Exhibit 99.1

Complete Production Services, Inc. Reports Fourth Quarter Earnings of $0.49 Per Diluted Share

Houston—(Business Wire)—February 4, 2011—Complete Production Services, Inc. (NYSE: CPX) today reported fourth quarter revenue of $472.8 million, an increase of 13% over the third quarter of 2010, and fourth quarter Adjusted EBITDA (as defined below) of $120.7 million, an increase of 7% over the third quarter of 2010. Fourth quarter 2010 operating income was $74.4 million, up 9% versus the third quarter of 2010, and fourth quarter net income was $38.2 million, or $0.49 per diluted share, an increase of $5.2 million or $0.07 per diluted share, over the prior quarter.

Revenue for the Completion and Production Services segment during the fourth quarter of 2010 was $416.6 million, an increase of 15% over the prior quarter. Results for our pressure pumping, coil tubing and fluid handling businesses, as well as the seasonal improvements in Canada accounted for the majority of the increase in revenue. Adjusted EBITDA for the segment was $119.2 million in the fourth quarter of 2010, up 10% versus the third quarter of 2010. The segment continued to benefit from increasing activity levels in service intensive oil and liquid-rich plays into which we deployed approximately 43,000 hydraulic horse power (HHP) of pressure pumping equipment during the third quarter of 2010. Adjusted EBITDA margin of 28.6% was slightly lower than the prior quarter primarily due to start up related costs associated with new equipment deployments.

Drilling Services segment revenue was $48.7 million during the fourth quarter of 2010, versus $48.6 million during the third quarter of 2010. Fourth quarter Adjusted EBITDA of $12.0 million for the segment was $1.0 million lower than the third quarter of 2010, primarily due to non-recurring cost recoveries in the third quarter and higher contract drilling repair and maintenance costs.

For the full year 2010, revenue was $1.56 billion, an increase of 48% from full year 2009, and Adjusted EBITDA was $374.9 million, up $225.8 million over the prior year. Operating income was $193.1 million in 2010 and net income was $84.2 million or $1.08 per diluted share. Cash flow from operating activities totaled $216.8 million in 2010 and capital expenditures totaled $169.1 million, contributing to a build in cash to a total of $126.7 million at December 31, 2010.

“Our performance in 2010 was outstanding,” commented Joe Winkler, Chairman and Chief Executive Officer. “Our dedicated workforce anticipated an improvement in activity levels and quickly responded to our customer’s needs for additional services in new markets while staying focused on quality and safety at the well site.”

“We continue to enhance our platform through capital investments, acquisitions and operational achievements, such as obtaining firm customer commitments for approximately 185,000 HHP of pressure pumping equipment that will be deployed throughout the course of 2011. Approximately seventy percent of our pressure pumping capacity will be committed under long-term take or pay contracts with an average duration of 2.3 years, providing additional certainty in our future cash-flow.”

“We are optimistic about activity levels in 2011 and expect the positive trends related to the development of oil and liquid-rich basins and the increasing service intensity associated with longer laterals and more stages to continue, creating attractive prospects for growth. We are well positioned to capitalize on opportunities as a result of our positions in the market, our asset base, our quality personnel and our strong balance sheet,” concluded Mr. Winkler.

Complete Production Services, Inc. is a leading oilfield service provider focused on the completion and production phases of oil and gas wells. The company has established a significant presence in unconventional oil and gas plays in North America that it believes have the highest potential for long-term growth.

Complete will hold a conference call to discuss fourth quarter 2010 results on Friday, February 4, 2011 at 10:00 a.m. Eastern Time. To participate in the live conference call, dial (800) 322-2803 at least ten minutes prior to the scheduled start of the call. When prompted, provide the passcode: 68464296. The conference call will be available for replay beginning at 1:00 p.m. Eastern Time on February 4, 2011 and will be available until February 11, 2011. To access the conference call replay, please call (888) 286-8010 and use the passcode: 21048942. The call is also being webcast and can be accessed at our website at www.completeproduction.com.

The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risk and uncertainties. These forward-looking statements include statements regarding future market conditions, the company’s deployment of additional pressure pumping capacity, growth in oil and liquid-rich plays, increasing service intensity and the company’s future success. Such statements are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry, the uncertainty of near-term and long-term activity levels, general economic conditions in the United States and globally, and other risks described in the company’s most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release.

