APA

Poseidon Concepts Corp. ("Poseidon" or the "Company") announced today that it
has entered into an Asset Purchase Agreement ("APA") with Rockwater Energy
Solutions, Inc. ("Rockwater") of Houston, Texas, to purchase substantially all
of the assets of Poseidon's high capacity water storage and containment systems
business (the "Sale Transaction"). Rockwater is a water, fluids and
environmental solutions provider offering customized products and services to
meet the water, stimulation, fracturing, fluids, and production needs of its oil
& gas industry customers throughout North America. Poseidon will continue to
operate its business through the closing of the Sale Transaction.


Poseidon is currently operating under creditor protection in Canada and the
United States pursuant to the Companies Creditors' Arrangement Act ("CCAA") and
Chapter 15 of the United States Bankruptcy Code ("Chapter 15"). The Sale
Transaction is subject to the approval of the Alberta Court of the Queen's Bench
and United States Bankruptcy Court (collectively, the "Courts"). The Company
expects to promptly file an application with the Courts to obtain the required
approvals. PricewaterhouseCoopers Inc. is the court appointed monitor (the
"Monitor") for purposes of the CCAA and Chapter 15 proceedings and will file a
Monitor's report as part of the court application to approve the Sale
Transaction. Subject to approvals from the Courts, the Sale Transaction is
expected to be completed in late June or early July 2013. In connection with the
CCAA and Chapter 15 proceedings, and concurrently with the Sales Transaction,
the Company will continue to work on a plan to settle all claims identified as
part of its restructuring process. Poseidon's secured lenders have indicated
that they support the Sale Transaction.


Ernst & Young Orenda Corporate Finance Inc. acted as the financial advisor to
Poseidon with respect to the Sale Transaction. Norton Rose Canada LLP is legal
counsel to Poseidon. Dentons Canada LLP is counsel to Poseidon's secured lenders
and Borden Ladner Gervais LLP, Stikeman Elliott LLP and Vinson & Elkins LLP
acted as legal counsel for Rockwater, with Peters & Co. acting as an advisor.
The Monitor's Canadian counsel is Bennett Jones LLP and United States counsel is
Rothgerber Johnson & Lyons LLP.


Headquartered in Calgary Alberta, Poseidon is the single largest provider of
high capacity water storage and containment systems in North America. Operating
throughout Western Canada and the United States, Poseidon is the pioneer of
large volume modular water storage tanks and maintains a fleet of over 400
Company-owned rental units. With its patented (Canada) and patent pending (U.S.)
design, Poseidon's commercially available tank models range in size from 4,500
barrels to 41,000 barrels with a combined total storage capacity estimated at
over 10.7 million barrels. Provided on a rental basis to customers to meet their
on-site water and completion fluids storage needs, Poseidon tanks are portable
and quick to assemble, on average requiring between one to four truckloads and
less than one day to set-up.


Further information may be found on the websites www.poseidonconcepts.com,
www.sedar.com or www.pwc.com/car-poseidon


Rockwater provides extensive water and fluids management services and
environmental solutions to the oil and gas industry by customizing
cost-effective solutions associated with the full fluids life cycle. Rockwater
offerings include water transfer by pipe; completion, stimulation, and
production chemicals; water conditioning for reuse; proppant, guar, and
additives for fracturing; flowback and well testing services; fluids
transportation and storage; and logistics and distribution services to support
its product and service offerings. Rockwater is headquartered in Houston, Texas,
and has about 3,000 employees serving every major shale basin in North America.


Forward-looking Statement

This news release contains certain forward-looking statements and other
information (collectively "forward-looking information") about our current
expectations, estimates and projections. Forward looking information is often
identified by words such as "anticipate", "intend", "believe", "expect", "plan",
"forecast", "target", "could", "focus", "vision", "goal", "proposed",
"scheduled", "milestone", "outlook", "potential", "may", "looking forward to",
or similar expressions and includes, but is not necessarily limited to,
suggestions of future outcomes, including, the Company's restructuring process
under the CCAA and Chapter 15 proceeds, the Sales Transaction and the approvals
required thereunder. Readers are cautioned not to place undue reliance on
forward-looking information as our actual results may differ materially from
those expressed or implied in the forward-looking information. Developing
forward-looking information involves reliance on a number of assumptions and
consideration of certain risks and uncertainties, some of which are specific to
Poseidon and others that apply to the industry generally. The factors or
assumptions on which the forward-looking information is based include without
limitation: the outcome of the negotiations with the Company's stakeholders, the
Company's ability to successfully submit a timely plan to its creditors and the
Court under the CCAA and Chapter 15 and to resolve its operational, legal and
financial difficulties Actual results could differ materially from those
currently anticipated due to a number of factors, risks and uncertainties. Such
risks and uncertainties include, without limitation, the discretion of the Court
in the CCAA and Chapter 15 proceedings; delays resulting from or inability to
obtain required approvals; the impact of general economic conditions in Canada,
the United States and globally; industry conditions; changes in laws and
regulations and changes in how they are interpreted and enforced; the l Readers
are cautioned that the foregoing list of factors is not exhaustive. All
subsequent forward-looking statements, whether written or oral, attributed to
Poseidon or persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. Furthermore, the forward-looking
statements contained in this news release are made as at the date of this news
release and Poseidon 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.


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Poseidon Concepts Corp.
http://www.poseidonconcepts.com/

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