IROC ENERGY SERVICES CORP. 
By CALGARY, Jul 14, 2011, 2011 (Canada NewsWire via COMTEX) --
/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES./
IROC Energy Services Corp. ("IROC" or the "Corporation") (TSXV: ISC) announces it has sold the business assets (excluding cash, accounts receivable and accounts payable) and business of its Canada Tech division ("Canada Tech") for cash consideration of approximately $4.8 million to a wholly owned subsidiary of Reservoir Group Limited ("Reservoir Group"). Canada Tech, a designer, developer, and manufacturer of a wide line of tools and systems that measure pressures, temperatures and other attributes in the downhole and surface environment of oil and gas wells, was the only remaining technology services business operated by IROC, with the Corporation's other technology businesses being divested in 2009. The sale includes the complete Canada Tech division with all existing division employees being offered continued employment by the purchaser.
Tom Alford, President and CEO of IROC commented, "Reservoir Group is an emerging global market leader in downhole tools, technologies and associated sub-surface services with an international footprint which should help drive forward and enhance Canada Tech's opportunities worldwide. We believe that this is the best outcome for Canada Tech's employees and customers and the IROC stakeholders". Mr. Alford further commented that, "the sale of Canada Tech completes the divestiture of the last business in IROC's technology services business segment and will allow our management team to focus IROC's strategy on continuing to grow our various drilling and production services businesses, which include Eagle Well Servicing, Aero Rental Services and Helix Coil Services."
Reservoir Group CEO, Pascal Bartette commented "We welcome Canada Tech and its employees to the Reservoir Group. Canada Tech has developed leading technical solutions for well monitoring which complement Reservoir Group's existing first class solutions from our group company, Omega Data Services. With increasingly complex well completions, understanding the downhole conditions is critical to maximising value from the reservoir. The combination of RG's international network and advanced monitoring solutions offers tremendous opportunities to our well monitoring business line. We are truly excited about the potential of the combined businesses who have very little overlap but rather complementary services."
About IROC Energy Services Corporation
IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a diverse range of products, services and equipment to the oil and gas industry that are among the newest and most innovative in the WCSB. IROC Energy Services Partnership operates under the business names of Eagle Well Servicing, Aero Rental Services, and Helix Coil Services. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in the following core areas: Well Servicing & Equipment, Rental Services, and Coiled Tubing Services & Equipment. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.
About Reservoir Group
Reservoir Group is an Aberdeen-basedglobaloilfieldservicesgroupwhose businesses all undertakeniche activitiesfocused on the hydrocarbon reservoir. TheGroup's four main activities areas are downhole drillingtools, formation evaluation, completion andproductionand physical and digitaldata management. The group who incorporated in 2007 has large ambitions and developed a new original business model appealing to stakeholders.
Reservoir Group'sunique approachhas led to its successfulinternationaldevelopment over the past four years, with a number of highly-regarded businesses having become part ofthe Group's rapidexpansion. Reservoir Group is backed by Houston-basedoil & gas specialist private equity firmSCF Partners. For more information on Reservoir Group please visit www.reservoir-group.com.
Cautionary Statements
Certain statements contained in this news release may constitute forward looking statements concerning, among other things, the effect of the sale of the Canada Tech division on IROC's operations and financial results, all of which are subject to certain risks, uncertainties and assumptions. These forward looking statements are identified by their use of terms and phrases such as "anticipate", "continue", "estimate", "expect", "may", "will", "projected", "should", "believe" and other similar terms and phrases. By its nature, such forward looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. These risks include, but are not limited, to the risks associated with the oil and gas industry generally, fluctuating prices in crude oil and natural gas, changes in drilling activity, general global economic, political and business conditions, weather conditions, regulatory changes and availability of products, qualified personnel and manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect actual results may vary materially from those expected. IROC relies on litigation protection for any forward looking statements.
This press release is not for dissemination in United States or to any United States news services. The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws and are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state securities laws.
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SOURCE: IROC Energy Services Corp.
IROC Energy Services Corp. Mr. Thomas M. Alford, President and CEO Telephone: (403) 263-1110 Email:investorrelations@iroccorp.com Or Mr. Ryan A. Michaluk, Chief Financial Officer Telephone: (403) 263-1110 Email:investorrelations@iroccorp.com.
