/C O R R E C T I O N - Mullen Group Ltd./

                  /C O R R E C T I O N - Mullen Group Ltd./

PR Newswire

OKOTOKS, AB, April 24, 2013

In c8452, transmitted today at 17:30, an error occurred in the headline.
"Mullen Group Ltd. Reports Record First Quarter Financial Results" should have
read "Mullen Group Ltd. Reports First Quarter Financial Results." Full
corrected copy follows:

Mullen Group Ltd. Reports First Quarter Financial Results

OKOTOKS, AB,  April 24,  2013 /PRNewswire/  - (TSX:  MTL) Mullen  Group  Ltd. 
("Mullen Group" and/or the "Corporation")  is pleased to report its  financial 
and operating results for the period ended March 31, 2013, with comparisons to
the same period last year.

For the  three month  period  ended March  31,  2013, Mullen  Group  generated 
consolidated revenue of $385.5 million and operating income of $87.8 million.
Mullen Group generated  net cash  from operating activities  of $17.4  million 
that was used,  together with  cash from other  sources, to  pay dividends  of 
$39.5 million, acquire net property, plant and equipment of $13.7 million  and 
pay interest obligations of $3.7 million.

Mullen Group's consolidated revenue of $385.5 million was a decrease of  $40.5 
million or  9.5  percent from  the  $426.0  million generated  in  2012.  The 
decrease in consolidated revenue was  largely attributable to a $39.0  million 
decline in  revenue experienced  by the  Oilfield Services  segment, of  which 
$21.8 million related to  the non-recurring revenue  generated by the  design, 
build and commissioning of the Thin Fine Tailings ("TFT") barge system project
for a large oil sands  operator which was completed  in the second quarter  of 
2012, along with a  marginal $1.5 million decline  in revenue recorded by  the 
Trucking/Logistics segment. When  factoring out the  non-recurring TFT  barge 
system project revenue, Mullen's core business revenue was down $18.7 million,
or 4.6 percent.

The Oilfield  Services  segment  contributed  revenue  of  $257.6  million,  a 
decrease of $39.0 million, or 13.1 percent, from the $296.6 million  generated 
in the prior year period. As previously noted, the majority of the decrease in
revenue occurred in  Canadian Dewatering L.P.,  which generated $21.8  million 
less revenue as  a result  of the completion  of the  non-recurring TFT  barge 
system project. In addition, reduced  demand for services by those  Operating 
Entities involved in the transportation of fluids and well servicing, and  the 
reduced demand  for rig  relocation  services contributed  to the  decline  in 
revenue. These decreases were partially  offset by increased revenue  recorded 
by those Operating Entities servicing the pipeline construction industry along
with core  drilling. The  Trucking/Logistics segment  contributed revenue  of 
$129.1 million, which was a marginal  decrease of $1.5 million over the  prior 
year period. This  decrease was  mainly attributable to  decreased demand  for 
over-dimensional and heavy haul freight services.

Mullen Group generated operating income for  the period ended March 31,  2013, 
of $87.8 million, a decrease of $11.3  million or 11.4 percent over the  $99.1 
million generated  in  2012.  The  decrease in  operating  income  was  mainly 
attributable to the Oilfield Services segment, particularly by those Operating
Entities providing fluid hauling and well  servicing along with those tied  to 
drilling activity. In addition, the Trucking/Logistics segment recorded a $1.9
million decrease in operating income which was generally attributable to those
Operating Entities providing  over-dimensional and multi-modal  transportation 
services. As a percentage of consolidated revenue, operating income  decreased 
slightly to 22.7 percent as compared to 23.3 percent in 2012.

"We knew coming into this quarter that it would be difficult to top the  first 
quarter of 2012, which was a record in terms of revenue and operating income.
Specifically, the completion  of the TFT  barge system project  in the  second 
quarter of 2012 along with the  expectation of reduced drilling activity  were 
both known going into the  quarter. However, some extreme weather  conditions 
in western Canada combined with bottlenecks in takeaway capacity with some  of 
our customers in the heavy  oil plays of Alberta  were situations that we  had 
little control  over. As  well, we  witnessed some  competitive pressures  in 
businesses tied to the  servicing of wells as  a result of decreased  drilling 
and completion activity in  western Canada. On a  positive note, a number  of 
pipeline construction  projects  kicked  off in  the  quarter  which  directly 
benefited Premay Pipeline Hauling L.P. and should for the foreseeable  future, 
while Treo Drilling  Services L.P.  once again performed  very well  recording 
improvements both in terms of productivity and safety performance.  All-in-all 
our results met our expectations,"  stated Mr. Stephen H. Lockwood,  President 
and Co-Chief Executive Officer.

