EnQuest Energy Services Corp.

EnQuest Energy Services Corp.

June 02, 2009 19:16 ET

EnQuest Closes $4.8 Million Divestiture of Non-Core Assets

CALGARY, ALBERTA--(Marketwire - June 2, 2009) - EnQuest Energy Services Corp. ("EnQuest" or the "Corporation") (TSX VENTURE:ENQ) as part of the ongoing rationalization of its operations is pleased to announce the closing of the sale of substantially all of the operating assets previously owned by Northwell Oilfield Hauling Ltd. ("Northwell") for $4.8 million CDN in cash to Terracore Specialty Drilling Ltd. The proceeds will be used for the retirement of debt and for working capital purposes.

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.

Lightyear Capital Inc., as the financial advisor to the Corporation on the transaction, will receive a finder's fee in the amount of 1.5% of the sale price of the Northwell assets.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • EnQuest Energy Services Corp.
    W.T. David Murray
    Chief Executive Officer
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: wtdmurray@enquestenergy.com