EnQuest Energy Services Corp.

EnQuest Energy Services Corp.

September 25, 2009 14:56 ET

EnQuest Closes CDN$6 Million Divestiture of Non-Core Assets

CALGARY, ALBERTA--(Marketwire - Sept. 25, 2009) - ENQUEST ENERGY SERVICES CORP. (TSX VENTURE:ENQ) ("EnQuest" or the "Corporation") announced today that it has sold certain non-core assets in Canada for $6,045,000CDN.

In keeping with its continuing review of 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, the Corporation is pleased to announce that it has disposed of certain assets of its Canadian operating subsidiary, Twilight Oilfield Hauling Corp., at an auction conducted by Ritchie Bros. Auctioneers (Canada) Ltd. on September 21 and 22, 2009, in Grande Prairie, Alberta. These proceeds will be used for the retirement of debt and for working capital purposes.

Ritchie Bros. Auctioneers (Canada) Ltd. will receive a commission in the amount of approximately 12% of the gross sale proceeds, and Lightyear Capital Inc., as a financial advisor to the Corporation on the transaction, will receive a fee in the amount of 1% of the sale price of the assets.

EnQuest provides energy services throughout North America in the following primary business segments: transportation services, rig moving, crane services, specialized heavy hauling, oilfield equipment rentals, retailer of new and refurbished Oil Country Tubular goods and pipe storage.

Contact Information

  • EnQuest Energy Services Corp.
    W.T. David Murray
    Chairman & Chief Executive Officer
    (970) 241-3420
    (970) 242-5078 (FAX)