Enseco Energy Services Corp.
TSX VENTURE : ENS

Enseco Energy Services Corp.

February 03, 2012 18:34 ET

Enseco Energy Services Corp. Announces the Closing of its Previously Announced Non-Brokered Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 3, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Enseco Energy Services Corp. ("Enseco" or the "Company") (TSX VENTURE:ENS) is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement"). The private placement consisted of the sale of 2,050,000 units of the Company ("Units") at a price of $1.15 per Units for aggregate proceeds of $2,357,500 Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one Common Share until September 30, 2012 at a price of $1.65 per share. Insiders of the Company acquired 39% of the Units issued under the Private Placement. The proceeds of the Private Placement will be used for general working capital and general corporate purposes.

The Common Shares and Warrants issued pursuant to the Private Placement are subject to a hold period of four months and one day from the closing date as well as other restrictions with respect to sales from control positions.

The securities to be issued pursuant to the Private Placement by Enseco have not and will not be registered under the United States Securities Act, 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

ABOUT ENSECO ENERGY SERVICES CORP.

Enseco is a premier supplier of directional drilling and production testing services operating throughout the Western Canadian Sedimentary Basin and select markets in the United States, with operations in the Bakken, Cardium, Viking, Montney and Green River resource plays as well as a corporate and sales office located in Calgary. Enseco is led by an experienced management team with a focus on continued value creation through accretive acquisitions and organic growth.

FORWARD-LOOKING STATEMENTS

Certain information and statements contained in this press release constitute forward-looking information or forward-looking statements (collectively "forward-looking statements"), as defined under applicable securities laws. Specifically this press release contains forward-looking statements relating to the use of proceeds of the Private Placement and the terms of the Warrants. These forward-looking statements are based on certain key assumptions regarding, among other things, current industry conditions and the general economic conditions in Canada and the United States. Furthermore, these forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Such factors include, but are not limited to, general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations and changes in how they are interpreted and enforced, increased competition, volatility of commodity prices, and the inability to complete the transactions or to obtain required regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Enseco's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what, if any, benefits that Enseco will derive therefrom. The forward-looking statements contained in this press release speak only as of the date of this press release and are expressly qualified by this cautionary statement. Enseco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Enseco Energy Services Corp.
    Blair Layton
    Chief Financial Officer
    (403) 806-0088

    Enseco Energy Services Corp.
    Scott Ratushny
    Director
    (403) 216-2705