EnQuest Energy Services Corp.
TSX VENTURE : ENQ

EnQuest Energy Services Corp.

May 14, 2009 20:53 ET

EnQuest Energy Services Corp. Releases Annual 2008 Financial Statements

CALGARY, ALBERTA--(Marketwire - May 14, 2009) - ENQUEST ENERGY SERVICES CORP. ("EnQuest" or the "Company") (TSX VENTURE:ENQ) - EnQuest announces the filing of its audited financial statements and management discussion and analysis for the year ended December 31, 2008 today. All figures are stated in USDs. Please refer to the Company's consolidated financial statements and MD&A for further information as listed on www.sedar.com.

EnQuest's CEO David Murray stated: "The fiscal year brought many challenges with changes to the global economy, tightening credit markets, dymanic fluctuations in the commodity markets and with the acquisition of Sikanni Services Ltd. The Company has embarked upon an aggressive cost reduction program to achieve profitability in the Company."

EnQuest is subject to a cease trade order by each of the Alberta and Ontario Securities Commissions as well as a trading halt by the TSX Venture Exchange for failure to file its annual financial statements and management discussion and analysis. Having filed the outstanding documentation, EnQuest will now apply for a revocation of the cease trade orders and reinstatement of trading.

EnQuest intends to undertake a corporate reorganization in the next week, whereby the assets of several Canadian subsidiaries, including Twilight Oilfield Hauling Inc. and Irontree Transportation Corp. and the operating assets of EnQuest shall be transferred to a new wholly-owned subsidiary of EnQuest. EnQuest will be the owner of the assets of Northwell Oilfield Services Corp. None of the assets of EnQuest or its subsidiaries will be transferred to a party that is not a subsidiary of EnQuest.

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.

EnQuest provides services from Alaska to the Gulf of Mexico, with strategic locations in Alberta, Montana, Colorado, New Mexico, California, Texas, Arkansas, and Wyoming.

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Contact Information

  • EnQuest Energy Services Corp.
    W.T. David Murray
    President & CEO
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: wtdmurray@enquestenergy.com
    or
    EnQuest Energy Services Corp.
    Mark P. Voorhies
    Senior Vice President, US Operations
    (970) 241-3420
    (970) 242-5078 (FAX)
    Email: mvoorhies@enquestenergy.com
    or
    EnQuest Energy Services Corp.
    Geoff Kritzinger, CA
    Senior Vice President & CFO
    (403) 239-4424
    (403) 239-4458 (FAX)
    Email: gkritzinger@enquestenergy.com