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CALGARY, May 12 /CNW/ - Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX - SES) announced its results for the three months ended March 31, 2010. The following should be read in conjunction with the Management's Discussion and Analysis, the interim consolidated financial statements and notes of Secure which are available on SEDAR at www.sedar.com.

OVERVIEW OF FIRST QUARTER 2010

During the first quarter ended March 31, 2010, the Corporation completed its initial public offering ("IPO") of common shares ("Common Shares"). As part of the IPO, the Corporation issued 19,166,667 Common Shares for total proceeds of $57.5 million. The successful completion of the IPO provides Secure with additional capital required to further execute on its organic growth strategy focusing on construction of facilities in key under-serviced and capacity constrained markets. Some key financial highlights for the three months ended March 31, 2010, are as follows:

-   revenue of $12.2 million - Secure produced record revenue for the
        first quarter 2010, an increase of 92% over the same period in 2009.
        The increase in revenue is a result of Secure continuing to expand
        its customer base, increase in utilization at the Corporation's
        existing facilities and the successful completion of both the
        Corporation's Fox Creek FST and Obed SWD facilities in mid 2009. With
        the addition of the Fox Creek FST, Secure now offers two pipeline
        connected facilities in key market areas.

    -   operating margin of $7.6 million in the first quarter of 2010
        compared to $4.1 in the same quarter of 2009. The increase relates to
        the growth in operations, the addition of the Fox Creek FST and Obed
        SWD facilities, and increase in the commodity price of crude oil;

    -   EBITDA was $6.4 million in the first quarter 2010 compared to
        $3 million in the same period of 2009, an increase of 113%. The major
        contributing factor was operational growth, however unchanged general
        and administration expenses compared to the same quarter in 2009 and
        low business development expenses also contributed to the increase;

    -   net income of $1.4 million or $0.03 per share (basic) versus
        $0.5 million or $0.01 per share (basic) in the same period of 2009;

    -   funds from operations of $6.4 million or $0.15 per share (basic)
        compared to $3.1 million or $0.08 per share (basic) in the same
        period of 2009;

    -   capital expenditures of $5.1 million primarily for the construction
        of the Dawson Creek SWD and Brazeau SWD. As at March 31, 2010, all
        projects are in the preliminary stages of development, with the
        exception of Dawson Creek SWD which has incurred capital expenditures
        of $2.8 million relating to the well and initial groundwork of the
        facility infrastructure. Dawson Creek SWD is expected to be
        operational in early summer of 2010;

    -   exited the quarter with working capital of $53.3 million and an
        undrawn credit facility of $28.0 million.

    -   subsequent to the first quarter ended March 31, 2010, the Agents were
        granted an over-allotment option to purchase an additional 2,875,000
        common shares at a price of $3.00 per common share. On April 16,
        2010, the Agents exercised this over-allotment option, resulting in
        additional gross proceeds to the Corporation of $8.6 million.

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                                   Three Months Ended March 31,

                                            2010          2009      % Change
    -------------------------------------------------------------------------
    ($000's except share and per
     share data)

    (unaudited)

    Revenue                               12,201         6,369            92
    -------------------------------------------------------------------------
    Operating margin(1)                    7,634         4,133            85
    Operating margin percentage              63%           65%            (3)
    -------------------------------------------------------------------------
    EBITDA(1)                              6,428         3,051           111
    EBITDA(1) % of revenue                   53%           48%            10
      Per share ($), basic                  0.15          0.08            88
      Per share ($), diluted                0.15          0.07           114
    -------------------------------------------------------------------------
    Net income                             1,439           511           182
      Per share ($), basic                  0.03          0.01           200
      Per share ($), diluted                0.03          0.01           200
    -------------------------------------------------------------------------
    Funds from operations(1)               6,385         3,101           106
      Per share ($), basic                  0.15          0.08            88
      Per share ($), diluted                0.14          0.08            75
    -------------------------------------------------------------------------
    Capital Expenditures                   5,143         7,458           (31)
    -------------------------------------------------------------------------
    Common Shares - end of period     60,814,648    39,962,075            52
    Weighted average common shares
      basic                           43,341,202    39,962,075             8
      diluted                         44,242,584    40,839,554             8
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    (1) These financial measures are Non-GAAP financial measures and do not
        have any standardized meaning prescribed by Canadian generally
        accepted accounting principles ("GAAP") and are therefore unlikely to
        be comparable to measures presented by other reporting issuers.

