Mr. Reid MacDonald reports

GASFRAC ENERGY SERVICES INC. ANNOUNCES $150 MILLION 2011 CAPITAL EXPANSION PROGRAM AND $95 MILLION DOLLAR BOUGHT DEAL OFFERING OF COMMON SHARES

Gasfrac Energy Services Inc. will have a 2011 capital expenditure program of $150-million. The 2011 capital program will see Gasfrac expand its hydraulic horsepower (HHP) by 45 per cent, from 105,000 HHP in first-quarter 2011 to 152,500 HHP in fourth-quarter 2011. In addition, the build will not only focus on HHP, but will include a 100-per-cent increase in proppant and fluid handling capabilities of the company. The increase in proppant and fluid handling equipment will allow the company to strive toward a capital balance of three proppant and fluid handling systems per set of HHP. This will enhance the utilization of the HHP and allow for larger volumes of LPG to be pumped in a single fracturing stage. As part of this capital expansion, Gasfrac will construct a fracturing simulator, which will be used as a training tool for new employees as the company staffs the additional equipment. It is anticipated that the assets from this capital build program will be delivered in four sets with the first assets being deployed and on stream in late August, 2011, with the remaining assets being fully deployed and on stream by the end of November, 2011.

Gasfrac will be financing the capital program through a combination of cash, debt and cash proceeds from the sale of common shares. Gasfrac has entered into an agreement with a syndicate of underwriters led by Raymond James Ltd., pursuant to which the underwriters have agreed to purchase on a bought-deal basis 11,243,000 common shares of Gasfrac at a price of $8.45 per common share for total gross proceeds of $95,003,350.

Gasfrac has also granted the underwriters an option to purchase up to an additional 1,686,450 common shares at the offering price to cover overallotments, if any, for additional gross proceeds of up to $14,250,502. The overallotment option is exercisable in whole or in part at the sole discretion of the underwriters for a period of 30 days following the closing of the offering.

Pursuant to the offering, the common shares will be offered in all provinces of Canada, except Quebec, by way of a short-form prospectus and by way of private placement in the United States pursuant to exemptions from the registration requirements pursuant to Rule 144A and/or Regulation D of the U.S. Securities Act of 1933. Closing of the offering is expected to occur on or about Dec. 22, 2010, and is subject to certain customary conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.