Enseco Energy Services Corp.

Enseco Energy Services Corp.

May 29, 2009 17:56 ET

Enseco Energy Services Corp. Announces Stock Option Grants

CALGARY, ALBERTA--(Marketwire - May 29, 2009) - Enseco Energy Services Corp. ("Enseco") (TSX VENTURE:ENS) announces stock option grants to officers and employees.

Enseco announces that it has granted an aggregate of 459,000 options to certain officers and employees of Enseco of which 180,000 were granted to officers at a price of $0.15. These options were granted to officers and employees who have taken short term wage reductions as part of Enseco's cost cutting programs. The options vest over three years at the rate of one third each year commencing on May 29, 2010 and each of the next two years thereafter and expire in five years.

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, Midale, Fort St. John and 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, open hole logging, and directional drilling services with a focus on continued value creation through accretive acquisitions and organic growth.

Advisory Regarding Forward-Looking Statements

Certain information and statements contained in this press release constitute forward-looking information. Specifically their press release contains forward-looking statements relating to the future payment of dividends on the Preferred Shares, the redemption of the Preferred Shares and the use of proceeds of the Offering. The forward-looking statements contained in this press release speak only as of the date of this press release and are expressly qualified by this cautionary statement. These forward-looking statements are based on certain key assumptions regarding, among other things, the future payment of dividends on the Preferred Shares, the redemption of the Preferred Shares and the use of proceeds of the Offering. The reader is cautioned that such assumptions, although considered reasonable by Enseco at the time of preparation may prove to be incorrect. Furthermore, the forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. As such, undue reliance should not be placed on forward looking statements. Enseco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securites law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

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