ex99_1.htm

half of fiscal 2009, the partial recovery of losses incurred on a Pipeline contract in a previous year and improvements in the cost of tires for large trucks.

	Year Ended March 31,
(dollars in thousands)	2009			2008			Change
Operating (loss) income	$	(81,712	)	$	92,397		$	(174,109	)
Operating margin		-8.4	%		9.3	%

The Company reported an operating loss of $81.7 million for the year ended March 31, 2009, compared to operating income of $92.4 million last year. This change reflects the combined negative impact of $176.2 million in goodwill impairment charges, including the fourth quarter charge discussed above and a third quarter charge related to the Pipeline segment. Excluding the impact of these goodwill impairment charges, operating income would have been $94.5 million or 9.7% of revenue, compared to $92.4 million or 9.3% of revenue, in the prior year. This improvement reflects higher gross profit, partially offset by higher general and administrative (G&A) expense. For the year ended March 31, 2009, G&A expense increased to $74.4 million or 7.7% percent of revenue, from $69.7 million or 7.0% of revenue in the prior year. The $4.7 million increase was driven by higher staffing levels needed to support increased operations activity, as well as inflationary pressures in the oil sands through the first three quarters. This was partially offset by the benefits of cost-cutting initiatives implemented in the fourth quarter and process improvements implemented earlier in the year.

(dollars in thousands, except per	Year Ended March 31,
share amounts)	2009			2008		Change
Net (loss) income	$	(139,515	)	$	39,784	$	(179,299	)
Per share information:
Net (loss) income - basic	$	(3.87	)	$	1.11	$	(4.98	)
Net (loss) income - diluted	$	(3.87	)	$	1.08	$	(4.95	)

The Company reported a full-year net loss of $139.5 million (diluted loss per share of $3.87) for the year ended March 31, 2009, compared to net income of $39.8 million (diluted income per share of $1.08) last year. The year-over-year change reflects the negative impact of non-cash items including the goodwill impairment charges and the net impact of unrealized foreign exchange losses and unrealized derivative financial instruments gains. This was partially offset by strong operating performance and a one- time cash gain of $3.8 million, net of tax, in other income resulting from the cancellation of the US dollar rate swap. Excluding the non-cash items, diluted income per share would have been $1.35 for the year ended March 31, 2009, compared to $1.23 last year.

Consolidated Results for the Three Months Ended March 31, 2009

	Three Months Ended March 31,
(dollars in thousands)	2009		2008		Change
Revenue	$	174,700	$	323,600	$	(148,900	)

Page 3 of 17

For the three months ended March 31, 2009, consolidated revenue was $174.7 million, compared to $323.6 million in the same period last year. The $148.9 million decrease primarily reflects reduced activity in commercial and industrial construction, the deferral on the overburden removal contract during the customer’s start up phase and a sharp decline in Pipeline segment revenues following completion of the TMX pipeline project in the previous quarter.

	Three Months Ended March 31,
(dollars in thousands)	2009			2008			Change
Gross profit	$	32,464		$	62,573		$	(30,109	)
Gross profit margin		18.6	%		19.3	%

Gross profit for the three months ended March 31, 2009 was $32.5 million compared to $62.6 million in the same period last year, reflecting lower volumes and a slightly lower gross profit margin of 18.6%, compared to 19.3% last year. The year-over-year gross profit margin reduction primarily reflects lower Piling segment margins.

	Three Months Ended March 31,
(dollars in thousands)	2009			2008			Change
Operating (loss) income	$	(129,483	)	$	42,581		$	(172,064	)
Operating margin		-74.1	%		13.2	%

[Missing Graphic Reference]

An operating loss of $129.5 million for the three months ended March 31, 2009 resulted from the $143.4 million goodwill impairment charge. Excluding the impact of the impairment charge, operating income would have been $13.9 million or 8.0% of revenue for the three months ended March 31, 2009, compared to $42.6 million or 13.2% of revenue in the same period last year.

G&A costs were $16.7 million for the three months ended March 31, 2009, down from $20.7 million in the same period in the prior year. G&A for the current period reflects the benefits of cost-cutting initiatives implemented in the quarter and process improvements implemented earlier in the year.

