January 2011

January 2011

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Forward-Looking Statement Advisory Certain statements included in this presentation constitute forward looking statements or forward looking information under applicable securities legislation. Such forward looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward looking statements or information typical y contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “projected” or similar words suggesting future outcomes or statements regarding an outlook. Forward looking statements or information in this presentation include, but are not limited to statements or information with respect to: business strategy and objectives; development plan; capital expenditures; net revenue; cash flow; debt levels; operating and other costs; and taxes. Forward looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although GASFRAC Energy Services Inc. (the “Company”) believes that the expectations reflected in such forward looking statements or information are reasonable, undue reliance should not be placed on forward looking statements because the Company can give no assurance that such expectations wil prove to be correct. In addition to other factors and assumptions which may be identified in this presentation, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic environment in which the Company operates; the timely receipt of any services in a timely and cost efficient manner; and the ability of the Company to obtain financing on acceptable terms. Readers are cautioned that the foregoing list is not exhaustive of al factors and assumptions which have been used. Forward looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ material y from those anticipated by the Company and described in the forward looking statements or information. These risks and uncertainties which may cause actual results to differ material y from the forward looking statements or information include, among other things: the ability of management to execute its business plan; general economic and business conditions; fluctuations in oil and natural gas prices, foreign currency exchange rates and interest rates; credit risk; health, safety and environmental risks; and uncertainties as to the availability and cost of financing. Readers are cautioned that the foregoing list is not exhaustive of al possible risks and uncertainties. The forward looking statements or information contained in this presentation are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward looking statements or information contained in this presentation are expressly qualified by this cautionary statement. Any financial outlook or future oriented financial information in this presentation, as defined by applicable securities legislation, has been approved by management of the Company. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

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Who is GasFrac Energy Services?  GasFrac is a Fracturing Stimulation Company who Uses its Proprietary Liquefied Petroleum Gas (LPG) Fracturing Technology to  Maximize Production Rates and Recoveries Deliver an Environmentally Sustainable Fracturing Technique  GasFrac Utilizes Proprietary Equipment, Processes, and Chemistry to Ensure Incident Free Operations (Fleet currently consists of 105,000 Hydraulic Horsepower and Doubling in 2011)  GasFrac Insurance Risk Rating is Identical to Water Based Fracturing Companies GasFrac’s Operations have been Endorsed by the Alberta Energy Utility Board in 2007 and Recognized by the NY Dept. of Environmental Conservations as a “Green” Alternative.  GasFrac has Completed over 700 Fracturing Treatments with 50+ Operators  First Job Pumped Jan 2008, in Saskatchewan  Deepest treatment 12,150 ft  Largest job to 1,270,000 lbs on a horizontal well  Highest pressure treatment to 13,200 psi  40+ different Reservoirs Treated  Horizontal Multi-Stage Completions  GASFRAC’s technology is a proprietary fracturing process with 10 patents pending and currently 7 applications in process 3

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Corporate History Feb – Mar 2006 May – Dec 2007 Jan – Sept 2008 Sept 2008 2009 2010  Dwight Loree  GASFRAC  Jan 2008, took  GASFRAC  Continued to June 2010 Raise founded raised $24MM delivery of first demand greater prove $65MM at $5.00 GASFRAC (35 at $1.80/share complete set of than equipment technology in oil to fund $100MM years in fracturing in May 2007 equipment available and gas plays Capital expansion business) 2 x 32 T Blenders such as Marcel us, Proceeds June 30 2010 10,000 HHP Total  GASFRAC Utica, Viking, Generated $29.3  March 2006- raised $59.5MM Montney, etc. MM of revenue Raised $3.5MM at at $4.25/share in  GASFRAC with EBITDA $1.00/share  commenced First fracture September 2008 4.7MMin 1st half  Sept 2009 delivery Proceeds construction of completed and 2010 the first 2 technology of equipment from Proceeds 2008 capital raise – began to be field fracturing July 2010 1x 32 T Blender spreads in proven and Nov 2009 10,000 1x 100 T Blender  Fund initial June 2007 accepted by oil  Commenced HHP arrives 35,000 HHP research and and gas construction of 55,000 HHP 45,000 HHP Total concept design producers equipment Total expansion  November 2009  Equipment design August 2010  Technology  Health and safety Ordered additional establish in Texas  Gelation system deemed a 10,000 HHP cash with 20,000 HHP  Patent applications technical and  Generated flow  Approval from commercial revenue of August 12th Energy and Utilities success  Generated $23.5MM in 2010 Commence Board in May 2007 revenue of 2008 trading GFS on $30MM in 2009 TSX-V 4

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GASFRAC Process and Equipment Overview LPG Bulkers – 73 m3 capacity Nitrogen support Nitrogen support Chemical Addition 2500 HP LPG Frac Pumpers 1 of 100 T Proppant Blender1 of 32 T Proppant Blender 5

