EnQuest Energy Services Corp.

EnQuest Energy Services Corp.

November 27, 2008 09:00 ET

EnQuest Energy Services Corp. Announces Q-3, 2008 Financial Statements

CALGARY, ALBERTA--(Marketwire - Nov. 27, 2008) - ENQUEST ENERGY SERVICES CORP. ("EnQuest" or the "Company") (TSX VENTURE:ENQ) - EnQuest is pleased to announce the results of the third quarter results in its financial statements for the period ending September 30, 2008. All figures are stated in USD's.

EnQuest's CEO David Murray stated, "We are pleased with the strong progress made during the third quarter. We see further opportunities for continued improvement in the operating margins and profitability of the Company." The third quarter revenues were $42.3 million, EBITDAS was $6.6 million, net income was $1.0 million and funds from operations were $4.8 million. The cumulative results for the nine months ended September 30, 2008 are: revenues of $102.5 million, EBITDAS of $13.8 million, net income of $1.7 million and funds from operations of $10.2 million." Please refer to the Company's financial statements, and MD&A for further information as listed on sedar.com.

Mr. Mark Voorhies the Corporation's Senior Vice President also stated, "I am pleased with growth of our business in the existing marketplace, and I look forward to more growth and opportunities and future opportunities."

Mr. Geoff Kritzinger, the Corporation's CFO stated, "The Company is making strong progress in achieving operating efficiencies in both our US and Canadian operations after the acquisition of Sikanni companies earlier in the year."

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 Products, and pipe storage.

EnQuest provides services from Alaska to the Gulf of Mexico, with strategic locations in Alberta, Montana, Colorado, New Mexico, California, Texas, Arkansas, and Wyoming.

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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
    President & CEO
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: wtdmurray@enquestenergy.com
    EnQuest Energy Services Corp.
    Mark P. Voorhies
    Senior Vice President, US Operations
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: mvoorhies@enquestenergy.com
    EnQuest Energy Services Corp.
    Geoff Kritzinger, CA
    Senior Vice President & CFO
    (403) 239-4424
    (403) 239-4458 (FAX)
    Email: gkritzinger@enquestenergy.com