Enseco Energy Services Corp.

Enseco Energy Services Corp.

March 05, 2014 21:34 ET

Enseco Energy Services Corp. Provides an Update on Its Credit Facility

CALGARY, ALBERTA--(Marketwired - March 5, 2014) - ENSECO ENERGY SERVICES CORP. (March 5, 2014) ("Enseco" or the "Company") (TSX VENTURE:ENS) announces that it has entered into an amending agreement with its lender effective February 28, 2014 to amend the Company's credit facilities. The parties agreed to amend the Company's credit facilities as a result of a breach by the Company of its debt service coverage ratio and the ratio of current assets to current liabilities as at December 31, 2013. Pursuant to the amending agreement, the debt service coverage ratio testing frequency has been changed from an annual basis to a quarterly trailing twelve months basis, the operating margin requirement has been amended to exclude certain acceptable receivables and pricing on all three of the Company's credit facilities has been increased by 0.5%. A copy of the amending agreement has been filed under Enseco's SEDAR profile at www.sedar.com.

About Enseco Energy Services Corp.

Enseco is a premier supplier of directional drilling, production testing and frac flowback services operating throughout the Western Canadian Sedimentary Basin and select markets in the United States, Our corporate office is located in Calgary and sales offices are located in both Calgary and Denver. Enseco is led by an experienced management team with a focus on continued value creation through accretive acquisitions and organic growth.

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.
    Kent Devlin

    Enseco Energy Services Corp.
    Blair Layton