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Why Use Propane?  Enhances well productivity and provides higher returns for oil and gas producers (this makes it a “Disruptive Technology” to traditional methods employed to date)  Very effective in depleted wells (reduces viscosity, energetic)  Propane purity eliminates possible reservoir contamination. No microbes or bacteria as with water. No contaminants from transport medium.  Environmentally friendly and sustainable (no requirement for water, limited flaring)  Proven to be safe  Effective in all formations 6

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Comparison of LPG Properties w/Common Frac Fluids Today Liquid Petroleum  Frac Fluids Used Gas (LPG) Today  Propane  Water • Viscosity = 0.08 cps (@105F) • Viscosity = .66 cps (@105F) • Specific Gravity = 0.51 (.22 psi/ft) • Specific Gravity = 1.02 • Surface Tension = 7.6 • Surface Tension = 72 dynes/cm dynes/cm  Frac Oils • Viscosity = 3 cps (@105F) • Specific Gravity = 0.82 • Surface Tension = 21.8 dynes/cm Gelled Propane Photo courtesy of Stacey Walker – Chevron Energy Technology Company 7

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Enhanced Well Productivity  Fracture effectiveness is measured in effective fracture length (Surface Area) LPG is a formation compatible fracture fluid and is naturally occurring in the reservoir  No water damage to formation; water or oil cause considerable damage Produces more effective formation fracture length (no fluid blockage of fractures) Typical y less than 50% of conventional fracture fluids are recovered from the wel Capture initial flush production due to less flaring with fast fracture fluid recovery Faster clean up due to underbalanced nature of LPG fluids Excel ent fluid for tight oil reservoirs due to LPG thinning oil in the reservoir LPG is compatible with both oil and gas reservoirs Low surface tension of LPG makes it clean up faster and better than conventional fluids 8

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Graphic representation of increased contribution area Area contributing post Area contributing post conventional frac LPG Frac 9

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LPG Fracture Production and Economic Impact Incremental Revenue from Zero Flare and Rapid Clean-up: $57K + $72K = $129K PLUS+ 1,400 mcf/d Incremental Rate/Production From 100% Effective Fracture Length Accelerated Recovery 20% Increased rate over 3 years Gas Produced in results in a NPV of $400K 10 First 12 Days: $57K PLUS+ 750 mcf/d Incremental Reserves from 100% Effective Fracture Length Flared: $72K in Lost Revenue Assuming $4.00/mcf GASFRAC Conventional Frac 10

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VantageTM LPG Frac Applications – Oil Treatment Cost $135,000 11

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Environmental  LPG fracturing is a sustainable process for oil & gas operators by using products they produce to produce more hydrocarbons  LPG fracturing eliminates the use of millions of gallons of potable water per well  Eliminates the disposal of millions of gallons of non-potable fracturing water  Eliminates the need for biocides (insecticides) that are required in fracturing  LPG reduces the need to flare production to clean up the traditional fracturing fluids, eliminating thousands of tons of CO2 emissions; this, in turn, generates carbon credits that have a substantial dollar value 12

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How Common is LPG/Propane?  U.S. Propane Market is 9.5 Billion Gallons/Year Propane Heated Households 13

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GASFRAC Customers  GASFRAC has developed top tier clients reflecting the broad acceptance of the technology, including:  Apache  Omers Energy Inc.  Angle Energy Inc  Paramount Resources  Bonavista Energy  Genogle Energy  Caltex Energy Inc  PennWest Energy  Devon  Pengrowth Corporation  Husky Energy  Sonde Resources  GASFRAC has built its revenue base across a range of customers with more than 40 active customers in 2010  Revenues are weighted to oil and liquids-rich gas  Active in Cardium, Viking, Cadomin and Ellerslie formations (amongst others) in Canada 14

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Financial Summary  Strong balance sheet  Consistent revenue and earnings growth  Improving margins with growth  Added capital equipment and revenue producing capacity 15

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Balance Sheet Balance Sheet – Dec 31, 2010 (Estimate) PF Share Capital ($000) (000) Current Assets 135,000 Basic common shares O/S 60,590 Capital Assets 140,000 Warrants 1 1,757 Total Assets $275,000 Options 2 3,010 Ful y Diluted 65,357 Current Liabilities 25,000 Long Term Debt 0 Notes: Shareholder Equity 250,000 1 Warrant average exercise price is $1.21. Total Liability and Equity 2 $275,000 Option average exercise price is $3.39. Directors and officers own approximately 7%. 16

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Financial Results ($000) 2008 2009 H1 2010 Q3 2010 2011F Property, Plant and Equipment (Book Value) $38,872 $61,295 $68,500 $105,000 $180,000 # of Treatments 142 142 141 137 1,000-1,300 Revenue $23,522 $30,428 $29,229 $26,590 EBITDA $4,549 $4,607 $4,746 $5,336 17

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Key to GASFRAC Growth GASFRAC has identified industry trends and positioned itself to capitalize on them Industry GASFRAC  Multi-stage frac’s  Utilize technology to enhance   Multi-zone and horizontal frac’s production beyond traditional levels  Overall increase in wells completed  Are able to operate in majority of  utilizing fracturing formations  Push from E&P companies to  Effective in conventional and  produce more from single well unconventional reservoirs  Work for horizontal and vertical wells   Especially effective in difficult formations   Tight sands Shale   Water sensitive   Low pressure   Effective on depleted reservoirs  18

