Enterprise Oilfield Group, Inc.
TSX : E

Enterprise Oilfield Group, Inc.

September 28, 2007 14:18 ET

Enterprise Completes Reorganization

ST. ALBERTA, ALBERTA--(Marketwire - Sept. 28, 2007) - Enterprise Oilfield Group, Inc. (TSX:E) announces that it has completed a reorganization of its subsidiary companies; A.G. Grant Construction, Trevor King Oilfield Services, T.C. Backhoe & Directional Drilling and ESI Management. Enterprise has amalgamated all its operating companies under the name Enterprise Energy Services Inc. Its asset holdings have also been consolidated under Enterprise Pipeline Company Inc.

This reorganization will allow the Company to market all its services under the "Enterprise" banner, and is expected to reduce administrative costs. Under this banner Enterprise's customers will be provided with expert pipeline construction and horizontal drilling services throughout North-Central Alberta from construction offices in Slave Lake, Wainwright and Debolt, and field offices in Fox Creek, Wabasca and Red Earth.

As this is an internal reorganization, there will be no change in the presentation of the Company's consolidated financial results. Enterprise will be changing its fiscal year end to December 31. This change will facilitate ease of financial comparison to the Company's publicly traded peers. Unaudited financial results for the quarter ending September 30, 2007 will be released on or before November 14, 2007.

Enterprise Oilfield Group, Inc. is an energy services company operating in the pipeline construction industry. The Company's focus is small to medium diameter pipeline construction primarily on steel gathering systems up to 12" in diameter. The Company's strategy is to acquire small to mid-size pipeline construction companies in Central and Northern Alberta, consolidating capital, management and human resources to support continued growth.

Forward Looking Statements

This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

The TSX has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Enterprise Oilfield Group, Inc.
    Leonard D. Jaroszuk
    President and CEO
    (780) 418-4400 or Toll Free: 1-888-303-3361
    or
    Enterprise Oilfield Group, Inc.
    Desmond O'Kell
    Vice President - Corporate Development
    (780) 418-4400 or Toll Free: 1-888-303-3361
    Email: contact@EnterpriseOil.ca
    Website: www.EnterpriseOil.ca