EnQuest Energy Services Corp.

EnQuest Energy Services Corp.

September 09, 2009 16:05 ET

EnQuest Announces Sale and Contract Expiration

CALGARY, ALBERTA--(Marketwire - Sept. 9, 2009) - ENQUEST ENERGY SERVICES CORP. ("EnQuest" or "the Corporation") (TSX VENTURE:ENQ) - The Corporation announced today that the Board of Directors of EnQuest is continuing to review its strategic alternatives for optimizing shareholder value with the objectives of reducing corporate debt and focusing its resources on areas of oil and gas activity in the USA.

In keeping with these objectives, a contract has been signed with Ritchie Bros. Auctioneers (Canada) Ltd. to dispose of certain non-core assets at the Grande Prairie, Alberta auction set for September 21 and 22, 2009. EnQuest will continue to evaluate the sale of certain assets and/or operations on a case by case basis. EnQuest cautions shareholders that no specific timetable has been set as it relates to any dispositions. Any subsequent transactions may be subject to regulatory and/or shareholder approval and there is no assurance that the review conducted by the Board will result in any specific transactions being completed.

The Company also announced that its financial advisory contract with Lightyear Capital, Inc. has expired.

EnQuest has operations throughout the United States and Canada. The common shares of EnQuest are listed on the TSX Venture Exchange and trade under the symbol "ENQ".

Contact Information

  • Enquest Energy Services Corp.
    W.T. David Murray
    Chairman & Chief Executive Officer
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: wtdmurray@enquestenegy.com