Great Prairie Energy Services Inc. Announces 2014 First Quarter Results

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Great Prairie Energy Services Inc. (TSX VENTURE:GPE) ("Great Prairie" or the
"Company") is pleased to announce its financial results for the three month
period ended March 31, 2014. A copy of the Q1 2014 financial statements
("Financial Statements") and the related management discussion and analysis
("MD&A") are available under the Company's profile on SEDAR at www.sedar.com.


First Quarter Highlights



--  Revenue of $5.3 million for the three months ended March 31, 2014. 
    
--  EBITDAS(1) of $3.1 million for the three months ended March 31, 2014. 
    
--  Net and comprehensive income of $1.4 million for the three months ended
    March 31, 2014. 
    
--  Effective February 28, 2014, the Company acquired all of the issued and
    outstanding shares and assumed all of the liabilities of Green Dawg Inc.
    ("Green Dawg") for total cash consideration of $2.75 million with future
    contingent cash consideration of up to $1.05 million. Green Dawg is a
    private company based in Alberta that rents automated catwalks. 
    
--  On May 15, 2014, subsequent to the first quarter of 2014, Great Prairie
    acquired certain oilfield service assets and related operations in
    Alberta, Saskatchewan and British Columbia for $10.0 million cash (the
    "Purchased Assets"). The Purchased Assets complement Great Prairie's
    existing operations and include oilfield rentals, hauling and frac fluid
    operations in Drumheller, Sundre and Valleyview, Alberta, and
    Kindersley, Saskatchewan. Great Prairie acquired the Purchased Assets
    through its wholly owned subsidiary, Great Prairie Oilfield Services
    Inc. 
    
--  Coinciding with the acquisition of the Purchased Assets, Great Prairie
    increased its bank term facility from $6.0 million to $18.0 million to
    finance the Purchased Assets. Great Prairie's operating line remains
    unchanged at $2.0 million. 



The first quarter of 2014 was active both operationally and with the completion
of the Green Dawg acquisition. 


Operationally, the activity level of the Viking light oil play surrounding Great
Prairie's core area of Kindersley, Saskatchewan increased compared to the fourth
quarter of 2013. Great Prairie invested approximately $1.67 million into
additional rental and hauling equipment in the Kindersley area to keep pace with
demand while continuing to deliver a quality high margin service. 


The Green Dawg acquisition provides Great Prairie with a rental presence in the
Lloydminster region of Saskatchewan and Alberta. Green Dawg rents automated
catwalks which are used with service rigs and removes the primary pinch point
involved with service rig activity. Great Prairie intends to use this platform
to cross-sell its products in both the Lloydminster and Kindersley areas. In the
first quarter of 2014, Great Prairie purchased a 12th catwalk unit for
approximately $0.26 million. The Green Dawg acquisition provides geographic
diversification to Great Prairie's operations and an opportunity to continue to
deploy additional capital to expand its operations.


Great Prairie will continue to integrate its operations and look to leverage its
broader operating capacity as a result of the above mentioned acquisitions.
Great Prairie's four field office locations in Alberta and Saskatchewan enable
Great Prairie to more effectively deploy and manage its equipment and provides a
broad asset base to invest capital into its operations. 


Based on the acquisition of Green Dawg and the Purchased Assets, management of
Great Prairie estimates that Great Prairie would have recorded, on a pro forma
basis, approximately $12.0 million in total adjusted EBITDA for the year ended
December 31, 2013. 


Great Prairie's financial status remains strong and positions the company well
for future growth. Great Prairie continues to evaluate opportunities to add to
its existing asset base. 




                                                                            
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1.) EBITDAS: (Earnings before interest, taxes, depreciation, amortization   
    and stock based compensation) is not a recognized measure under IFRS.   
    Management believes that EBITDAS is a useful supplemental measure in    
    assessing Great Prairie's ability to generate cash flow.                



About Great Prairie Energy Services Inc. 

Great Prairie Energy Services Inc. is a Canadian energy services company focused
on servicing oil and gas activity in Saskatchewan, Alberta and British Columbia.
Great Prairie provides general oilfield hauling, equipment rental and frac fluid
services out of Kindersley SK, Lloydminster SK, Drumheller AB, Sundre AB and
Valleyview AB through its operating entities Good to Go Oilfield Rentals and
Trucking, Great Prairie Oilfield Services and Green Dawg. 


Forward-Looking Statements and Reader Advisory 

This news release contains forward-looking statements relating to future growth,
future acquisition opportunities and planned capital expenditures of Great
Prairie. Readers are cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the plans, intentions or
expectations upon which they are based will occur. By their nature,
forward-looking statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to the possibility
that the predictions, forecasts, projections and other forward-looking
statements will not occur, which may cause actual performance and results in
future periods to differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking statements.
These assumptions, risks and uncertainties include, among other things: the risk
that Good to Go or Green Dawg may not be able to retain key employees to
continue to maintain its operations; risk that the perceived benefit of the
acquisition of the Purchased Assets may not be realized; risk that Great
Prairie's ability to complete future financings; risks relating to the state of
the economy in general and capital markets in particular; risks relating to
investor interest in the business and future prospects of Great Prairie; risks
that Great Prairie's customers may not increase, or may even decrease, their
activity levels; risks relating to changes in the demand for or the price of oil
and natural gas; risks relating to increases in costs of labor, fuel, equipment
and supplies employed and used in Great Prairie's businesses; risks relating to
compliance with environmental, health and safety laws and regulations, as well
as actions by governmental and regulatory authorities; risks that Great Prairie
may not be able to execute its capital expenditure program and/or that any such
capital expenditure investments, if made, will not generate adequate returns;
and other risks affecting Great Prairie's ability to maintain or improve
operations, including its ability to maintain prices for services under market
pricing pressures, weather risks, and the impact of potential increases in
general and administrative expenses.


The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, Great Prairie
disclaim any intention and assume no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable securities law.
Additionally, Great Prairie undertakes no obligation to comment on the
expectations of, or statements made, by third parties in respect of the matters
discussed above. 


Readers should note that EBITDA is a non-GAAP financial measures and do not have
any standardized meaning under GAAP and is therefore unlikely to be comparable
to similar measures presented by other companies. Great Prairie believes that
EBITDA is a useful supplemental measure, which provide an indication of the
results generated by the Great Prairie's primary business activities prior to
consideration of how those activities are financed, amortized or taxed. Readers
are cautioned, however, that EBITDA should not be construed as an alternative to
comprehensive income (loss) determined in accordance with GAAP as an indicator
of Great Prairie's financial performance. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Great Prairie Energy Services Inc.
Sid Dutchak, President and CEO
403.630.2157
[e-mail]


Great Prairie Energy Services Inc.
Alex Jackson, CFO
403.930.7191
[e-mail]
www.gpeservices.ca