Enterprise Oil Limited

Enterprise Oil Limited

August 25, 2005 09:00 ET

Enterprise Oil Limited: Completion of Acquisition of Assets from A & G Grant Construction (1983) Inc.

ST. ALBERT, ALBERTA--(CCNMatthews - Aug. 25, 2005) - Further to its previously issued news releases, Enterprise Oil Limited (TSX VENTURE:EON.P) ("Enterprise" or the "Corporation") is pleased to announce that pursuant to an asset purchase agreement dated August 3, 2005 with A & G Grant Construction (1983) Inc. ("A & G"), an arm's length Alberta based private company involved in pipeline construction and the provision of oilfield maintenance services, and 1166424 Alberta Limited, a wholly owned subsidiary of Enterprise, Enterprise has completed the acquisition of the business assets of A & G, other than real property, as a going concern (the "Acquisition").

The terms of the Acquisition were announced on April 22, 2005 and were updated on August 3, 2005.

Once final approval of the Acquisition has been granted by the TSX Venture Exchange (the "TSXV"), the Acquisition will comprise the "Qualifying Transaction" of the Corporation for purposes of TSXV policies.

Also in conjunction with the Acquisition, Ronald Ingram has been appointed as the Vice President, Operations and as a director of the Corporation and has also been granted stock options to acquire 80,000 common shares of the Corporation at an exercise price of $0.25 per share, exercisable for a period of five years from the date of grant.

The Board of Directors of the Corporation now comprises Leonard Jaroszuk, Douglas Bachman, Owen Pinnell and Ronald Ingram.

The Corporation now intends to file all necessary documents with the TSXV to obtain final approval for the Acquisition. Once approved, the Corporation will be a Tier 1 industrial issuer.

This press release is not an offer of securities for sale in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended. Securities may not be offered or sold in the United States absent registration or an exemption from registration.

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

Contact Information

  • Enterprise Oil Limited
    Leonard Jaroszuk
    President and Chief Executive Officer
    (780) 418-0608
    Email: jaroszuk@shaw.ca