Phoenix Announces Closing of $48 Million in Financings

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Phoenix Oilfield Hauling Inc., ("Phoenix" or the "Company") (TSX VENTURE:PHN), a
leading provider of hauling services and equipment rentals to the energy
industry, today announced that it has closed approximately $48 million in
financings with PNC, Werklund Capital Corporation ("WCC") and members of the
Company's senior management team.


"In partnership with PNC and Werklund Capital we have been able to substantially
strengthen our balance sheet and reduce our cost of capital," said Bharat
Mahajan, Vice President, Finance and CFO of Phoenix. "With this stronger
foundation in place, we have greater flexibility to deploy capital as
opportunities and overriding market conditions dictate and can now focus on
executing our ambitious growth plans for 2012 and beyond."


The Company intends to use the financing to repay certain existing bank
borrowings, restructure its balance sheet, and to grow its existing operations
in the Western Canadian Sedimentary Basin and the eastern and southern U.S.
while also establishing new operations in the southern U.S. The announced
financing is also at rates significantly lower than its previous operating
facility and as such will decrease the Company's interest and financing costs
going forward.


The Company's financing with PNC Bank Canada Branch the name under which PNC
Bank, N.A., a member of the PNC Financial Services Group, Inc., does business in
Canada("PNC") is a senior credit facility secured by a general security
agreement with a first charge on all the Company's assets. This facility
includes a current operating facility of $35 million and an accordion feature
for $5 million which may be accessed should the Company's operations demand
("PNC Facility"). The PNC Facility bears interest at prime plus 1.25% per annum
plus an unused facility fee of 0.25% per annum. The PNC Facility is due on
January 1, 2015. There are no principal payments required on this facility until
the due date.


Phoenix also closed its previously announced equity and convertible debenture
financing with WCC for gross proceeds of $7.7 million (the "WCC Transaction").
The Company issued 1,241,667 common shares to WCC at a price of $2.40 per share
with resulting proceeds of approximately $3.0 million in the capital of the
Company (the "Common Shares"). Further, the Company entered into a convertible
debenture with WCC for $4.7 million (the "Convertible Debenture"). The
Convertible Debenture is due on December 13, 2014, bears interest at 4% per
annum, payable quarterly, and is convertible into 1,850,980 Common Shares of the
Company at a price of $2.55 per share. There are no principal payments required
on the Convertible Debenture until the due date. WCC, in its sole discretion,
has the right to convert, sell or syndicate all or a portion of the Convertible
Debenture. In the event of full conversion of the Convertible Debenture, the
holder thereof will have the right to appoint one nominee to the board of
directors of the Corporation (the "Board"). The Convertible Debenture will be
secured by way of a general security interest against all present and
subsequently acquired property of the Company and will be subordinate to the
interests of the Company's senior lenders. The Common Shares and Convertible
Debenture issued pursuant to the WCC Transaction will be subject to a statutory
four month hold. WCC will receive a work fee of $115,500 in connection with this
transaction.


WCC is a related party of Phoenix because David Werklund, the principal of WCC,
is a director and interim President and Chief Executive Officer of Phoenix. WCC
is also a major shareholder of Phoenix. Accordingly, Phoenix formed a special
committee of the Board (the "Special Committee"), comprised of independent
directors for the purpose of reviewing the WCC Transaction. The Special
Committee retained Raymond James Ltd. ("RJ") as its financial advisor for the
WCC Transaction. RJ has provided an opinion to the Special Committee confirming
that the WCC Transaction is fair, from a financial point of view, to the
shareholders (other than WCC) of Phoenix. Based upon the recommendation of the
Special Committee, the Board of Directors unanimously determined that the WCC
Transaction was in the best interests of the Company.


"We continue to see strong growth opportunities for Phoenix covering well
established operating areas in the Western Canadian Sedimentary Basin, as well
as emerging resource plays in the United States," said Mr. David Werklund,
Executive Chairman of WCC. "Phoenix's evolving business and growing portfolio of
opportunities offers solid potential returns and as a result we are
substantially increasing our investment in the Company." 


The Company also closed a portion of its previously announced private placement
with members of its senior management team raising an additional $240,000
through the issuance of 100,000 Common Shares at a price of $2.40 per share. The
Common Shares issued pursuant to the management private placement will be
subject to a statutory four month hold period. The Company may close up to an
additional 150,000 Common Shares at a price of $2.40 per share for additional
gross proceeds of up to $360,000 in a private placement with management as
permitted by the TSX Venture Exchange (the "TSXV").


About Phoenix Oilfield Hauling Inc.

Phoenix provides specialized transportation of products, materials, supplies and
equipment required for the exploration, development and production of petroleum
resources in the Western Canadian Sedimentary Basin and in the United States of
America principally in and around the states of Texas and Pennsylvania.
Transportation services include both the equipment necessary to move the load as
well as a trained, professional driver capable of securing, moving and
manipulating the load at its origin and destination. The Company's Canadian
heavy haul division is capable of hauling loads in excess of 300,000 pounds.
Phoenix's rental operations include the rental of tanks, matts, pickers, light
towers and other equipment necessary for oilfield operations.


Phoenix was incorporated in 1994 as a private company to serve the oil and gas
industry. In the spring of 2006 the Company went public on the TSXV. Phoenix has
major operations in Calgary, AB, Slave Lake, AB, Nisku, AB, Grand Prairie, AB,
Waskada, MB, Mineral Wells, TX, and New Columbia, PA. Phoenix is publicly traded
on the TSXV under the symbol PHN. For more information on Phoenix please see the
Company's filings at www.sedar.com.


About Werklund Capital Corporation

Werklund Capital Corporation is a fast-growing, dynamic capital investment firm.
WCC's business philosophy is to achieve a reasonable return on it's capital by
seeking investment opportunities in which WCC can make a significant and
positive contribution.


WCC was founded by Mr. David P. Werklund, a successful and respected Calgary
businessman, and is comprised of a team of highly experienced and focused
professionals committed to partnering with its portfolio companies to achieve
advanced financial growth through the application of superior business
practices.


This news release may contain certain forward-looking statements, which include
assumptions with respect to (i) future operations; (ii) future economic
conditions; (iii) future capital expenditures; and (iv); the closing of an
additional private placement with management. 


The reader is cautioned that assumptions used in the preparation of such
information may prove to be incorrect. All such forward-looking statements
involve substantial known and unknown risks and uncertainties, certain of which
are beyond the Company's control. Such risks and uncertainties include, without
limitation, risks associated with loss of markets, volatility of commodity
prices, fluctuations in foreign exchange or interest rates, environmental risks,
competition from other companies, ability to access sufficient capital from
internal and external sources, the impact of general economic conditions in
Canada, the United States and overseas, industry conditions, changes in laws and
regulations (including the adoption of new environmental laws and regulations)
and changes in how they are interpreted and enforced, the lack of availability
of qualified personnel or management, stock market volatility and market
valuations of companies with respect to announced transactions and the final
valuations thereof, and obtaining required approvals of regulatory authorities.
The Company's actual results, performance or achievements could differ
materially from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or occur, or if any
of them do so, what benefits, including the amount of proceeds, that the Company
will derive therefrom. Readers are cautioned that the foregoing list of factors
is not exhaustive. All forward-looking statements contained in this press
release are expressly qualified in their entirety by these cautionary
statements.


The forward-looking statements contained in this news release are made as at the
date hereof and the Company does not undertake any obligation to update publicly
or to revise any of the included forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be required by
applicable securities laws.
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