(dollars in thousands, except per	Three Months Ended March 31,
share amounts)	2009			2008		Change
Net (loss) income	$	(142,690	)	$	20,484	$	(163,174	)
Per share information:	$	(3.96	)	$	0.57	$	(4.53	)
Net (loss) income - basic	$	(3.96	)	$	0.57	$	(4.53	)
Net (loss) income - diluted	$	(3.96	)	$	0.56	$	(4.52	)

A net loss of $142.7 million (diluted loss per share of $3.96) was recorded for the three months ended March 31, 2009, compared to net income of $20.5 million (diluted income per share of $0.56) during the same period last year. The net loss resulted from the impact of non-cash items, including the goodwill impairment charge as well as the net impact of unrealized foreign exchange losses and unrealized derivative financial instruments gains. Excluding these non-cash items, diluted income per share would have

Page 4 of 17

been $0.06 for the three months ended March 31, 2009, compared to $0.65 in the same period last year.

Segment Results

Heavy Construction and Mining

	Year Ended March 31,
(dollars in thousands)	2009			2008			Change
Segment revenue	$	716,053		$	626,582		$	89,471
Segment profit	$	115,698		$	105,378		$	10,320
Profit margin		16.2	%		16.8	%

For the year ended March 31, 2009, Heavy Construction and Mining revenue increased to $716.1 million, representing a year-over-year increase of 14.3%. Recurring services represented 73% of segment revenues for the 2009 year, compared to 60% last year. Segment margin decreased to 16.2% from 16.8%, primarily reflecting the negative impact of production challenges on a single project.

	Three Months Ended March 31,
(dollars in thousands)	2009			2008			Change
Segment revenue	$	151,952		$	195,442		$	(43,490	)
Segment profit	$	29,282		$	36,747		$	(7,465	)
Profit margin		19.3	%		18.8	%

For the three months ended March 31, 2009, revenue from the Heavy Construction and Mining segment was $152.0 million, compared to $195.4 million in the same period last year. The $43.5 million decrease primarily reflects delays to Suncor’s Voyageur project and Petro-Canada’s Fort Hills project, as well as deferral on the overburden removal contract with Canadian Natural. These volume reductions were partially offset by strong demand for recurring site services work at Albian’s Jackpine Mine and Muskeg River Mine.

Recurring services continued to be a significant contributor to the Company’s revenues. For the three months ended March 31, 2009, recurring services represented $133.2 million or 88% of Heavy Construction and Mining segment revenue, compared to $126.0 million or 65% in the same period last year, despite the impact of the overburden removal contract deferral in the current year.

Margin on the Heavy Construction and Mining revenue increased to 19.3%, from 18.8% last year, reflecting the increased percentage of higher-margin site services work in the revenue mix, as well as the positive impact of project close-out activities during the current year period.

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For the year ended March 31, 2009, Piling revenue was $155.1 million compared to $162.4 million last year. This change reflects declining activity levels in the western Canadian commercial construction market. Segment margin was 25.0% compared to 27.9% last year, reflecting an increased proportion of lower-margin, lower-risk, time- and- materials projects in the current year.

Piling

	Year Ended March 31,
(dollars in thousands)	2009			2008			Change
Segment revenue	$	155,076		$	162,397		$	(7,321	)
Segment profit	$	38,776		$	45,362		$	(6,586	)
Profit margin		25.0	%		27.9	%

	Three Months Ended March 31,
(dollars in thousands)	2009			2008			Change
Segment revenue	$	22,367		$	40,699		$	(18,332	)
Segment profit	$	6,331		$	13,637		$	(7,306	)
Profit margin		28.3	%		33.5	%

For the three months ended March 31, 2009, Piling segment revenue was $22.4 million, compared to $40.7 million during the same period last year. Weaker conditions in the commercial and industrial construction sectors were the key factor in this decline. Segment margins also declined to 28.3%, from 33.5% last year, reflecting margin pressure due to weaker market conditions in the current year and a larger proportion of high-margin, fixed-price contracts last year. The margin decrease was partially offset by the positive impact of project close-out activities in the three months ended March 31, 2009.

