Impax Announces 2008 Financial Results, Credit Facility Changes and Corporate Changes

TORONTO, ONTARIO, Mar 30 (MARKET WIRE) --
Impax Energy Services Income Trust ("Impax" or the "Trust") (TSX: MPX.UN)
announces its 2008 financial results, credit facility changes and senior
management changes related to relocation of its head office from Toronto,
Ontario to Calgary, Alberta.

2008 FINANCIAL RESULTS

Year
Year ended
ended December
(in 000's of Canadian dollars, except per December 31, 31, 2007
unit amounts) 2008 (restated)
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Revenue $41,276 $41,380
Impairment charges (28,444) (32,200)
Net loss excluding impairment charges (2,084) (3,276)
Net loss (30,528) (35,476)
EBITDA(1) 11,806 11,497
Total assets 72,424 107,376
Loss per unit - basic and diluted $(2.36) $(3.03)
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Revenue for the year ended December 31, 2008 remained flat compared to
the year ended December 31, 2007 despite the slowdown in oil and gas
services activity year over year. The Trust had a net loss of $30,528 for
the year ended December 31, 2008 in comparison to $35,476 for the year
ended December 31, 2007. Significant components of the $4.9 million
variance are a reduction of $4.1 million in non-cash expenses for
amortization, goodwill and intangible asset impairment charges, $1.6
million lower operating and general and administrative costs and a $3.8
million favourable variance in future income tax balance, offset by $2.2
million higher interest and other bank charges and $2.5 million reduction
in non-controlling interest.

The significant drop in total assets, year over year, is mostly
attributable to the fourth quarter non-cash impairment charge of $28.4
million relating to the Trusts' goodwill and intangible assets.

CREDIT FACILITY CHANGES

Subsequent to December 31, 2008, the Trust entered into discussions with
its lenders to obtain a new credit agreement which would remove the
demand nature of its current facility, reduce the interest rates and
reduce principal repayment requirements. In this regard, the Trust
received, on March 30, 2009, confirmation from its lenders that a new
credit agreement, along the lines requested by the Trust, was accepted
subject to appropriate documentation and the completion of certain
conditions precedent. The new facility will be for a two year term with
significantly reduced interest rates and principal repayments. The Trust
expects the final documentation to be completed in April 2009.

CORPORATE AND SENIOR MANAGEMENT ANNOUNCEMENTS

The Trust is relocating its head office from Toronto, Ontario to Calgary,
Alberta and expects to complete the move by the end of April 2009. Mr.
Scott Delaney, President and Chief Executive Officer, Mr. John Anderson,
Chief Financial Officer and Mr. Jon Pinchuk, Vice President Corporate
Development of Impax, have elected to remain in Toronto to pursue other
opportunities available to them. The Board wishes to thank them and the
other staff in Toronto for their contribution to the Trust over the past
three years and in particular to acknowledge Mr. Delaney as a founder of
the Trust, for bringing together a group of high quality private
businesses into the Trust structure and for his leadership over the past
three years.

The Trust is pleased to announce the appointment of Mr. William (Bill)
McClelland as President and Chief Executive Officer of Impax effective
April 1, 2009. Mr. McClelland is currently a Director of Impax General
Partner and President and Chief Executive Officer of McClelland Oilfield
Rentals Ltd., and brings to his new responsibilities over thirty years of
experience and leadership in the oilfield services sector. Mr. McClelland
will continue with his responsibilities with McClelland Oilfield Rentals
Ltd. The Board welcomes Mr. McClelland in his new capacity and is pleased
to have his experience and leadership through the challenging environment
of 2009.

OUTLOOK

Uncertain global markets, constrained credit and low energy prices
continue to depress general business activity including Canada's energy
sector. Government initiatives are restoring some confidence and within
the oil and gas sector specific initiatives such as the recent royalty
announcements by the Alberta Government are being received favorably.
These considerations combined with the producing sector's desire to
sustain production levels will provide opportunities for the oil and gas
service sector as it manages its way through 2009. The Trust is well
positioned to compete in this environment.

Many of the oil field services offered by the Trust are directed to
production maintenance as well as development activities and in 2008 this
enabled the Trust to match its revenue and EBITDA performance compared to
2007. Entering 2009, the Trust has retained its key operating personnel,
restructured its debt to reduce ongoing costs through 2009 and 2010 and
with its relocation to Calgary expects to significantly reduce corporate
G&A costs on a go forward basis.

While the experience and capability of its operating units will continue
to enable the Trust to remain competitive, the Trust is committed to
maximizing unit holder value by seeking strategic alternatives to improve
its balance sheet and maximize growth opportunities.

Impax Energy Services Income Trust is an open-ended trust, providing
oilfield services in western Canada. The Trust indirectly owns an
approximate 72% interest in Impax Energy Services Master Limited
Partnership, which indirectly acquired and now operates through its
subsidiaries the businesses of McClelland Oilfield Rentals Limited
Partnership, EGOC Enviro Group Limited Partnership, Denray Rathole
Drilling Limited Partnership and Dwayne Hommy Trucking Limited
Partnership. These businesses provide services in the areas of oilfield
rental, specialized equipment rental, access mat rental, waste management
services, rat hole drilling and specialty fluid hauling.

This news release may contain forward-looking statements relating to
expected future events and financial and operating results of the Trust
that involve risks and uncertainties. Actual results may differ
materially from management expectations as projected in such
forward-looking statements for a variety of reasons, including market and
general economic conditions and the risks and uncertainties detailed in
the Trust's March 28, 2008 Annual Information Form filed with the
Canadian securities regulatory authorities. Due to the potential impact
of these factors, the Trust disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, unless required by
applicable law.

Notes:

(1) As discussed in the Management's Discussion and Analysis, EBITDA is
not an earnings measurement recognized by GAAP and does not have a
standardized meaning prescribed by GAAP. References to "EBITDA" are to
net earnings before interest expense, income taxes, amortization,
impairment charges, unit based compensation and non-controlling interest.
Management believes that, in addition to net earnings, EBITDA is a useful
supplemental measure of both performance and cash available for
distribution before debt service, changes in working capital, capital
expenditures and income taxes.

Additional Financial Information

The full annual report, including the audited consolidated financial
statements with accompanying notes and Management's Discussion and
Analysis will be filed on SEDAR.

Contacts:
Impax Energy Services Income Trust
John Anderson
Chief Financial Officer
(416) 913-3684

Impax Energy Services Income Trust
Raymond P. Cej
Chairman
(587) 888-1900

Impax Energy Services Income Trust
Stephen T. Moore
Trustee
(416) 815-2278
www.impaxenergy.com

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