EPiC Energy Resources Provides Operations Update

~ Cash flow positive in Q3'08 ~

HOUSTON, Oct. 23 /PRNewswire-FirstCall/ -- EPiC Energy Resources, Inc.
(OTC Bulletin Board: EPCC) ("EPiC"), a provider of engineering, management
consulting, training and data management services to the energy industry,
today provided an update on its operations.
EPiC announced that during the third quarter of 2008, its engineering and
consulting segment, which is made up of Pearl, The Carnrite Group
("Carnrite"), and Epic Integrated Solutions ("EIS"), has signed new contracts
for projects that are expected to generate $24 million in new business.
Approximately 10% of the contracted revenue comes from new clients. During
the third quarter of 2008, the Company's operations generated positive cash
flow and experienced solid demand for engineering and consulting services.
The EPiC team also continued to focus on managing its expenses and working
capital. These efforts allowed the Company to maintain its cash balances at or
above the levels at the end of the second quarter of 2008. On a percentage
basis EPiC's overhead expenses have declined approximately 25%, or 6% of
revenue since the second quarter of 2008.
"Each of our business units have secured new contracts in this challenging
environment," stated Rex P. Doyle, EPiC's Chief Executive Officer. "Pearl
continues to attract long term customers that generate recurring revenue from
production operations, maintenance, and construction management services.
Along with generating positive top line trends, we remain focused on reducing
costs, maintaining a carefully controlled spending program and reducing our
days sales outstanding (DSO). With the recent completion of our new
company-wide accounting and enterprise system, we are now better able to
manage and control our day-to-day operations. By continuing to refocus our
efforts on our core businesses we have successfully reduced approximately $1
million from our cost structure this quarter.
"As we navigate through these turbulent times we are watching our accounts
receivables closely and, excluding one customer, we have reduced our DSO's
from an average of 86 days in this year's second quarter to 69 days in the
third quarter. We are monitoring closely the customer who primarily operates
in the Powder River Basin, as they are having issues with their current debt
facility. We are speaking with the customer on a weekly basis and taking
provisions to ensure that our receivables are protected. We understand that
smaller E&P companies may be having difficulty accessing capital at the
moment, so we will continue to monitor our contracts and receivables closely.
We are encouraged that many of our contracts and services are for projects
that are at a modest incremental cost to the customer's total project cost,
but when complete, should create cash flow for our customers. Many of our
projects are also designed to help the customer reduce operating costs and
improve efficiency, which is an important issue in a declining commodity price
environment," added Doyle.
About EPiC
EPiC Energy Resources is a Houston based integrated energy services
company. EPiC provides consulting, engineering, construction management,
operations, maintenance, specialized training and data management services
focused primarily on the upstream and midstream energy infrastructure.
Services are provided through Pearl, a diversified engineering and energy
services company; Carnrite, a management consulting company focused on
providing strategic and operational consulting services to the broad energy
industry; and EIS, a global training and data management services company.
EPiC is headquartered at 1450 Lake Robbins Drive, Suite 160, The Woodlands,
Texas 77380. Office - 281-419-3742, http://www.1epic.com.
Forward-Looking Statements
Certain statements included in this release constitute forward-looking
statements. These forward-looking statements are based on management's belief
and assumptions derived from currently available information. Although EPiC
Energy Resources ("EPiC") believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Actual results could differ materially
from forward-looking statements expressed or implied herein as a result of a
variety of factors including, but not limited to: a decline in the price of,
or demand for, oil and gas, demand for EPiC's services, loss or unavailability
of key personnel, inability to recruit or retain personnel, competition for
customers and contracts, various potential losses associated with fixed-price
contracts, general economic conditions; and other financial, operational and
legal risks and uncertainties detailed from time to time in EPiC's SEC
filings. EPiC does not undertake any obligation to publicly update forward-
looking statements contained herein to reflect subsequent events or
circumstances.
CONTACTS:
Mike Kinney, Chief Financial Officer
281-419-3742 / mkinney@1epic.com

Lisa Elliott, Sr. Vice President
DRG&E * IR Counsel
713-529-6600 / lelliott@drg-e.com

SOURCE EPiC Energy Resources, Inc.

Mike Kinney, Chief Financial Officer, +1-281-419-3742, mkinney@1epic.com; Lisa
Elliott, Sr. Vice President of DRG&E, IR Counsel, +1-713-529-6600,
lelliott@drg-e.com, for EPiC Energy Resources, Inc.