Pipeline

	Year Ended March 31,
(dollars in thousands)	2009			2008			Change
Segment revenue	$	101,407		$	200,717		$	(99,310	)
Segment profit	$	22,470		$	25,465		$	(2,995	)
Profit margin		22.2	%		12.7	%

For the year ended March 31, 2009, Pipeline revenues were $101.4 million, compared to $200.7 million a year ago, reflecting completion of the TMX Anchor Loop project in the third quarter. However, margins improved to 22.2% from 12.7% last year as final change orders for the TMX project were processed at the end of the project. In comparing the annual Pipeline margin results, it is important to note that margins last year were

Page 6 of 17

negatively impacted by the recognition of $2.0 million in previously unrecognized costs related to a fixed-priced contract. Margins for the year ended March 31, 2009 have subsequently benefited from the realization of $5.3 million in related claims revenue. Excluding the impact of these items, margins for the current year would have been 16.9%, compared to 13.7% a year ago.

	Three Months Ended March 31,
(dollars in thousands)	2009			2008			Change
Segment revenue	$	381		$	87,459		$	(87,078	)
Segment profit	$	6		$	11,311		$	(11,305	)
Profit margin		1.6	%		12.9	%

Successful completion of the TMX Anchor Loop project in October 2008 led to a steep decline in Pipeline activity in the three months ended March 31, 2009. Pipeline revenue was $0.4 million, compared to $87.5 million a year ago when the TMX project was operating at a peak activity level.

Organizational Changes

NAEP today announced that Peter Dodd, Chief Financial Officer, will retire on June 10, 2009 and has accepted an invitation to join the Company’s Board of Directors upon his retirement. David Blackley, currently Vice President Finance, will succeed Peter Dodd as Chief Financial Officer.

Said Mr. Ruston, “Peter Dodd has played a major role in helping us manage rapid growth and acquire a new level of financial sophistication. We are delighted that we will continue to benefit from his wise counsel as a member of the board. We are also fortunate to have a highly capable and respected financial executive in place who can immediately assume the CFO position following Peter’s retirement. David brings seasoned financial acumen and an impressive array of accomplishments to his new position. He has the right leadership and financial skills to support our strategic goals going forward.”

Mr. Blackley joined NAEP in early 2008, having previously served as Vice President Finance of Lafarge North America’s Aggregates and Concrete division. A Chartered Accountant, he holds a Bachelor of Commerce from Rhodes University in South Africa.

Executive Office to Move to Calgary

NAEP also today announced that it will move its executive offices to Calgary effective July 1, 2009. The move, which involves the relocation of approximately five executives

Page 7 of 17

and support staff, is being undertaken to position senior executives closer to customers. The balance of NAEP’s head office operations will remain in Acheson, Alberta.

Outlook

With investment in new oil sands development constrained by macro-economic conditions and some near-term variability anticipated in recurring services revenue, management’s expectations for the first half of fiscal 2010 remain cautious. Overall, however, the Company is beginning to see positive developments that improve the longer-term outlook.

In the area of oil sands project development, the Company believes that reductions in project costs and a gradual strengthening of oil prices are creating a more attractive environment for investment. Imperial Oil Ltd.’s approval of the Kearl project is an example of this. In addition, the announced merger between Suncor and Petro-Canada is expected to have a positive impact on oil sands investment by creating a single entity with the resources to support large capital projects.

On the recurring services front, management expects to see growth resuming in the second half of fiscal 2010 as a result of increased volumes under service agreements and a gradual ramp up of service on the Company’s overburden removal contract with Canadian Natural. The Company began to mobilize equipment back to the Horizon project on April 1, 2009 and expects volumes to gradually return to normal levels over the next two quarters. Demand for recurring services is largely unaffected by changes in oil prices as operational oil sands mines must operate at full capacity in order to defray the high fixed cost and maintain low unit costs. Furthermore, demand for recurring services typically grows as new mines come on-line and maturing mines expand their geographic footprint.

