EnQuest Energy Services Corp.
TSX VENTURE : ENQ

EnQuest Energy Services Corp.

November 30, 2009 22:22 ET

EnQuest Energy Services Corp. Releases 2009 Third Quarter Financial Statements

CALGARY, ALBERTA--(Marketwire - Nov. 30, 2009) - ENQUEST ENERGY SERVICES CORP. ("EnQuest" or the "Company") (TSX VENTURE:ENQ) - EnQuest announces the filing of its unaudited interim consolidated financial statements and management discussion and analysis ("MD&A") for the three and nine month periods ended September 30, 2009 today. All figures are stated in USD. Additional information relating to the Company is available on SEDAR at www.sedar.com.

EnQuest's CEO David Murray stated: "Continued uncertainty in the oil and gas markets has been accompanied with contracted drilling activity for 2009 which has impacted upon the company's operating results for the current period. The Company remains focused on debt reduction and cost reductions to meet its liquidity and operating targets through to December 31, 2010; by the (i) solicitation and continued sale of remaining non-core assets as previously announced, (ii) re-negotiation of repayment and other terms of banking agreements with the Company's primary US lenders, (iii) re-negotiation of repayment terms with other significant long-term debt holders, and (iv) further cost cutting initiatives."

In efforts to return the company to a solid financial position, Mr. Murray further commented on the current status of re-negotiations with the company's lenders: "In October and November, 2009, after preliminary discussion and dialogue with our primary equipment lenders, an initial refinancing proposal was submitted to them for further consideration. The company has received acknowledgement of agreement in principle from most of these primary equipment lenders with the proposed new terms, and management is confident that it can obtain executed loan agreements, including new covenant provisions, before the end of the fiscal year. Management has also started re-negotiation of repayment terms with other significant long-term debt holders."

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.

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

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.

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