EnQuest Energy Services Corp.

EnQuest Energy Services Corp.

May 05, 2010 12:11 ET

EnQuest Announces LOI for Sale of Speedy Heavy Hauling, Inc.

CALGARY, ALBERTA--(Marketwire - May 5, 2010) - ENQUEST ENERGY SERVICES CORP. (TSX VENTURE:ENQ) ("EnQuest" or the "Corporation") announces that the Corporation has entered into a non-binding Letter of Intent (the "LOI") with a qualified buyer for the sale of substantially all of the assets of the Corporation's principal operating subsidiary, Speedy Heavy Hauling, Inc. The LOI is subject to, among other things, the completion of due diligence, the entering into of a definitive purchase and sale agreement, and the receipt of the requisite shareholder and regulatory approvals.

The Corporation also announces that, effective as of April 29, 2010, the TSX Venture Exchange (the "Exchange") has suspended trading in the Corporation's securities as a result of the Corporation's failure to have three directors as required by Exchange policies. The two current directors of the Corporation are W.T. David Murray and Ian F. T. Kennedy. Additionally, due to the financial hardships the Corporation has faced, and the lack of financial resources available to the Corporation to pay auditors, the Corporation has not completed audited financial statements for the period ending December 31, 2009, and did not file such audited financial statements by the April 30, 2010 deadline as prescribed by applicable Canadian securities laws.

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 Regulations 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)