EnQuest Energy Services Corp.

EnQuest Energy Services Corp.

April 07, 2010 09:20 ET

EnQuest Announces Board Changes

CALGARY, ALBERTA--(Marketwire - April 7, 2010) - ENQUEST ENERGY SERVICES CORP. (TSX VENTURE:ENQ) ("EnQuest" or the "Corporation") announces the resignation of Ross H. McEachran from the Board of Directors of the Corporation effective as of April 6, 2010. The Board and Management appreciate his service to the Corporation over the past two years. As a result of this resignation, EnQuest presently has two directors, which is one fewer than the three directors required by the rules of the TSX Venture Exchange. In accordance with applicable law, EnQuest announces that trading in its common shares will be temporarily halted until a third director is appointed to the Board. EnQuest will issue a further press release when such appointment is made.

EnQuest also announces that the US based company referenced in the Corporation's February 12, 2010 press release has determined not to proceed with the acquisition of substantially all of the assets of Speedy Heavy Hauling, Inc. The US based purchaser stated in correspondence dated today that its preliminary due diligence investigation "did not reveal any negative information with regard to Speedy Heavy Hauling, Inc., its operations or the operations of its subsidiaries" but that it had decided to pursue a different strategy. EnQuest is now released from the exclusivity provisions of the letter of intent, and will purse discussions with other parties which have expressed an interest in the assets and operations of the Corporation.

EnQuest provides energy services throughout North America in the following primary business segments: transportation services, rig moving, crane services, specialized heavy hauling, oilfield equipment rentals, retailer of new and refurbished oil country tubular goods and pipe storage.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • EnQuest Energy Services Corp.
    W.T. David Murray
    Chairman & Chief Executive Officer
    (970) 241-3420
    (970) 242-5078 (FAX)