EnQuest Energy Services Corp.
TSX VENTURE : ENQ

EnQuest Energy Services Corp.

August 31, 2009 22:09 ET

EnQuest Energy Services Corp. Releases First Quarter Financial Statements

CALGARY, ALBERTA--(Marketwire - Aug. 31, 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 six month periods ended June 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: "Further uncertainty in the oil and gas markets in which the company fundamentally operates, resulting in a large drop in current drilling activity from 2008 and prior levels, significantly impacted the company's operating results for the current period. Management is confident that its actions to meet its liquidity and operating targets for the remainder of the year, including the following (i) the solicitation and sale of non-core assets as previously announced, (ii) re-negotiation of banking agreements and (iii) continuation of aggressive cost cutting initiatives, will return the company to a solid financial footing better poised to meet future growth opportunities.

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.

Contact Information

  • Enquest Energy Services Corp.
    W.T. David Murray
    President & CEO
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: wtdmurray@enquestenergy.com
    or
    Enquest Energy Services Corp.
    Mark P. Voorhies
    Senior Vice President, US Operations
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: mvoorhies@enquestenergy.com
    or
    Enquest Energy Services Corp.
    Geoff Kritzinger, CA
    Senior Vice President & CFO
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: gkritzinger@enquestenergy.com