PHX PHX Energy Services Corp

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

PHX Energy Services Corp. ("PHX" or the "Corporation") (TSX:PHX) is pleased to
announce the closing of its bought deal financing for aggregate gross proceeds
of approximately $31 million. An aggregate of 2,990,000 common shares of the
Corporation were issued at a price of $10.40 per common share, which includes
390,000 common shares issued pursuant to the exercise in full of the
over-allotment option. Concurrent with the closing of the public offering,
certain directors, officers and employees of PHX and their associates, purchased
a total of 500,000 common shares at a price of $10.40 per share on a private
placement basis. The gross proceeds from the public offering and concurrent
private placement totalled approximately $36.3 million.


The public offering was led by Peters & Co. Limited and included RBC Dominion
Securities Inc., Scotia Capital Inc., Cormark Securities Inc. and FirstEnergy
Capital Corp. 


The securities offered have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any U.S. state securities laws and may not be offered or sold in the United
States absent registration or an available exemption from the registration
requirement of the U.S. Securities Act and applicable U.S. state securities
laws. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any jurisdiction in which such offer, solicitation or sale would
be unlawful.


About PHX Energy Services Corp.

PHX Energy's Canadian operations are conducted through Phoenix Technology
Services LP. The Corporation maintains its corporate head office, research and
development, Canadian sales, service and operational centres in Calgary,
Alberta. In addition PHX Energy has a service facility in Estevan, Saskatchewan.
PHX Energy's US operations, conducted through the Corporation's wholly-owned
subsidiary, Phoenix Technology Services USA Inc. ("Phoenix USA"), is
headquartered in Houston, Texas. Phoenix USA has sales and service facilities in
Houston, Texas; Traverse City, Michigan; Casper, Wyoming; Denver, Colorado; Fort
Worth, Texas; Midland, Texas; Buckhannon, West Virginia; Pittsburgh,
Pennsylvania; and Oklahoma City, Oklahoma. Internationally, PHX Energy has sales
offices and service facilities in Albania, Peru, Russia, and Colombia, and an
administrative office Nicosia, Cyprus.


The common shares of PHX Energy are traded on the Toronto Stock Exchange under
the symbol "PHX".


FOR FURTHER INFORMATION PLEASE CONTACT: 
PHX Energy Services Corp.
John M. Hooks
President & Chief Executive Officer
(403) 543-4466


PHX Energy Services Corp.
Cameron M. Ritchie
Senior Vice-President, Finance & Chief Financial Officer
(403) 543-4466

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