The near-term outlook for the industrial construction market has also improved marginally with several small contract wins, including the Heavy Construction and Mining segment’s first entry into the Saskatchewan industrial construction market. In addition, the Company recently opened an office in Toronto, Ontario and is actively bidding piling work in this market, which is expected to benefit from $32.5 billion in announced federal and provincial government spending over the next two years.

While these are positive developments, commercial and industrial construction activity in Canada remains well below 2007 and 2008. In addition, with the TMX project completed, Pipeline revenues are expected to be significantly below fiscal 2008 and 2009 levels. The Pipeline division continues to review new opportunities to replace this revenue but does not expect to be involved in a major pipeline project in the near term.

Working through the current market conditions, the Company intends to continue leveraging its strong market position, high-quality equipment fleet and experienced management team to secure profitable business. Further strengthening of the balance sheet through careful management of capital spending, working capital management and tight cost control will also remain a priority.

Page 8 of 17

Conference Call and Webcast

Management will hold a conference call and webcast to discuss its fourth-quarter and full fiscal-year financial results tomorrow, Wednesday, June 10, 2009, at 8:30 am Eastern time.

The call can be accessed by dialing:

Toll free: 1-877-407-9205 or International: 1-201-689-8054 A replay will be available through July 10, 2009 by dialing:

Toll Free: 1-877-660-6853 International: 1-201-612-7415 (Account: 286 Conference ID: 324880)

Page 9 of 17

Consolidated Balance Sheets
As at March 31
(in thousands of Canadian dollars)


	2009			2008
Assets
Current assets:
Cash and cash equivalents	$	98,880		$	31,863
Accounts receivable		78,323			167,010
Unbilled revenue		55,907			70,883
Inventories		11,814			110
Prepaid expenses and deposits		4,781			9,300
Other assets		----			3,703
Future income taxes		7,033			8,217
		256,738			291,086
Future income taxes		12,432			18,199
Assets held for sale		2,760			1,074
Prepaid expenses and deposits		3,504			----
Plant and equipment		329,705			281,039
Goodwill		23,872			200,072
Intangible assets		1,041			2,128
	$	630,052		$	793,598
Liabilities and shareholders' equity
Current liabilities:
Accounts payable	$	56,204		$	113,143
Accrued liabilities		52,135			45,078
Billings in excess of costs incurred and estimated earnings on uncompleted contracts		2,155			4,772
Current portion of capital lease obligations		5,409			4,733
Current portion of derivative financial instruments		11,439			4,720
Future income taxes		7,749			10,907
		135,091			183,353
Deferred lease inducements		836			941
Capital lease obligations		12,075			10,043
Senior notes		252,899			198,245
Director deferred stock unit liability		546			190
Derivative financial instruments		50,562			93,019
Asset retirement obligation		386			----
Future income taxes		30,220			24,443
		482,615			510,234
Shareholders' equity:
Common shares (authorized — unlimited number of voting and non-voting common shares; issued and outstanding — March 31, 2009 — 36,038,476 voting common shares (March 31, 2008 — 35,929,476 voting common shares)		299,973			298,436
Contributed surplus		5,275			4,215
Deficit		(157,811	)		(19,287	)
		147,437			283,364
	$	630,052		$	793,598

Page 10 of 17

Consolidated Statements of Operations, Comprehensive (Loss) Income and Deficit

For the years ended March 31

(in thousands of Canadian dollars, except per share amounts)


