Enterprise Oilfield Group, Inc.
TSX : E

Enterprise Oilfield Group, Inc.

December 30, 2009 15:20 ET

Enterprise Oilfield Group, Inc. Announces Second Closing of Private Placement

ST. ALBERT, ALBERTA--(Marketwire - Dec. 30, 2009) - Enterprise Oilfield Group, Inc. ("Enterprise" or the "Corporation") (TSX:E) announces that it has closed a private placement of 2,400,000 common shares of the Corporation ("Common Shares") at a price of $0.17 per share for gross proceeds of $408,000 (the "Offering"). The Offering is in addition to the private placement of 4,100,000 Common Shares which was completed and announced on December 22, 2009. In connection with the Offering, the Corporation paid a commission to an arm's length third party in the amount of $40,800 and issued to such party warrants to purchase 240,000 Common Shares at a price of $0.17 per share for a period of one year. The proceeds from the Offering will be used for working capital and general corporate purposes.

The subscribers for the Common Shares issued pursuant to the Offering were Leonard Jaroszuk, the President and Chief Executive Officer of the Corporation, and a corporation controlled by Mr. Jaroszuk. After giving effect to the Offering and a sale of Common Shares on the market, Mr. Jaroszuk currently owns or controls 7,603,400 Common Shares, representing 15.6% of the issued and outstanding Common Shares of Enterprise.

Enterprise Oilfield Group, Inc. is a construction services company operating in the energy, utility and transportation infrastructure industry. The Corporation's focus is primarily underground construction and maintenance and above ground plants and facilities. The Corporation's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management and human resources to support continued growth.

Contact Information

  • Enterprise Oilfield Group, Inc.
    Leonard D. Jaroszuk
    President & CEO
    (780) 418-4400 or Toll Free: 1-888-303-3361
    (780) 418-1941 (FAX)
    or
    Enterprise Oilfield Group, Inc.
    Desmond O'Kell
    Vice President, Corp. Development
    (780) 418-4400 or Toll Free: 1-888-303-3361
    (780) 418-1941 (FAX)
    contact@EnterpriseOil.ca
    www.EnterpriseOil.ca