Enseco Energy Services Corp.
TSX VENTURE : ENS

Enseco Energy Services Corp.

December 20, 2010 07:30 ET

Enseco Energy Services Corp. Increases Credit Facility

CALGARY, ALBERTA--(Marketwire - Dec. 20, 2010) - Enseco Energy Services Corp. (TSX VENTURE:ENS) ("Enseco" or the "Company") is pleased to announce that the Company has increased its long term banking facility with its existing lender by $3 million. The increase in capital has been used to acquire additional directional drilling motors, MWD kits and production testing equipment as part of the Company's continued growth strategy focused on unconventional resource plays. The acquisition of the production testing packages increases the Company's percentage of active working units that are capable of high pressure work by 30 percent. These, together with the additional directional drilling assets, will allow the Company to better meet the growing needs of its clients.

Enseco's current operations have continued to migrate to oil targeted activities, which now account for over 75 per cent of the Company's revenues. In addition, the Company's U.S.A. market activity levels continue to grow in conjunction with the previously announced Directional Drilling acquisitions and a successful transition to full service horizontal drilling. The Company's ongoing strategy of focusing on two core product lines, Directional Drilling and Production Testing, has allowed Enseco to reach record operating revenues in both divisions.

FORWARD-LOOKING STATEMENTS

Certain information and statements contained in this press release constitute forward-looking information. Specifically this press release contains forward-looking statements relating to the Company's growth strategy, including its focus on unconventional resource plays, its two main product lines and oil weighted activities; and the expected benefits to be achieved from the acquisition of additional directional drilling motors, MWD kits and production testing equipment. 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. These forward-looking statements are based on certain key assumptions. 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. 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 benefits that Enseco will derive therefrom. 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.
    Lane Roberts
    President and CEO
    (403) 806-0088