Enseco Energy Services Corp.
TSX VENTURE : ENS

Enseco Energy Services Corp.

April 24, 2008 11:19 ET

Enseco Energy Services Corp. Announces Closing of Previously Announced Equity Financing

CALGARY, ALBERTA--(Marketwire - April 24, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Enseco Energy Services Corp. ("Enseco" or the "Corporation") (TSX VENTURE:ENS) is pleased to announce the closing of the previously announced private placement of 11,120,000 common shares ("Common Shares") at a price of $0.45 per Common Share, which raised aggregate gross proceeds of $5,004,000 (the "Financing"). The Financing was completed by FirstEnergy Capital Corp. The Corporation intends to use the net proceeds to fund its capital expenditure program, repay bank indebtedness and for general corporate purposes.

All sales were made on a private placement basis pursuant to exemptions from the prospectus requirements of applicable securities laws. The Common Shares will be subject to a four-month hold period.

Enseco is an emerging supplier of energy related services operating throughout the Western Canadian Sedimentary Basin with operational centres in Red Deer, Whitecourt, Edmonton, Beaverlodge, Grande Prairie, and Fort St. John; North Dakota with an operation center in Minot; as well as corporate and sales offices located in Calgary. Enseco is led by an experienced management team currently offering well swabbing, production testing, cased hole logging, perforating and propellant stimulation services and directional drilling services with a focus on continued value creation through accretive acquisitions and organic growth.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

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

Contact Information

  • Enseco Energy Services Corp.
    David A. Hawkins
    President and CEO
    (403) 806-0088
    or
    Enseco Energy Services Corp.
    Aly Khan Musani
    Senior Vice President and CFO
    (403) 806-0088