	2009			2008			2007
Revenue	$	972,536		$	989,696		$	629,446
Project costs		505,026			592,458			363,930
Equipment costs		210,520			174,873			122,306
Equipment operating lease expense		43,583			22,319			19,740
Depreciation		38,102			36,729			31,034
Gross profit		175,305			163,317			92,436
General and administrative costs		74,405			69,670			39,769
Loss on disposal of plant and equipment		5,325			179			959
Amortization of intangible assets		1,087			1,071			582
Impairment of goodwill		176,200			----			----
Operating (loss) income before the undernoted		(81,712	)		92,397			51,126
Interest expense, net		27,450			27,019			37,249
Foreign exchange loss (gain)		46,666			(25,442	)		(5,044	)
Realized and unrealized (gain) loss on derivative financial instruments		(25,081	)		34,075			(196	)
Gain on repurchase of NACG Preferred Corp. Series A preferred shares		----			----			(9,400	)
Loss on extinguishment of debt		----			----			10,935
Other income		(5,955	)		(418	)		(904	)
(Loss) income before income taxes		(124,792	)		57,163			18,486
Current income taxes		5,546			80			(2,975	)
Future income taxes		9,177			17,299			382
Net (loss) income and comprehensive (loss) income for the year		(139,515	)		39,784			21,079
Deficit, beginning of period – as previously reported		(19,287	)		(55,526	)		(76,546	)
Change in accounting policy related to financial instruments		----			(3,545	)		----
Change in accounting policy related to inventories		991			----			----
Premium on repurchase of common shares		----			----			(59	)
Deficit, end of period	$	(157,811	)	$	(19,287	)	$	(55,526	)
Net (loss) income per share – basic	$	(3.87	)	$	1.11		$	0.87
Net (loss) income per share – diluted	$	(3.87	)	$	1.08		$	0.83

Page 11 of 17

Consolidated Statements of Cash Flows

For the years ended March 31

(in thousands of Canadian dollars)


Cash provided by (used in):	2009			2008			2007
Operating activities:
Net (loss) income for the year	$	(139,515	)	$	39,784		$	21,079
Items not affecting cash:
Depreciation		38,102			36,729			31,034
Write-down of other assets to replacement cost		--- -			1,845			695
Amortization of intangible assets		1,087			1,071			582
Impairment of goodwill		176,200			--- -			--- -
Amortization of deferred lease inducements		(105	)		(104	)		--- -
Amortization of bond issue costs, premiums and financing costs		808			838			3,436
Loss on disposal of plant and equipment		5,325			179			959
Unrealized foreign exchange loss (gain) on senior notes		45,860			(24,788	)		(5,017	)
Unrealized change in the fair value of derivative financial instruments		(27,752	)		31,406			(2,748	)
Stock-based compensation expense		2,251			1,991			2,101
Gain on repurchase of NACG Preferred Corp. Series A preferred shares		--- -			--- -			(8,000	)
Loss on extinguishment of debt		--- -			--- -			10,680
Change in redemption value and accretion of redeemable preferred shares		--- -			--- -			3,114
Accretion of asset retirement obligation		155			--- -			--- -
Future income taxes		9,177			17,299			382
Net changes in non-cash working capital		46,192			(8,753	)		(57,072	)
		157,785			97,497			1,225
Investing activities:
Acquisition, net of cash acquired		--- -			(1,581	)		(1,517	)
Purchase of plant and equipment		(94,139	)		(57,779	)		(110,019	)
Additions to assets held for sale		(2,035	)		(3,499	)		--- -
Proceeds on disposal of plant and equipment		11,164			6,862			3,564
Proceeds of disposal of assets held for sale		325			10,200			--- -
Net changes in non-cash working capital		(630	)		(2,835	)		7,922
		(85,315	)		(48,632	)		(100,050	)
Financing activities:
(Decrease) increase in revolving credit facility		--- -			(20,500	)		20,500
Repayment of 9% senior secured notes		--- -			--- -			(74,748	)
Repurchase of NAEPI Series A preferred shares		--- -			--- -			(1,000	)
Repurchase of NACG Preferred Corp. Series A preferred shares		--- -			--- -			(27,000	)
Cash settlement of stock options		--- -			(581	)		--- -
Stock options exercised		703			1,627			139
Financing costs		--- -			(776	)		(1,346	)
Repayment of capital lease obligations		(6,156	)		(3,762	)		(6,033	)
Issue of common shares		--- -			--- -			171,165
Share issue costs		--- -			--- -			(18,582	)
Repurchase of common shares for cancellation		--- -			--- -			(84	)
		(5,453	)		(23,992	)		63,011
Increase (decrease) in cash and cash equivalents		67,017			24,873			(35,814	)
Cash and cash equivalents, beginning of year		31,863			6,990			42,804
Cash and cash equivalents, end of year	$	98,880		$	31,863		$	6,990

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NEWS RELEASE

Restatement March 31, 2008

In preparing the financial statements for the year ended March 31, 2008, we determined that the previously issued interim unaudited consolidated financial statements for the three and nine months ended December 31, 2007 did not properly account for an embedded derivative with respect to price escalation features in a supplier maintenance contract. We recorded the full fiscal year accounting treatment of the embedded derivative in the three month period ended March 31, 2008. Subsequently, for each interim unaudited consolidated financial statement during the current fiscal year we have restated the prior year three month period to reflect the proper embedded derivative accounting in the appropriate prior period. The restatement of the three months ended March 31, 2008 will be the final prior three month period restatement required for this issue.

