BONNETT'S ENERGY SERVICES TRUST ANNOUNCES COMPLETION OF ITS CONVERSION TO A CORPORATION

CALGARY, June 30, 2011 /CNW/ - Bonnett's Energy Services Trust (TSX: BT.UN) (the "Trust") is pleased to announce that the conversion of the Trust (the "Conversion") from an income trust to a corporation, named Bonnett's Energy Corp. ("New Bonnett's"), by way of a statutory plan of arrangement (the "Arrangement") under section 193 of the Business Corporations Act (Alberta) has been completed, effective today.

Pursuant to the Arrangement, holders of trust units of the Trust will receive, for each trust unit of the Trust held, one common share of New Bonnett's.  Holders of trust unit options of the Trust will receive, for each trust unit option held, an option to purchase common shares of New Bonnett's at an exercise price per New Bonnett's common share equal to the exercise price per trust unit of the Trust under the trust unit option being exchanged.

In order for holders of trust units of the Trust to receive certificates representing common shares of New Bonnett's issued to them under the Conversion, all registered holders of trust units of the Trust will need to validly complete, duly execute and return a letter of transmittal (which was mailed with the information circular and proxy statement) along with the certificates representing their trust units of the Trust and all other required documents as described in the letter of transmittal on a timely basis to Valiant Trust Company.  If you are a non-registered holder of trust units of the Trust and hold your trust units through a broker, investment dealer, bank, trust company or other intermediary, please complete the documentation provided to you by your broker or such other intermediary in accordance with the instructions provided by such intermediary.

It is expected that the common shares of New Bonnett's will commence trading on the Toronto Stock Exchange under the symbol "BT" on or about Thursday, July 7, 2011, at which time the trust units of the Trust will be delisted from the Toronto Stock Exchange.

Bonnett's Energy Corp. is a diversified corporation, providing wireline and testing services, fishing and oilfield rentals in the Western Canadian Sedimentary Basin.

Cautionary Statement Regarding Forward-Looking Information

This press release contains certain forward-looking statements or information within the meaning of applicable Canadian provincial securities laws.  All statements, other than statements of historical fact, are forward-looking statements or information.  When used in this press release, the words "anticipate", "will", "believe", "estimate", "expect", "intend", "target", "plan", "goals", "objectives", "pro forma", "forecast", "schedule", "may" and other similar words and expressions, identify forward-looking statements or information.  These forward-looking statements or information relate to, among other things: the expected commencement date for trading of New Bonnett's Common Shares on the Toronto Stock Exchange.  Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this press release and New Bonnett's has made assumptions based on or related to many of these factors.  Although New Bonnett's has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.  New Bonnett's does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances where any other events affecting such statements or information, other than as required by applicable securities laws.  Unitholders and Optionholders are cautioned against attributing undue reliance on forward-looking statements or information.