GFS Gasfrac Energy Services

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


GASFRAC Energy Services Inc. ("GASFRAC" or the "Company") (TSX VENTURE:GFS) is
pleased to announce that it has closed its previously announced bought deal
offering of common shares (the "Offering"). Pursuant to the terms of the
Offering, the Company issued 12,929,450 common shares (the "Common Shares") at a
price of $8.45 per Common Share (the "Offering Price") for aggregate gross
proceeds of $109,253,853, which includes gross proceeds of $14,250,502 relating
to the issuance of 1,686,450 Common Shares pursuant to the over-allotment option
granted to the underwriters. The Offering was completed through a syndicate of
underwriters lead by Raymond James Ltd. and including Cormark Securities Inc.,
BMO Capital Markets and Macquarie Capital Markets Canada Ltd.


In addition to the Company's current cash balance and available debt, GASFRAC
will use the net proceeds from the Offering to fund the Company's previously
announced 2011 capital expenditure program of $150 million. Pursuant to the 2011
capital program, GASFRAC intends to expand its hydraulic horsepower ("HHP") by
45% from 105,000 HHP in Q1 2011 to 152,500 HHP in Q4 2011 and intends to
increase the Company's proppant and fluid handling capabilities by 100%.


This press release does not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. These securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements.


FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking information and statements
that are based on GASFRAC's current expectations, estimates, projections and
assumptions in light of its experience and its perception of historical trends.
In this news release, such forward-looking information and statements can be
identified by terminology such as "intends", "to be", "expected", "anticipated"
and similar expressions.


In particular, this news release contains forward-looking statements and
information relating to the planned use of proceeds, GASFRAC's 2011 capital
expenditure program and timing for the Offering. These forward-looking
statements and information are being made by GASFRAC based on certain
assumptions that GASFRAC has made in respect thereof as at the date of this
document, including: that favourable growth parameters continue to exist in
respect of current and future growth plans (including the ability to finance
such plans on favourable terms); and that GASFRAC's businesses will continue to
achieve sustainable financial results. These forward-looking statements are not
guarantees of future performance and are subject to a number of known and
unknown risks and uncertainties, including, but not limited to: non-performance
of agreements in accordance with their terms; the seasonal nature of the North
American oil and gas industry; the impact of competitive entities and pricing;
reliance on suppliers for components; reliance on intellectual property rights;
the strength and operations of the oil and natural gas production industry and
related commodity prices; the continuation or completion of third-party
projects; regulatory environment and inability to obtain required regulatory
approvals; tax laws and treatment; fluctuations in operating results; the
ability of GASFRAC to raise sufficient capital to complete future projects and
satisfy future commitments; construction delays; labour and material shortages;
and certain other risks detailed from time to time in GASFRAC's public
disclosure documents including, among other things, those detailed under the
heading "Narrative Description of the Business of GASFRAC" in the joint
information circular and proxy statement relating to the amalgamation of GASFRAC
with Kierland Capital Corporation dated July 7, 2010 which can be found at
www.sedar.com.


Accordingly, readers are cautioned that events or circumstances could cause
results to differ materially from those predicted, forecasted or projected. Such
forward-looking statements are expressly qualified by the above statements.
GASFRAC does not undertake any obligation to publicly update or revise any
forward-looking statements or information contained herein, except as required
by applicable laws.

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