FSI Announces 2012 Third Quarter Financial Results

Richard Ball, Chief Executive Officer of FSI Energy Group Inc. (TSX VENTURE:FSI)
("FSI"), is pleased to announce financial results for the three and nine months
ended September 30, 2012.




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Financial Highlights                           Nine months       Nine months
                                                     ended             ended
                                             September 30,     September 30,
                                                      2012              2011
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Revenue                                         $2,830,867        $2,653,056
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EBITDA(1)                                         (596,820)          758,370
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As explained in the company's Management Discussion and Analysis - which is
available on SEDAR - FSI is currently nearing completion of two
previously-announced Brine Plant export contracts with revenue totalling USD10.6
million.


About FSI

Through its wholly owned subsidiary FSI International Services Ltd., FSI Energy
Group 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.


Non-GAAP Financial Measures

EBITDA does not have a standard definition prescribed by GAAP and therefore may
not be comparable to similar measures disclosed by other companies. FSI utilizes
these measures in making operating decisions and assessing FSI's financial
performance and as an indicator of its ability to service its liabilities. This
non-GAAP measure has not been presented as an alternative to net income (loss)
or any other measure of performance or liquidity prescribed by GAAP. EBITDA is
calculated as follows:




September 30,                      Three months ended      Nine months ended
                              ----------------------------------------------
                                     2012        2011       2012        2011
                                        $           $          $           $
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Net income (loss)                (635,590)    461,181   (778,964)    592,390
Add back:                                                                   
Finance costs                      23,620      20,312     71,909      58,433
Depreciation included in                                                    
cost of sales                      31,145      34,284     93,652      95,501
Depreciation                        4,683       4,016     16,583      12,046
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EBITDA                           (576,142)    519,793   (596,820)    758,370
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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. In particular, this press release contains forward- looking
information about the completion of the Brine Plant export contracts and the
revenues associated therewith. 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, the risk factors discussed in FSI's MD&A and other continuous
disclosure documents. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
FSI Energy Group Inc.
Richard Ball
President and CEO
[phone]
[phone] (FAX)
www.fsigroup.ca