, Alberta. Peak will be seeking approval from securityholders at the Meeting and expects to complete the Conversion by December 31, 2010.

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 forwardlooking 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. Forward-looking statements in this news release include, but are not limited to, the timing, completion, receipt of necessary approvals of the Conversion and other unforeseen conditions which could impact the Conversion. 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.

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 the failure to receive approval of the
Conversion from the securityholders, the court or other regulatory authorities.

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.

%SEDAR: 00020683E

For further information:

Peak Energy Services Trust
Mr. Curt Whitteron
President and Chief Executive Officer
[phone]
[phone] (FAX)

- or -

Peak Energy Services Trust
Mr. Monty Balderston
Chief Financial Officer
[phone]
[phone] (FAX)