CE Franklin Announces Year End Results (Results are in Canadian Dollars).

CALGARY, Alberta--(BUSINESS WIRE)--April 1, 1996-- CE FRANKLIN LTD. (AMEX.CFK) today reported results for the fiscal year ended December 31, 1995.

The audited financial statements for CE Franklin Ltd. (CE Franklin) have been accounted for as a reverse take-over of Franklin Supply Company Ltd. (Franklin) with Continental Emsco Company Limited (CEL) deemed to have acquired Franklin and has been accounted for by the purchase method. Consequently, the historical financial information contained in the audited statements relates only to CEL and does not include the results of Franklin prior to the date of the transaction, November 3, 1995.

The audited financial statements also reflect pushdown accounting due to the purchase on July 31, 1995 of substantially all of the common shares of Continental Emsco Company (CEC) by SCF-III, L.P. and reflects discontinued operations of CEL due to the sale of the Dura Products division to CEC on July 31, 1995. The financials to follow are on the results of continuing operations of CE Franklin as found in the audited financial statements.

Sales for 1995 increased $13.7 million to $106.4 million or 14.7 percent from 1994. This increase is due primarily to the inclusion of $17.2 million of Franklin sales for the period November 4 to December 31, 1995 and is partially offset by a reduction in CEL's sales of $3.5 million. This 4 percent reduction in CEL's sales is a result of Canada's two year growth in drilling activity reversing temporarily in 1995 with a 7 percent reduction in wells drilled from 1994.

Net income from continuing operations in 1995 increased by $.4 million or 84 percent from 1994 due mainly to foreign exchange gains on the intercompany debt balance because of an improved exchange rate.

In announcing the results, Chairman and Chief Executive Officer, John Gilbank stated, "The restructuring plan and combining of the two entities of Franklin and CEL are basically complete. The plan involved the closure of eleven overlapping store locations, a distribution center and a head office as well as a reduction of approximately 77 employees or 22 percent of our personnel requirements. Some of the synergies created through the integration of the two companies will be reflected in the first quarter 1996 results." He also added, "We are optimistic with respect to 1996 due to these synergies and the prospect of strong market conditions." The Canadian Association of Oilwell Drilling Contractors (CAODC) recently announced a forecast that 11,300 wells will be drilled in Western Canada in 1996 or 200 more than last year and more than 1,300 over their previous 1996 forecast.

CE Franklin Ltd. is the leading distributor of supplies for the Canadian oil and gas industry. -0-

CE FRANKLIN LTD.
SUMMARY OF FINANCIAL DATA
(Canadian Dollars)

                                     Year Ended December 31,
                                         1995       1994
Statement of Income Data:

Sales                              $106,427,572   $92,749,757
Net Income From Continuing
   Operations                           956,452       519,124

Net Income Per Share From
   Continuing Operations                   0.10          0.06

Weighted Average Number of
   Shares Outstanding                 9,775,901     8,634,017

Selected Balance Sheet Data:

Working Capital                      41,932,866     8,168,231

Total Assets                         80,869,169    43,815,683

Long Term Debt                       24,619,645       289,683

Total Liabilities                    52,461,557    33,274,968

Shareholders' Equity                 28,407,612    10,540,715

CONTACT: CE Franklin Ltd.

Kelly O'Sullivan

Investor Relations

800-345-2858

[phone]

or

CE Franklin Ltd.

Jean Parker

Chief Financial Officer

[phone]