The embedded derivative has been measured at fair value and included in derivative financial instruments on the consolidated balance sheet with changes in fair value recognized in net income. The impact of this restatement is an adjustment, for the three month period ended March 31, 2008, to unrealized income on derivative financial instruments and income tax expense. This resulted in a reduction to net income of $2.2 million (restated as net income of $20.5 million), a reduction to basic earnings per share of $0.06 per share (restated as $0.57 earnings per share) and a reduction to diluted earnings per share of $0.06 per share (restated as $0.56 earnings per share). There is no adjustment to the full-year period ended March 31, 2008 nor is there an adjustment required to the Audited Consolidated Balance Sheet for the year ended March 31, 2008.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures. These measures do not have standardized meanings under Canadian GAAP or US GAAP and are therefore unlikely to be comparable to similar measures used by other companies. The non-GAAP financial measure disclosed by the Company in this press release is Consolidated EBITDA (as defined within the revolving credit agreement). The Company provides a reconciliation of Consolidated EBITDA to net (loss) income reported in accordance with Canadian GAAP below. Investors and readers are encouraged to review the reconciliation of this non-GAAP financial measure to reported net (loss) income.

Consolidated EBITDA (as defined within the revolving credit agreement)

Consolidated EBITDA is a measure defined by our revolving credit agreement. This measure is defined as EBITDA (which is calculated as net income before interest, income taxes, depreciation and amortization) excluding the effects of unrealized foreign exchange gain or loss, realized and unrealized gain or loss on derivative financial instruments, non-cash stock-based compensation expense, gain or loss on disposal of plant and equipment and certain other non-cash items included in the calculation of net income. Our revolving credit agreement requires us to maintain a minimum interest

Page 13 of 17

NEWS RELEASE

coverage ratio and a maximum senior leverage ratio, which are calculated using Consolidated EBITDA. Non-compliance with these financial covenants could result in our being required to immediately repay all amounts outstanding under our revolving credit facility. Consolidated EBITDA should not be considered as an alternative to operating income or net income as a measure of operating performance or cash flows as a measure of liquidity. Consolidated EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under Canadian GAAP or US GAAP. For example, Consolidated EBITDA:

does not reflect cash expenditures or requirements for capital expenditures or capital commitments;

does not reflect changes in cash requirements for our working capital needs;

does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on debt;

excludes tax payments that represent a reduction in cash available to the Company; and

does not reflect any cash requirements for assets being depreciated and amortized that may have to be replaced in the future.

Consolidated EBITDA also excludes unrealized foreign exchange gains and losses and realized and unrealized gains and losses on derivative financial instruments, which, in the case of unrealized losses, may ultimately result in a liability that will need to be paid and in the case of realized losses, represents an actual use of cash during the period. Our use of the term “Consolidated EBITDA (as defined within the revolving credit agreement)” replaces the term “Consolidate EBITDA (per bank)” used in prior filings. The definition of Consolidated EBITDA has not changed.

