Palko Environmental Ltd.: Re-Filed MD&A- ICFR Disclosure

CALGARY, ALBERTA--(Marketwire - June 14, 2011) -

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Palko Environmental Ltd. ("Palko" or "the Company") PLK announces that it will file restated management discussion and analysis ("MD&A") as well as certifications of the Chief Executive Officer and the Chief Financial Officer for the year ended December 31, 2010. The re-filings are at the request of the Alberta Securities Commission (the "Commission") as a result of their review of the Company's filed financial information in connection with a continuous disclosure review.

The Commission asked that the Company amend its disclosure surrounding internal controls over financial reporting ("ICFR"). In Palko's September 30, 2010 MD&A, the Company had disclosed material weaknesses surrounding lack of segregation duties in their ICFR. The Company successfully remediated the deficiencies in their ICFR through the appointment of a full time in-house chief financial officer and a senior accountant and the introduction of certain new internal controls to allow segregation of duties and approval of financial transactions. In addition the accounting system and accounting duties were centralized at head office in Calgary in the third and fourth quarters of 2010 upon the Company's acquisition of the remaining 50% of Palko Energy Ltd. The Company did not disclose these positive changes and the improved ICFR in the annual MD&A, and accordingly an amended MD&A is being filed. The Commission also requested that the MD&A disclose that the certifying officers rather than management concluded on the effectiveness of the controls and that they ensure that no indirect or qualifying language is used in their conclusion. These amendments have been included in the re-filed MD&A.

The Company's financial statements for the year ended December 31, 2010 are unaffected as a result of the MD&A refiling.

About Palko Environmental Ltd.

Palko provides processing and disposal of oilfield and industrial wastes through our network of waste handling and hydrocarbon recovery facilities located across Alberta and Saskatchewan. Our focus on client service extends to custom oil treating, waste oil reclamation and crude oil market access for customers.

Our services support all aspects and stages of oil and gas exploration and production, including drilling, fracturing, completion, production and subsequent abandonment and reclamation. In addition, Palko provides hydrocarbon recovery and waste management solutions for a variety of non-oilfield and industrial wastes of similar composition.

Additional information about Palko Environmental Ltd. is available at www.sedar.com and on the company's website at www.palko.com.