WTI OIL: US$104.70-$2.02 per barrel

April deliveryNYMEX: N Gas: US$2.356

+$0.001 per MMBTUMarch delivery

Published By NEWS COMMUNICATIONS since 1977 Canadian Edition Wednesday March 7, 2012

NORTH AMERICANRIG COUNTS

The U.S. rotary rig count was up 8 at 1,989 for the week of March 2, 2012. It is 282 rigs (16.5%) higher than last year. The number of rotary rigs drilling for oil was up 28 at 1,293. There are 492 more rigs targeting oil than last year. Rigs drilling for oil represent 65.0 percent of all drilling activity which is the highest percentage since 1998. Rigs directed toward natural gas were down 19 at 691. The number of rigs currently drilling for gas is 208 lower than last year's level of 899. Year-over-year oil exploration in the U.S. is up 61.4 percent. Gas exploration is down 23.1 percent. The weekly average of crude oil spot prices is 6.7 percent higher than last year and natural gas spot prices are 35.7 percent lower. Canadian rig activity is down 20 at 681 for the week of March 2, 2012 and is 56 (9.0%) higher than last year's rig count. The number of rigs drilling for oil decreased by 12 to 514 and is 67 (15.0%) higher than last year while gas directed rig count was down 8 at 167 and is 10 (5.6%) lower than a year ago.

CANADIAN SPOT NG RISES Canadian spot natural gas prices climbed from a 10-year low on Tuesday on tight short-term supply in Alberta and strengthening futures. Spot gas at the AECO storage hub in southeastern Alberta rose 3 Canadian cents from the lowest level since July 2002 to average C$1.80 a gigajoule. Deals were done between C$1.77 and C$1.82 a GJ. Environment

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Canada said low temperatures in Toronto will be above normal for five of the next six days. Southern Alberta temperatures will cooler than usual on Wednesday, the warm to well above the seasonal-average low through Monday. AccuWeather.com expects temperatures in the U.S. Northeast and Midwest, key gas-consuming regions, to mostly average

above normal for the next two weeks. Alberta's main pipeline system ran at 16.33 billion cubic feet, 475 mmcf under operator TransCanada Corp's target line pack. Producers delivered 10.3 bcf into the system and a net 628 million cubic feet was withdrawn from storage facilities in the province. Export prices were mixed. Spot gas at Niagara, for shipment into the U.S.

will be ready within weeks. Speaking at a panel discussion at an energy conference in Houston, TransCanada president of energy and oil pipelines Alex Pourbaix said Tuesday that the company plans to resubmit its permit request to the U.S. State Department within a few weeks. He also said construction of the southern tier of the Keystone XL pipeline, which doesn't

Northeast, fell 2 cents to average $2.80 per mmBtu. Spot gas at Huntingdon-Sumas on the British Columbia-Washington border averaged $2.34 per mmBtu, up 6 cents.

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require a special permit, will begin by late spring or early summer. He said the southern tier of the pipeline from Cushing, Okla., through Texas will help relieve but not completely eliminate a bottleneck at Midwest refineries.

VALERO CEO SEES USIMPORTING MORE CANADIAN OIL

Valero Energy Corp Chief Executive Bill Klesse said he expects crude oil from Canada and U.S. shale production will eliminate the need to import light, sweet crude oil at the U.S. Gulf Coast by 2016. That change in supply will push the price for Light Louisiana Sweet (LLS) crude oil from the premium on Brent crude oil seen currently to a possible discount by 2016, Klesse said in webcast presentation to the Bank of America refining conference. "Canadian oil is coming to the Gulf Coast and it's going to change this industry

Japan, and India, are reportedly in talks with Saudi Arabia for more permanent import agreements. Analysts are reporting Iran could lose as much as 1 million barrels of oil each day of the embargo.

CATHEDRAL 2011 RESULTSCathedral Energy Services Ltd. has reported its results for 2011 Q4 and the year-end December 31, 2011. 2011 revenues were $220,363 which represented an increase of $67,278 or 44% from 2010 revenues of $153,085. The increase was primarily attributed to the focus on horizontal, multi-stage fracturing technology to complete conventional and unconventional resource plays in both Canada and the U.S. which allowed for continued strength in activity levels for both of the Company's divisions. Demand for Cathedral's services has also been driven by both oil

tremendously," Klesse said. Valero, the leading independent U.S. refiner, has bet big on Canadian crude being piped to the Gulf Coast where the company has its largest refineries. Valero has been modifying its 292,000 barrel-per-day (bpd) Port Arthur, Texas, refinery to receive crude from the TransCanada Corp's Keystone XL pipeline planned to bring Canadian crude to the Gulf Coast.

MAJOR OIL RIG DEPLOYMENT RAMP-UP FOR SAUDI ARABIA

Saudi Arabia is stepping up production in lieu of possible oil shortages, as more nations turn down Iranian oil supplies. Saudi Arabia has deployed a record-setting number of rigs, the most in four years, as it works to meet the increase in demand. The uptick includes production from previously closed fields, and has been touted as showing there is no need for shortage

concerns. Saudi Arabia’s production increase has been called proof of “how much excess capacity there is today and how much capacity will be there in the future,” according to the country’s Prince Abdulaziz. The increase includes a previously closed production field. Saudi Aramco is bringing its oldest field, Dammam, back on steam this year. The heavy crude produced there is being called a “good replacement” for Iranian crude. The announcement of the record setting increase comes on the heels of word President Barack Obama was considering requests to open the United States’ Strategic Petroleum Reserve to help counter increasing gas prices. A Saudi energy consultant has reportedly called that move, “premature.” The Iran embargo and resulting Saudi Arabian increase could have an effect on future oil dealings. Several major importers, including China,

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100%-owned production infrastructure in order to bring additional production on-stream arising from new discoveries and production that currently sits behind pipe. This capital expenditure program will be funded from existing working capital.