Page 14 of 17

A reconciliation of net (loss) income to Consolidated EBITDA (as defined within the revolving credit agreement) is as follows:

	Year Ended March 31,					Three Months Ended March 31,
(dollars in thousands)	2009			2008		2009			2008 restated (1)
Net (loss) income	$	(139,515	)	$	39,784	$	(142,690	)	$	20,484
Adjustments:
Interest expense	$	27,450		$	27,019	$	7,787		$	6,686
Income taxes	$	14,723		$	17,379	$	2,354		$	10,399
Depreciation	$	38,102		$	36,729	$	9,074		$	12,550
Amortization of intangible assets	$	1,087		$	1,071	$	265		$	305

Unrealized foreign exchange loss (gain) on senior notes	$	45,860	)	$	(24,788	)	$	7,035		$	7,838
Realized and unrealized (gain) loss on derivative financial instruments	$	(25,081	)	$	34,075		$	(3,910	)	$	(2,615	)
Loss (gain) on disposal of plant and equipment	$	5,325		$	179		$	1,547		$	(990	)
Stock-based compensation	$	2,251		$	1,991		$	448		$	968
Director deferred stock unit expense	$	(356	)	$	(190	)	$	(166	)	$	(190	)
Write down of other assets to
replacement cost	$	-		$	1,845		$	-		$	-
Impairment of goodwill	$	176,200		$	-		$	143,447		$	-
Consolidated EBITDA	$	146,046		$	135,094		$	25,191		$	55,435
(as defined in the revolving credit agreement)

Forward-Looking Information

This release contains forward-looking information that is based on expectations and estimates as of the date of this document. Forward-looking information is information that is subject to known and unknown risks and other factors that may cause future actions, conditions or events to differ materially from the anticipated actions, conditions or events expressed or implied by such forward-looking information. Forward-looking information is information that does not relate strictly to historical or current facts and can be identified by the use of the future tense or other forward-looking words such as "believe”, "expect”, "anticipate”, "intend”, "plan”, "estimate”, "should”, "may”, "objective”, "projection”, "forecast”, "continue”, "strategy”, "position” or the negative of those terms or other variations of them or comparable terminology. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to vary from those expressed or implied in the forward-looking information in this document.

Examples of such forward-looking information in this document include but are not limited to the following, each of which is subject to significant risks and uncertainties and is based on a number of assumptions which may prove to be incorrect:

(A) information related to the level of activity in the Company’s key markets and demand for the Company’s services, including (1) demand for recurring services business being variable through the first half of fiscal 2010 with growth resuming in the second half, (2)

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reductions in project costs and the gradual strengthening of oil prices creating a more attractive environment for investment, (3) the announced merger between Suncor and Petro-Canada having a positive impact on oil sands investment, (4) expected increased volumes under the Company’s service agreements and (5) the Ontario market benefiting from government spending; is subject to the risks and uncertainties that; there could be a further downturn in the Canadian energy industry due to fluctuations in oil prices, anticipated major projects in the oil sands may or may not materialize due to changes in the long term view of oil prices, insufficient pipeline upgrading and refining capacity and/or insufficient governmental infrastructure to support the growth in the oil sands region could cause customers to delay, reduce or cancel plans to construct new oil sands projects or expand existing projects, cost overruns by customers on their projects may cause customers to terminate future projects and projects funded by government spending may not materialize; and is based on the assumption that long-term views of the economic viability of oil sands projects will not significantly change; and

(B) information related to the future performance of the Company, including (1) a gradual ramp up of service on the Company’s overburden removal contract with volumes expected to gradually return to normal levels over the next two quarters, (2) the Pipeline segment revenues expected to be below fiscal 2008 and fiscal 2009 levels, (3) management’s ability to continue leveraging the Company’s strong market position, high quality equipment fleet and experienced management team to secure profitable business and (4) management’s ability to continue strengthening the balance sheet; is subject to the risks and uncertainties that; the Company may be unsuccessful when new projects are tendered, the Company could lose a customer and suffer a significant reduction in business, the Company may be exposed to losses when estimates of project costs are lower than actual costs or work is delayed due to weather-related factors, the Company may be unable to attract qualified personnel, the Company may be unable to obtain equipment and tires, the Company may not be able to secure financing at a reasonable cost for equipment purchases; and is based on the assumptions that the Company is successful in the bidding process, the Company can continue to execute profitably under its contracts and the Company can secure financing for equipment purchases.

While management anticipates that subsequent events and developments may cause its views to change, the Company does not intend to update this forward-looking information, except as required by applicable securities laws. This forward-looking information represents management’s views as of the date of this document and such information should not be relied upon as representing their views as of any date subsequent to the date of this document. The Company has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or

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