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Press release from CNW Group


Monday, March 07, 2011

PETROWEST ENERGY SERVICES TRUST RESPONDS TO TRUST UNIT TRADING ACTIVITY15:13 EST Monday, March 07, 2011CALGARY, March 7 /CNW/ - Petrowest Energy Services Trust (TSX: PRW.UN) ("Petrowest" or the "Trust") is responding to a request from the Investment Industry Regulatory Organization of Canada ("IRROC") on behalf of the Toronto Stock Exchange following recent trading activity.Market conditions in the energy services sector in Alberta and British Columbia improved significantly in latter 2010 and into 2011. Petrowest has obtained certain contracts for services which will result in increased utilization for the first six months of 2011.Petrowest's current bank credit facility is due April 30, 2011 and the Trust is in the process of arranging alternative financing. However, no alternative financing has been obtained at this time, and there is no assurance that Petrowest will obtain such re-financing on acceptable terms and conditions.The Trust's policy is not to comment on rumors or speculation and accordingly does not intend to comment further.ABOUT PETROWESTPetrowest is a leading provider of pre-drilling and post-completion energy and civil infrastructure services to the northern region of the western Canadian sedimentary basin. Petrowest is an unincorporated, open-ended, limited purpose, mutual fund trust established under the laws of Alberta.FORWARD LOOKING INFORMATIONThis news release contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "achievable," "believe," "expect," "estimate," "plan," "intend," "project," "may," "should", "could", "predict", "may," "will," or similar words suggesting future outcomes or language suggesting an outlook. Forward-looking statements and information are based on Petrowest's current beliefs as well as assumptions made by and information currently available to Petrowest concerning anticipated business performance. Although management of Petrowest considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements are subject to many external variables that are beyond Petrowest's control, such as fluctuating prices for crude oil and natural gas, changes in drilling activity, and general local and global economic, political, business and weather conditions. If any of these, or other uncertainties, materialize the actual results of Petrowest may vary materially from those expected.For further information: Richard Quigley, President and CEO, or Lloyd A. Wiggins, Chief Financial Officer, at (780) 830-0881 or