OUTLOOK

During the first quarter of 2010, the industry experienced an increase in both oil and natural gas activity. Despite relatively low natural gas prices, higher levels of drilling activity occurred in "liquids rich" natural gas producing areas, driven mostly by advances in horizontal drilling and completion techniques. The produced water volumes continue to increase as new gas producing wells are completed with the new fracing techniques. The strength of crude oil prices has revitalized key markets as new wells are drilled and old wells are worked over to enhance production. The use of multistage fracturing for both gas and oil is expected to increase demand for all of the Corporation's services.

Much of Secure's growth occurred during the fourth quarter of 2008 and through 2009 as it constructed its initial facility footprint. With signs of a recovering industry and economy, management believes the Corporation's facilities are equipped to support higher levels of activity. In addition, Secure's management and staff have continuously operated in a state where efficiencies were vital to ensuring a stable business model and, as such, management believes that the Corporation is poised to thrive in an upturn in the industry, and in the economy in general.

Overall, demand for the Corporation's services is expected to continue to grow based on a trend of greater outsourcing by oil and gas producers, and the increasing volume of byproducts requiring treatment and disposal from producing oil and gas wells. With two facilities under construction and one more approved by regulatory authorities, Secure is well prepared to grow our network to better service our customers. The Corporation will endeavor to maintain its strong balance sheet and execute its business strategy. With net proceeds of $62 million from the IPO and the available $35 million Credit Facility, the Corporation believes it is well positioned to capitalize on future opportunities.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this document constitute "forward-looking statements". When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions, as they relate to Secure, or its management, are intended to identify forward-looking statements. Such statements reflect the current views of Secure with respect to future events and operating performance and speak only as of the date of this document. In particular, this document contains forward-looking statements pertaining to: general market conditions, the oil and natural gas industry, commodity prices for oil and natural gas, debt service, future capital needs, access to capital, acquisition strategy and income tax considerations.

Forward-looking information concerning expected operating and economic conditions are based upon prior year results as well as assumptions that increases in market activity and growth will be consistent with industry activity and growth levels in similar phases of previous economic cycles. Forward-looking information concerning the availability of funding for future operations is based upon assumptions that sources of funding which the Corporation has relied upon in the past will continue to be available to the Corporation on terms favorable to the Corporation and that future economic and operating conditions will not limit the Corporation's access to debt and equity markets. Forward-looking information concerning the relative future competitive position of the Corporation is based upon assumptions that economic and operating conditions, including commodity prices, crude oil and natural gas storage levels, interest rates, the regulatory framework regarding oil and natural gas royalties, environmental matters, the ability of the Corporation to successfully market its services and drilling and production activity in the Western Canadian Sedimentary Basin, will lead to sufficient demand for the Corporation's services, that the current business environment will remain substantially unchanged, and that, present and anticipated programs and expansion plans of other organizations operating in the energy service industry will result in increased demand for the Corporation's services. Forward-looking information concerning the nature and timing of growth is based on past factors affecting the growth of the Corporation, past sources of growth and expectations relating to future economic and operating conditions. Forward-looking information in respect of the costs anticipated to be associated with the acquisition and maintenance of equipment and property are based upon assumptions that future acquisition and maintenance cost will not significantly increase from past acquisition and maintenance costs.

Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, including but not limited to those factors referred to herein under "Risk Factors" and under the heading "Risk Factors" in the Corporation's AIF for the year ended December 31, 2009.

Although forward-looking statements contained in this document are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements in this document are expressly qualified by this cautionary statement. Unless otherwise required by law, Secure does not intend, or assume any obligation, to update these forward-looking statements.

%SEDAR: 00029532E