Phoenix Announces Closing of $8 Million Bought Deal Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Phoenix Oilfield Hauling Inc. ("Phoenix" or the "Company") (TSX VENTURE:PHN), is
pleased to announce that it has closed its previously announced bought deal
financing (the "Offering"). Pursuant to the Offering, Phoenix has issued a total
of 2,860,000 common shares in the capital of the Company (the "Shares"). All of
the Shares were issued at a price of $2.80 per Share for gross proceeds of
$8,008,000. The syndicate of underwriters was co-led by AltaCorp Capital Inc.
and Clarus Securities Inc. and included GMP Securities L.P. (collectively, the
"Underwriters").


Phoenix intends to use the net proceeds of the Offering initially to repay
outstanding indebtedness under the Company's credit facility, thereby freeing-up
borrowing capacity which may be redrawn as needed to fund future acquisitions
and Phoenix's 2012 capital expenditure program.


"We continue to see opportunities to grow our business through both organic
expansion and attractive acquisition opportunities," said Mr. David Werklund,
Interim President and CEO of Phoenix. "With this financing in place we can
execute on our growth plans for 2012."


Phoenix's Chief Financial Officer and Werklund Capital Corporation ("WCC") also
participated in the Offering with an investment of $350,000 in aggregate. WCC is
a related party of Phoenix because David Werklund, the principal of WCC, is a
director, Chairman of the Board and interim President and Chief Executive
Officer of Phoenix. WCC is also a major shareholder of Phoenix.


The Shares have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "Securities Act"), and, may not be
offered, sold or delivered, directly or indirectly, in the United States or to
or for the account or benefit of any U.S. person unless the securities are
registered under the Securities Act or an exemption from the registration
requirements of the Securities Act is available. The information in this news
release shall not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of, the securities referred to herein in any
jurisdiction in which such offer, solicitation or sale would require preparation
of any prospectus or other offer documentation, or be unlawful prior to
registration, exemption from registration or qualification under the securities
laws of any such jurisdiction.


About Phoenix Oilfield Hauling Inc.

Phoenix provides specialized transportation services required for the drilling,
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. Phoenix's rental operations include the rental of tanks, mats,
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 TSX Venture
Exchange. Phoenix has major operations in Calgary, AB, Slave Lake, AB, Nisku,
AB, Grand Prairie, AB, Melita, MB, Mineral Wells, TX, Pleasanton, TX and New
Columbia, PA. Phoenix is publicly traded on the TSX Venture Exchange under the
symbol PHN. For more information on Phoenix please visit www.phoenixhauling.com.



This press release contains certain statements or disclosures relating to the
Company that are based on the expectations of the Company as well as assumptions
made by and information currently available to the Company which may constitute
forward-looking information under applicable securities laws. All such
statements and disclosures, other than those of historical fact, which address
activities, events, outcomes, results or developments that the Company
anticipates or expects may, or will occur in the future (in whole or in part)
should be considered forward-looking information. Specifically, this press
release contains forward-looking information relating to the closing of the
Offering, the use of the net proceeds therefrom, and the possibility of
completing future acquisitions. The forward-looking information contained in
this press release speaks only as of the date of this press release and is
expressly qualified by this cautionary statement. This forward-looking
information is based on certain key assumptions regarding, among other things,
the timing of closing of the Offering, the satisfaction of closing conditions,
including receipt of regulatory approval, and the availability of future
acquisitions on terms acceptable to Phoenix or at all. Furthermore, this
forward-looking information is subject to a variety of risks and uncertainties
and other factors that could cause actual events or outcomes to differ
materially from those anticipated or implied by such forward-looking
information. Such factors include, but are not limited to general economic
conditions in Canada and the United States, industry conditions, changes in laws
and regulations and changes in how they are interpreted and enforced, increased
competition, volatility of commodity prices, and the inability to satisfy the
closing conditions, including receipt of regulatory approval. Readers are
cautioned that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on the
forward-looking information. Phoenix's actual results, performance or
achievement could differ materially from those expressed in, or implied by, this
forward-looking information. Phoenix disclaims any intention or obligation to
update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
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