Management evaluates the performance of Complete’s operating segments using non-GAAP financial measures, including Adjusted EBITDA. Adjusted EBITDA is calculated as net income from continuing operations before net interest expense, taxes, depreciation, amortization, impairment charges and non-controlling interest. Adjusted EBITDA is not a substitute for GAAP measures of earnings and cash flow. Adjusted EBITDA is used in this press release because our management considers this measure to be an important supplemental measure of performance and believes it is used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

For more information, please contact:

Jose Bayardo
Sr. Vice President and Chief Financial Officer
281-372-2300

Complete Production Services, Inc.
Consolidated Statements of Operations
For the Quarters Ended December 31, 2010 and 2009 and September 30, 2010
And the Twelve Months Ended December 31, 2010 and 2009
(in thousands, except per share data)

		Quarter Ended												Twelve Months Ended
		December 31,								September 30,				December 31,
		2010				2009				2010				2010				2009
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenue:
Services		$	465,264			$	244,607			$	410,057			$	1,527,618			$	1,012,103
Products			7,571				6,795				8,552				33,775				44,291
			472,835				251,402				418,609				1,561,393				1,056,394
Cost of services			297,221				172,470				257,487				985,093				692,164
Cost of products			6,154				4,618				6,346				25,947				33,201
General and administrative expense			48,787				41,833				41,790				175,445				181,948
Depreciation and amortization			46,227				47,262				44,805				181,823				200,732
Fixed asset and other impairment loss			—				2,488				—				—				38,646
Goodwill impairment loss			—				97,643				—				—				97,643
			398,389				366,314				350,428				1,368,308				1,244,334
Income (loss) before interest and taxes			74,446				(114,912	)			68,181				193,085				(187,940	)
Interest expense			14,016				14,551				14,152				57,669				56,895
Interest income			(122	)			(36	)			(57	)			(322	)			(79	)
Income (loss) before taxes			60,552				(129,427	)			54,086				135,738				(244,756	)
Tax provision (benefit)			22,333				(25,952	)			21,056				51,580				(63,088	)
Net income (loss)		$	38,219			$	(103,475	)		$	33,030			$	84,158			$	(181,668	)
Basic earnings (loss) per share:		$	0.50			$	(1.38	)		$	0.43			$	1.11			$	(2.42	)
Diluted earnings (loss) per share:		$	0.49			$	(1.38	)		$	0.42			$	1.08			$	(2.42	)
Weighted average shares outstanding:
Basic			76,318				75,243				76,130				76,048				75,095
Diluted			78,545				75,243				77,792				77,684				75,095

Complete Production Services, Inc.
Condensed Consolidated Balance Sheets
As of December 31, 2010 and 2009
(in thousands)

		December 31,				December 31,
		2010				2009
		(unaudited)				(unaudited)
Assets:
Cash		$	126,681			$	77,360
Other current assets			425,229				292,566
Property, plant and equipment, net			956,028				941,133
Goodwill			250,533				243,823
Restricted cash (1)			17,000				—
Other long-term assets			25,105				33,972
Total assets			1,800,576				1,588,854
Liabilities and stockholders’ equity:
Current liabilities			148,404				91,722
Long-term debt			650,000				650,002
Long-term deferred tax liabilities			190,422				148,240
Other long-term liabilities			5,916				—
Total liabilities			994,742				889,964
Common stock			765				752
Treasury stock			(1,765	)			(334	)
Additional paid-in capital			657,992				636,904
Retained earnings			126,165				42,007
Cumulative translation adjustment			22,677				19,561
Total stockholders’ equity			805,834				698,890
Total liabilities and stockholders’ equity		$	1,800,576			$	1,588,854

