FSI Announces 2011 Third Quarter Financial Results

Richard Ball, Chief Executive Officer of FSI Energy Services Inc. (TSX VENTURE:FSI) ("FSI"), is pleased to announce financial results for the three and nine months ended September 30, 2011.

Financial                                                                   
 Highlights                   Quarter              Quarter                  
                                ended                ended                  
                        September 30,        September 30,                  
                                 2011                 2010           Change 
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Revenue              $      1,019,139     $        589,393               73%
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Earnings (loss)                                                             
 before interest,                                                           
 taxes,                                                                     
depreciation and                                                            
 amortization                                                               
 (EBITDA)            $        519,793     $         18,838            2,659%
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EBITDA margin (%                                                            
 of sales                                                                   
 revenue)                          51%                   3%                 
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Profit (Loss) for                                                           
 the period          $        461,181     $        (45,335)                 
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Operating profit                                                            
 (% of sales                                                                
 revenue)                          49%                  (4%)                

The Company has recorded a net profit for the third consecutive quarter in 2011, with year-to-date earnings of $593,000, compared to a loss of $442,637 the same nine months last year. The increase over both periods was mostly generated from stronger domestic revenue, and for the nine month period, lower selling, general and administrative expenses. The improved profit resulted in earnings per share of $0.02 and $0.03 per share for the three and nine months ended September 30, 2011, respectively, compared to respective losses per share of $0.01 and $0.02 the same periods last year.

FSI also saw increased activity in the Russian segment via revenue generated by Brine Plant design and engineering services.

More in-depth analysis of financial results is contained within the company's Management Discussion and Analysis, available on SEDAR.

About FSI

Through its wholly owned subsidiary FSI International Services Ltd., FSI Energy Services Inc. is a Calgary-based manufacturing and service company specializing in customized filtration, filtration-related technologies and Brine Plants for the energy, chemical, and water treatment industries.

Forward-looking Information Cautionary Statement

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. Forward-looking statements are based on the opinions and estimates of management relying on their experience at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSX Venture Exchange, changes in the business environment that might impact the intended use of proceeds and terms of the financing and changes in the intention of the parties to subscribe to the private placement. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by FSI, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on FSI or its business operations. FSI disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: FSI Energy Services Inc. Richard Ball President and CEO [phone] [phone] (FAX)www.fsigroup.ca