Enterprise Oil Limited
TSX VENTURE : EON

Enterprise Oil Limited

April 03, 2006 16:27 ET

Enterprise Completes Acquisition of Trevor King Oilfield Services Ltd.

ST. ALBERT, ALBERTA--(CCNMatthews - April 3, 2006) - Enterprise Oil Limited (TSX VENTURE:EON) ("Enterprise") is pleased to announce that the company has now completed the previously announced acquisition of Trevor King Oilfield Services Ltd., located in Wainright, Alberta for a purchase price for Trevor King Oilfield Services of $5 million cash and the issuance of 1,000,000 common shares of Enterprise. The transaction closed on March 31, 2006 with an effective date of April 1, 2006. Trevor King Oilfield Services provides pipeline construction & maintenance and oilfield hauling to Canada's busy energy sector.

Enterprise also announces that is has granted options to certain directors and key employees under its Stock Option Plan to acquire a total of 685,000 common shares. These options have an exercise price of $1.80 and a term of five years.

Enterprise is an energy services company specifically operating in the pipeline construction industry. The company's focus is small to medium diameter pipeline construction primarily on steel gathering systems up to 12" in diameter. The primary strategy of the company is to grow by acquiring and consolidating small to mid-size pipeline construction companies in Central and Northern Alberta.

ON BEHALF OF THE BOARD

Leonard D. Jaroszuk

President/CEO

Forward Looking Statements

This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Enterprise Oil Limited
    Leonard D. Jaroszuk
    President/CEO
    (780) 418-4400 or Toll Free(888) 303-3361
    or
    Enterprise Oil Limited
    #2, 64 Riel Drive
    St. Albert, AB. T8N 5B3
    (780) 418-4400 or Toll Free(888) 303-3361
    (780) 418-1941 (FAX)
    Email: contact@EnterpriseOil.ca
    Website: www.EnterpriseOil.ca