Paintearth Purchases Products Business from Integrated Production Services

News Flash November 1, 2006

Paintearth Energy Services Inc. is pleased to announce the completion of the purchase of the Products business from Integrated Production Services (IPS), a division of Complete Production Services Inc. (NYSE:CPX). The agreement includes the acquisition of assets for the downhole tools business in both Canada and US which provides flow control, packer and service tools, artificial lift system accessories and specialized wear coatings providing local service from 4 branch locations: Calgary and Edmonton, Alberta and Victoria and Odessa, Texas. Also included are the assets of the former IPS Manufacturing Ltd., a fabricator of pressure vessels and wellhead production equipment with a 50,000 sq. ft. plant near Halkirk, in east central Alberta.

Paintearth has organized itself into 2 business units. The Surface Products unit operates from the Halkirk fabrication plant. The Sub Surface Products unit operates from Calgary and Edmonton locations in Canada and from the Victoria and Odessa locations in Texas. The predecessor businesses each have roots going back 20 years with well established reputations and customer bases.

Paintearth CEO Rick Luchak and President Ron Porter look forward to building a more focused business to provide customers with even better service in the future. “This is a win – win situation for all concerned”, said Luchak.

The new company has its head office in Calgary at 2435 22nd St. NE, Calgary Alberta, T2E 8K8, phone 403 264-5682 or 1 800 265-8665.