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Press release from Marketwire

Phoenix Technology Income Fund Confirms Cash Distribution for January 14, 2011

Wednesday, December 15, 2010

Phoenix Technology Income Fund Confirms Cash Distribution for January 14, 201107:30 EST Wednesday, December 15, 2010CALGARY, ALBERTA--(Marketwire - Dec. 15, 2010) - Phoenix Technology Income Fund (TSX:PHX.UN) ("Phoenix") confirms that the monthly cash distribution for the month of December in the amount of $0.04 per trust unit, will be paid on January 14, 2011 to unitholders of record on December 31, 2010.The cash distribution for the month of December will be the last cash distribution paid by the Fund, subject to completion of the previously announced plan of arrangement (the "Arrangement") pursuant to which the Fund will be reorganized into a corporate structure carrying on business under the name "PHX Energy Services Corp." ("PHX"), which Arrangement is expected to become effective on December 31, 2010. Following completion of the Arrangement, PHX will establish a dividend policy of paying monthly dividends to the holders of common shares of PHX, with the initial monthly dividend presently anticipated to be $0.04 per common share payable to shareholders of PHX of record on January 31, 2011, and paid in the normal course on or about February 15, 2011. About Phoenix Technology Income FundPhoenix Technology Income Fund provides horizontal and directional drilling services to oil and natural gas exploration and development companies in Canada, the United States, Peru, Russia and Albania. Phoenix's trust units are listed on the Toronto Stock Exchange under the symbol "PHX.UN".FOR FURTHER INFORMATION PLEASE CONTACT: John HooksPhoenix Technology Income FundPresident and Chief Executive Officer(403) 543-4466ORCameron RitchiePhoenix Technology Income FundChief Financial Officer(403) 543-4466www.phxtech.comThe Toronto Stock Exchange has neither approved nor disapproved the information contained herein.