Shares Outstanding 20,535,959

CALGARY, May 29 /CNW/ - Global Energy Services Ltd. ("Global Energy") (GLK - TSX Venture), announces the Board of Directors have approved the release of the March 31, 2009 financial reports.

Financial highlight to March 31, 2009

- Revenue totalled $2,083,604 for the three month period ended

March 31, 2009 compared to $2,567,327 for the same period in 2008, a

decline of 19 percent or $483,723. The decline in revenue was

influenced by an overall decline in industry activity of twenty seven

percent according to industry statistics reported by the Nickle's

Energy Group.

- Net income (loss) declined by $186,112 resulting in a net loss of

$165,923 for the three month period ended March 31, 2009 as compared

to a net income of $20,188 in the comparable period in 2008. The loss

resulted from a reduction to the gross margin in our production

division due mainly to a result of lower margins on the introduction

of the new wind solar packages.

- At March 31, 2009, the Company had a working capital surplus (current

assets less current liabilities) of $1,853,896 compared to a surplus

of $1,858,407 at December 31, 2008. Cash flow from operating

activities of $57,301 was generated in the first quarter of 2009.

- The Company expects our expenditures to decrease over the balance of

the 2009 year, due to the substantial cost reduction program we have

implemented in our communications segment in the first quarter of

2009. Given the cost reductions expected from this program, the

Company believes our current cash resources are sufficient for the

Company to complete its short term strategic objectives.

According to Mr. Derek Begin, President and CEO the outlook for Global Energy Services is improving as "Well optimization of existing gas well production has grown significantly and we see this improved opportunities for our pumping technologies as the economy stabilizes. Our planned penetration into the USA market is showing more promise as our joint venture with ILS (International Lift Systems) is now owned by Lufkin Industries who have a bigger footprint in the market."

About Global Energy Services Ltd.

Global Energy Services Ltd. is an innovative oilfield service company that provides production services and communications solutions to the oil and gas industry. The production services segment utilizes its patented Activator hydraulic submersible pump to enhance gas production in conventional gas and coalbed methane wells. Global's communications segment provides a complete suite of integrated products and solutions specifically suited for the oil and gas industry. Global was founded in 1994 and is listed on the TSX-V.

More information about Global Energy Services Ltd. can be found at http://www.global-energy.ca

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