		Quarter Ended
		December 31,				December 31,				September 30,
		2010				2009				2010
		(unaudited)				(unaudited)				(unaudited)
Revenue:
Completion and production services		$	416,592			$	215,603			$	361,457
Drilling services			48,672				29,214				48,600
Products			7,571				6,585				8,552
Total revenues		$	472,835			$	251,402			$	418,609
Adjusted EBITDA: (1)
Completion and production services		$	119,217			$	36,743			$	108,104
Drilling services			11,955				2,942				12,936
Products			695				1,540				1,689
Corporate and other			(11,194	)			(8,744	)			(9,743	)
Total		$	120,673			$	32,481			$	112,986
Adjusted EBITDA as a % of Revenue:
Completion and production services			28.6	%			17.0	%			29.9	%
Drilling services			24.6	%			10.1	%			26.6	%
Products			9.2	%			23.4	%			19.7	%
Total			25.5	%			12.9	%			27.0	%

		Twelve Months Ended
		December 31,				December 31,
		2010				2009
		(unaudited)				(unaudited)
Revenue:
Completion and production services		$	1,354,797			$	897,584
Drilling services			172,821				114,729
Products			33,775				44,081
		$	1,561,393			$	1,056,394
Adjusted EBITDA: (1)
Completion and production services		$	369,826			$	165,787
Drilling services			38,973				9,641
Products			5,197				7,966
Corporate and other			(39,088	)			(34,313	)
		$	374,908			$	149,081
Adjusted EBITDA as a % of Revenue:
Completion and production services			27.3	%			18.5	%
Drilling services			22.6	%			8.4	%
Products			15.4	%			18.1	%
Total			24.0	%			14.1	%

Complete Production Services, Inc.
Reconciliation of Adjusted EBITDA to Net Income (Loss)
For the Quarters Ended December 31, 2010 and 2009, and September 30, 2010
And the Twelve Months Ended December 31, 2010 and 2009
(unaudited, in thousands)

		Completion
		& Production				Drilling								Corporate &
		Services				Services				Products				Other				Total
Quarter Ended December 31, 2010:
Adjusted EBITDA (1)		$	119,217			$	11,955			$	695			$	(11,194	)		$	120,673
Depreciation & amortization			40,469				4,705				535				518				46,227
Operating income (loss)		$	78,748			$	7,250			$	160			$	(11,712	)		$	74,446
Interest expense																			14,016
Interest income																			(122	)
Income taxes																			22,333
Net income (loss)																		$	38,219
Quarter Ended December 31, 2009:
Adjusted EBITDA (1)		$	36,743			$	2,942			$	1,540			$	(8,744	)		$	32,481
Depreciation & amortization			41,536				4,565				599				562				47,262
Other intangible impairment loss			2,488				—				—				—				2,488
Goodwill impairment loss			97,643				—				—				—				97,643
Operating income (loss)		$	(104,924	)		$	(1,623	)		$	941			$	(9,306	)		$	(114,912	)
Interest expense																			14,551
Interest income																			(36	)
Income taxes																			(25,952	)
Net income (loss)																		$	(103,475	)
Quarter Ended September 30, 2010:
Adjusted EBITDA (1)		$	108,104			$	12,936			$	1,689			$	(9,743	)		$	112,986
Depreciation & amortization			39,078				4,673				539				515				44,805
Operating income (loss)		$	69,026			$	8,263			$	1,150			$	(10,258	)		$	68,181
Interest expense																			14,152
Interest income																			(57	)
Income taxes																			21,056
Net income (loss)																		$	33,030
Twelve Months Ended December 31, 2010:
Adjusted EBITDA (1)		$	369,826			$	38,973			$	5,197			$	(39,088	)		$	374,908
Depreciation & amortization			159,110				18,480				2,211				2,022				181,823
Operating income (loss)		$	210,716			$	20,493			$	2,986			$	(41,110	)		$	193,085
Interest expense																			57,669
Interest income																			(322	)
Income taxes																			51,580
Net income (loss)																		$	84,158
Twelve Months Ended December 31, 2009:
Adjusted EBITDA (1)		$	165,787			$	9,641			$	7,966			$	(34,313	)		$	149,081
Depreciation & amortization			174,929				21,067				2,460				2,276				200,732
Fixed asset and other intangible impairment loss			2,488				36,158												38,646
Goodwill impairment loss			97,643				—				—				—				97,643
Operating income (loss)		$	(109,273	)		$	(47,584	)		$	5,506			$	(36,589	)		$	(187,940	)
Interest expense																			56,895
Interest income																			(79	)
Income taxes																			(63,088	)
Net income (loss)																		$	(181,668	)