In the  first quarter  of 2013,  Mullen Group  generated net  income of  $44.4 
million, or $0.50  per share,  a decrease of  $14.4 million,  or 24.5  percent 
compared to  $58.8 million,  or $0.73  per share  in 2012.  The $14.4  million 
decrease in net income was mainly  attributable to the $11.3 million  decrease 
in operating income and a $9.6 million negative variance in unrealized foreign
exchange. These decreases  were somewhat  offset by a  $3.5 million  positive 
variance in  the fair  value of  investments and  a $3.1  million decrease  in 
income tax  expense. Adjusting  Mullen Group's  net income  and earnings  per 
share to eliminate the impact of unrealized foreign exchange and the change in
the fair value  of investments  during the first  quarter of  2013 results  in 
adjusted net income of $45.4 million and adjusted earnings per share of $0.52,
as compared to $54.0 million and $0.67 per share in 2012, respectively. These
adjustments more clearly reflect earnings from an operating perspective.

A summary of Mullen  Group's results for the  three month periods ended  March 
31,2013, and 2012, along with revenue and operating results by segment are as

(unaudited)                               Three month periods ended
($ millions, except per share                     March 31
amounts)                                  2013           2012           Change
                                            $              $                %
Revenue                                  385.5          426.0            (9.5)
Operating income^(1)                      87.8           99.1           (11.4)
Unrealized foreign exchange                5.0          (4.6)          (208.7)
loss (gain)
Decrease (increase) in fair              (4.5)          (1.0)            350.0
value of investments
Net income                                44.4           58.8           (24.5)
Net Income - adjusted^(2)                 45.4           54.0           (15.9)
Earnings per share^(3)                    0.50           0.73           (31.5)
Earnings per share -                      0.52           0.67           (22.4)
Net cash from operating                   17.4           54.3           (68.0)
Net cash from operating                   0.20           0.67           (70.1)
activities per share^(3)
Cash dividends declared per               0.30           0.25             20.0
Common Share

(1)           Operating income is defined as net income before depreciation
               on property, plant and equipment, amortization on intangible
               assets, finance costs, unrealized foreign exchange gains and
               losses, other (income) expense and income tax expense.
(2)           Net income - adjusted and earnings per share - adjusted are
               calculated by adjusting net income and basic earnings per share
               by the amount of any unrealized foreign exchange gains and
               losses and by the change in fair value of investments.
(3)           Earnings per share and net cash from operating activities per
               share are calculated based on the basic weighted average number
               of Common Shares outstanding for the period.
               Operating income, net income - adjusted and earnings per share
               - adjusted are not recognized terms under Canadian GAAP and do
               not have standardized meanings prescribed by Canadian GAAP.
              Management believes these measures are useful supplemental
               measures. Investors should be cautioned that these indicators
               should not replace net income and earnings per share as
               indicators of performance.

                          Three month periods ended
(unaudited)                       March 31
($ millions)                  2013    2012   Change
                                $       $        %
  Oilfield Services      257.6   296.6   (13.1)
  Trucking/Logistics     129.1   130.6    (1.1)
  Corporate                0.1       -        -
Intersegment eliminations                       
  Oilfield Services      (0.5)   (0.2)        -
  Trucking/Logistics     (0.8)   (1.0)        -
Total                        385.5   426.0    (9.5)
Operating Income                                
  Oilfield Services       68.6    77.3   (11.3)
  Trucking/Logistics      20.1    22.0    (8.6)
  Corporate              (0.9)   (0.2)        -
Total                         87.8    99.1   (11.4)

This news release may contain  forward-looking statements that are subject  to 
risk factors associated with the oil and natural gas business and the  overall 
economy. Mullen Group believes that  the expectations reflected in this  news 
release  are  reasonable,  but  results  may  be  affected  by  a  variety  of 
variables. Mullen Group relies on litigation protection for "forward-looking"

Mullen Group  is a  company  that owns  a  network of  independently  operated 
businesses. Today the Mullen Group is  recognized as the largest provider  of 
specialized transportation and  related services  to the oil  and natural  gas 
industry in western Canada and as one of the leading suppliers of trucking and
logistics services in  Canada -  two sectors of  the economy  in which  Mullen 
Group has strong business relationships and industry leadership. Mullen Group
provides management and financial expertise, technology and systems support to
its independent businesses.

Mullen Group is  a publicly  traded corporation  listed on  the Toronto  Stock 
Exchange under the symbol "MTL".  Additional information is available on  our 
website at www.mullen-group.com or on SEDAR at www.sedar.com.

SOURCE Mullen Group Ltd.


Mr. Murray K. Mullen - Chairman of the Board and Chief Executive Officer
Mr. Stephen H. Lockwood - Co-Chief Executive Officer and President
Mr. P. Stephen Clark - Chief Financial Officer

121A - 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Telephone: 403-995-5200
Fax: 403-995-5296
Press spacebar to pause and continue. Press esc to stop.