CALGARY, Dec. 8, 2011 /PRNewswire/ – Gibson Energy Inc. (TSX: GEI) (“Gibson”), is pleased to announce the completion of Gibson’s
previously announced acquisition of Palko Environmental Ltd. (“Palko”)
pursuant to a plan of arrangement under the Business Corporations Act (Alberta).

The plan of arrangement was approved by approximately 99.99% of the
votes cast by Palko securityholders at the special meeting of
securityholders held on December 7, 2011.

Gibson issued a total of 2,383,392 Common Shares and paid approximately
$5.8 million in cash to acquire the Palko shares it did not already own
(being approximately 61% of Palko’s outstanding shares). In addition,
Gibson paid out existing debt and assumed working capital of Palko,
estimated at $18.3 million. Palko’s shares will be delisted from the
Toronto Stock Exchange as soon as possible.

“We are excited about the opportunities and synergies that the new
Custom Treating and Terminals division will provide Gibson and look
forward to a smooth combination of the Palko and Gibson organizations,” said Stew Hanlon, President and Chief Executive Officer of Gibson.

All references to monetary amounts in this press release are to Canadian
dollars.

About Gibson

Gibson is one of the largest independent midstream energy companies in
Canada and a major participant in the crude oil transportation business
in the United States. Gibson transports hydrocarbons and water by
utilizing its integrated network of terminals, pipelines and truck
fleet, located throughout western Canada and the United States.
Gibson’s shares trade on the Toronto Stock Exchange under the symbol
GEI.

Gibson’s primary objective is to generate stable and growing cash flows
for shareholders through an attractive dividend and a growing asset
base.

Forward-Looking Statements

Certain statements contained in this news release constitute
forward-looking statements. These statements relate to future events or
Gibson’s future performance. All statements other than statements of
historical fact are forward-looking statements. The use of any of the
words ”anticipate”, ”plan”, ”contemplate”, ”continue”,
”estimate”, ”expect”, ”intend”, ”propose”, ”might”, ”may”,
”will”, ”shall”, ”project”, ”should”, ”could”, ”would”,
”believe”, ”predict”, ”forecast”, ”pursue”, ”potential” and
”capable” and similar expressions are intended to identify
forward-looking statements. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. Although Gibson believes these statements
to be reasonable, no assurance can be given that these expectations
will prove to be correct and such forward-looking statements included
in this news release should not be unduly relied upon. Such statements
include the statements regarding opportunities and synergies relating
to the Custom Treating and Terminals division. Gibson‘s actual results could differ materially from those anticipated in these
forward-looking statements as a result of regulatory decisions,
competitive factors in the industries in which Gibson operates,
prevailing economic conditions, and other factors, many of which are
beyond the control of Gibson. The forward-looking statements contained
in this news release represent Gibson’s expectations as of the date
hereof, and are subject to change after such date. Gibson disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as may be required by applicable securities
regulations.

SOURCE Gibson Energy Inc.