Tricap Announces Preliminary Discussions With Central Alberta Regarding a Going Private Transaction

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.


Tricap Partners II LP ("Tricap") today announced that it has made a proposal to
Central Alberta Well Services Inc. (TSX VENTURE:CWC) ("CAWS" or the "Company")
with respect to a going private transaction pursuant to which Tricap would make
an offer to acquire all outstanding Class A voting common shares ("Class A
Shares") of the Company other than those already held by Tricap or its
affiliates. Tricap currently owns approximately 9.9 million Class A Shares
representing approximately 49.0% of the currently issued and outstanding Class A
Shares. In addition, Tricap owns approximately 7.0 million Class B non-voting
common shares of the Company ("Class B Shares") representing all of the
outstanding shares of that class. The Class B Shares are convertible into Class
A Shares in certain circumstances.


Under the Tricap proposal, Tricap or an affiliate would make an offer of $0.45
per Class A Share subject to the negotiation of a mutually acceptable support
agreement between Tricap and the Company and such other conditions to be set out
in the formal take-over bid circular to be mailed to CAWS shareholders. This
share price translates into premiums of 13% based on the last trade and 14% and
17% based on the weighted average trading price of the Class A Shares on the TSX
Venture Exchange (the "TSXV") for the 20 and 45 trading days, respectively,
ended March 17, 2009.


Tricap was established by Brookfield Asset Management to provide a source of
patient, long-term capital and strategic assistance to mid-market companies
based in North America. With strong industry and financial management expertise,
Tricap is well positioned to assist companies in building value over the
long-term.


This press release contains forward looking information, including
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. The word "would" and other expressions which are predictions of or
indicate future events and trends and which do not relate to historical matters
identify forward looking statements. Reliance should not be placed on
forward-looking statements because they involve known and unknown risks,
uncertainties and other factors, which may cause the going private transaction
contemplated by the proposal made by Tricap to the Company to differ materially
from the description of the proposal expressed or implied by such
forward-looking statements or to not be made at all. Factors that could cause
the actual proposal not to be made or to differ materially from that described
in the forward looking statements include failure to negotiate a mutually
acceptable support agreement with the Company. Tricap undertakes no obligation
to publicly update or revise any forward looking statements, whether as a result
of new information, future events or otherwise, unless required by law.