FLINT Q4 ANDYEAR END RESULTS

Flint Energy Services Ltd. has released its fourth quarter and full year 2011 financial results. Revenue for the three months ended December 31, 2011 was $528.1 million compared to $294.8 million in the prior year's comparative quarter, representing an increase of $233.3 million or 79.1 percent. Including Maintenance Services, the total revenue in the fourth quarter was $589.6 million compared to $394.3 million in 2010, making this the second highest revenue quarter in the Company's history. Previously, the highest quarterly revenue was in the fourth quarter of 2008. The increase in revenue for the fourth quarter of 2011 was the result of

and liquids-rich natural gas plays. The directional drilling division revenues have increased from $118,527 in 2010 to $164,126 in 2011. This increase was the result of: i) a 27% increase in activity days from 11,968 in 2010 to 15,208 in 2011; and ii) an 9% increase in the average day rate from $9,900 in 2010 to $10,792 in 2011. Canadian day rates have increased 12% and this increase was attributable to a rate increases related to increases in the Company's operating costs, primarily labour. U.S. day rates have increased 4% when converted to Canadian dollars. The U.S. day rates have increased 8% in U.S. dollars, mainly due to the change in types of drilling work performed in 2011. The day rates disclosed in this news release reflect revenue as classified under IFRS. Canadian activity days increased from 7,568 to 9,894 and U.S. activity days increased from 4,400 to 5,314. The Company's production testing division contributed $56,237 in revenues during 2011 which was a 63% increase over 2010

revenues of $34,558. This increase was attributable to the overall increase in testing units from 35 at the start of 2010 to 62 at the end of 2011, plus an increase in oilfield service activities on a year-over-year basis. The gross margin for 2011 was 26% compared to 27% in 2010. Under IFRS, cost of sales includes the non-cash expenses for a portion of depreciation and share-based compensation and these non-cash expenses total $15,265 for 2011 and $11,565 for 2010. Adjusted gross margin for 2011 was $71,674 (33%) compared to $53,567 (35%) for 2010. There was a decline in adjusted gross margin of 2%. There was no single significant increase in operating expenses in the year, but there were several items that had slight increases including higher repair costs, increases in health care benefits, costs for accommodation of field staff and field consumables for the U.S. production testing division. Depreciation allocated to cost of sales increased from $11,215 in 2010 to $14,884 in 2011 due to

capital additions in 2011. Depreciation included in cost of sales as a percentage of revenue was 7% for both 2011 and 2010. For 2011 the Company had share-based compensation included in cost of sales of $381 compared to $350 recognized in 2010. The fair value of the options is being amortized against income over the three-year vesting periods.

TAG INCREASES CAPITAL EXPENDITURE

Vancouver's based TAG Oil Ltd. has announced that the Company is initiating a $66 million capital expenditure program within the 100%-controlled Cheal and Sidewinder fields in the Taranaki Basin, New Zealand. This program consists of continued high-impact exploration and development drilling targeting the shallow (~2000m) oil prone zones, deeper drilling (~4000m) targeting large liquids-rich gas prospects and var ious workover operations to existing wells. In addition, TAG will also expand the Company's

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increased revenue from the Oilfield Services and Production Services segments, which included revenue from the acquisition of Carson Energy Services Ltd. The record levels of revenue in the quarter were achieved despite a period of declining revenues from the Facility Infrastructure and Maintenance Services segments. The Company's profit for the fourth quarter of 2011 was $11.9 million compared to a loss of $1.0 million in the comparable quarter of 2010. Fully diluted earnings per share were $0.25 for the fourth quarter of 2011, an increase of $0.27 per share from the loss of $0.02 per fully diluted share for the comparative period in

2010. The rise was the result of increased revenues and improved gross margins. Revenue for the year ended December 31, 2011 was $1,616.2 million, up $256.5 million from $1,359.7 million in 2010. Canadian Operations generated $1,160.8 million in revenue, up $111.8 million compared to 2010. Including Maintenance Services, total revenues were $1,923.3 million in 2011 compared to $1,781.3 million in 2010. The increase in revenue was a result of increased activity levels in both Production Services and Oilfield Services, and the acquisition of Carson Energy Services Ltd. in the fourth quarter of 2011. United States revenue for 2011

revenue, 2011 EBITDA was 7.9 percent compared to 9.6 percent in 2010. The lower EBITDA was due primarily to lower revenues and weaker pricing in the first half of 2011. EBITDA for the Production Services segment was $100.2 million compared to $95.0 million in 2010. The EBITDA margin percentage in this segment was 9.8 percent, a decrease of 2.3 percent from 12.1 percent in 2010. The decrease resulted from low utilization of equipment and resources due to delays in work in Canada, and poor weather in parts of the United States during the first six months of the year.

was $455.4 million, up $144.7 million over 2010, due to increased activity within Oilfield Services and Production Services, notably in Texas and North Dakota. These increases were offset by lower revenues in Facility Infrastructure due to less major con t rac t work in 2011. Fac i l i t y Infrastructure revenues were $282.6 million, down $72.4 million from 2010. Maintenance Services revenues were $307.1 million for 2011, down $114.6 million compared to $421.7 million in 2010, as a result of reduced major turnaround work in 2011 compared to 2010. EBITDA for 2011 was $128.2 million, compared to $130.7 million in 2010. As a percentage of

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