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GASFRAC GROWTH  Demonstrated growth in Canada with increasing customer base  Revenue capacity impact of 2010 capital equipment build will be realized commencing Q1 2011  Base of operations established in USA (Texas)  GASFRAC impact on increased production ideally suited for current market conditions 19

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Why Invest in GASFRAC  Proven and accepted technology  Provides key services to growing multi-stage fracturing completion process  Proprietary LPG technology causes:  Elimination of need for water and related infrastructure during fracturing  Enhanced well productivity  Possible reserve revisions  Customer demand outweighs equipment availability  Strong proven management team and Board of Directors  Strong balance sheet “Thank You for listening to the GASFRAC story.” 20

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Appendix A – Management Biographies 21

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Management This professional Management Team has been assembled to provide well experienced leadership to manage and grow GasFrac to a much larger public company. All members have large public service company experience. ie-Nowsco, Halliburton, BJ, Fracmaster & Trican CEO: Dwight Loree  Founder, GASFRAC 51 years of oil and gas service experience 2006-current 35 years of fracturing experience  Founder, Trysol Inc., fracture fluid manufacturer 1987-2000  Founder, Wild Mount Resources, oil and gas company 1988-1991  Founding Partner, Canadian Fracmaster Ltd. 1975-1985  Sales Manager, Nowsco Wel 1970-1975  Operations and sales, Dresser Eskimo 1959-1969 President & COO: Reid MacDonald  Vice President & General Manager, Nabors Blue Sky 35 years of oil and gas industry  Vice President, Airborne Energy Solutions experience  Vice President, Crown Industries Inc., stimulation equipment manufacturer CEO, Aker Maritime Canada, stimulation equipment manufacturer 23 years Nowsco Wel Services (BJ Services Canada; now Baker Hughes), domestic and international operations CFO: James Hil  President of HSE Integrated 28 years of oil and gas financial  CFO, Complete Production Dervices management experience  CFO, DALSA Corporation 21 years in the oil wel service sector  CFO, Canadian Fracmaster Director/Internal Audit, Nowsco wel Service Ltd EVP & COO – Audis Byrd  10 years in Research & Development, Hal iburton United States 30 years of oil and gas completions and  15.5 years in Technical sales and operations, Hal iburton Subsidiary: – More Detailed Bio’s in Appendix A – 22 fracturing experience  3.5 years in Engineering Completions Advisor, EOG Resources Multiple patents issued and trade journal articles written Chief Technical Robert Lestz, P.Eng  22 ½ years at Chevron working in the areas of wel stimulation, artificial lift, coiled Officer: 26 years of experience in the oil and tubing, completions, and remedial wel work operations. Robert last led a gas industry multidiscipline R&D organization at Chevron’s technology company specifical y focused on Unconventional Resources

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Management-Continued VP – Engineering: Eric Tudor  8 years at BJ Services 23 years of oil and gas completions and  12 years at Canadian FracMacter fracturing experience  Multiple papers issued and trade journal articles written VP – Canadian Vic Fordyce  32 years in fracturing operations management Operations: 32 years of fracturing experience  Domestic and international Nowsco Wel Service and BJ Services VP – United Sates Emmett Capt  30 years in operational and completion management Operations: 30 years of oil and gas completions and  Hal iburton and EOG Resourcesfracturing experience Business Frank Oriold  34 years of Business Development experience in the wel servicing business Development 34 years of oil and gas wel servicing Manager: experience Manager of Sales: Brian Lane  Canadian Business Development For Trican ( 2009 – 2010) 13 years of technical fracturing  Sales Representative for Trican (2002 – 2009) experience and Business Development  Technical Specialist for Trican(1997 – 2002) Bachelor of Commerce – Major in Marketing (1992 – 1997) – More Detailed Bio’s in Appendix A – 23

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Appendix B – Maps of Treatment Locations 24

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GASFRAC’s Treatment Locations Through March 2010 25

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GASFRAC’s Treatment Locations In Western Canada 26

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Appendix C – Technical Details 27

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Viscosity Comparison Features of Reduced Viscosity:• An order of magnitude reduction in viscosity results in an order of magnitude reduction in the pressure required to move the same volume of fluid through a porous media. Benefits of Reduced Viscosity:• Greatly improves post fracture treatment fluid recovery that wil maximize the effective fracture length and result in accelerated production and incremental reserves. 28

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Surface Tension Comparison Features of Reduced Surface Tension:• Surface Tension of the treatment fluid is directly proportional to Capil ary Threshold Pressure or differential pressure required to mobilize fracturing fluid during cleanup. Benefits of Reduced Surface Tension:• Greatly improves post fracture treatment fluid recovery that wil maximize the effective fracture length and results in accelerated production and incremental reserves. 29

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