IROC Energy Services Corp. Closes $22,308,762 Bought Deal Financing by Way of Treasury and Secondary Offering

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

CALGARY, April 11 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSX Venture Exchange: ISC) is pleased to announce that it has closed its recently announced bought deal financing comprised of 7,200,361 common shares of the Corporation ("Common Shares"), which includes the exercise, in full, of the over-allotment option for 519,830 Common Shares, at $1.40 per Common Share, for aggregate gross proceeds of approximately $10,080,505 to the Corporation.

In addition to the closing of the treasury offering of 7,200,361 Common Shares, Key Energy Services, Inc. (the "Selling Shareholder") has also completed the sale of 8,734,469 Common Shares at a purchase price of $1.40 per Common Share, for aggregate gross proceeds to the Selling Shareholder of approximately $12,228,257. IROC did not and will not receive any proceeds from the Common Shares sold pursuant to the secondary offering. The Selling Shareholder now holds no Common Shares.

Acumen Capital Finance Partners Limited and AltaCorp Capital Inc. acted as co-lead underwriters for this financing.

The Corporation expects to initially use the net proceeds of the treasury offering to repay outstanding indebtedness under its credit facilities thereby freeing up borrowing capacity to fund capital expenditures, additional acquisitions or development activities of the Corporation.

About IROC Energy Services Corp.

IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a diverse range of products, services and equipment to the oil and gas industry that are among the newest and most innovative in the western Canadian sedimentary basin and international markets. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in the following core areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, Rental Services and Coil Tubing Services. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.

Cautionary Statement Regarding Forward Looking Information and Statements

Except for the statements of historical fact contained herein, certain information presented herein constitutes "forward-looking statements". More particularly, this news release contains statements concerning the use of proceeds of the offering. The forward-looking statements contained in this document, are solely opinions and forecasts which are uncertain and subject to risks. Forward-looking statements include but are not limited to uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumption used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forward-looking statements.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation 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, the Corporation undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

Other

This press release is not for dissemination in United States or to any United States news services. The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws and are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state securities laws.

The securities offered have not been, and will not be, registered under the United States Securities Act or any U.S state securities laws, and may not be offered or sold in the Unites States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither 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.