Enterprise Oil Limited

Enterprise Oil Limited

November 22, 2006 09:30 ET

Enterprise Oil Limited Corporate Update

ST. ALBERT, ALBERTA--(CCNMatthews - Nov. 22, 2006) - Enterprise Oil Limited (TSX VENTURE:EON) (the "Corporation" or "Enterprise") is pleased to announce sales revenue and profit guidance for the year ended September 30, 2006. In the first full year of operations the company achieved sales revenue of over $32 million. Enterprise is very pleased to give after tax profit guidance as it expects net earnings in excess of $0.13 per share (basic) on completion of the audited statements to be filed mid December 2006.

President & CEO Leonard D. Jaroszuk comments; "We've had a tremendous year. Our expansion strategy to take on more projects was met with success." He adds; "Our initial acquisition, A.G. Grant Construction was historically a $7 to $10 million operation. With the addition of specific heavy equipment and qualified manpower the A.G. Grant business was able to deliver over $25 million in revenues which is a testament to management's planning and the people that executed the projects."

For the forward looking fiscal year 2007 the company expects an increase in sales revenue and profitability. Further planned acquisitions and organic growth in our current business units will contribute to another exciting year ahead. Management is projecting sales revenue of over $70 million and profitability at approximately $0.23 per share.

Update on the acquisition described in the news release dated September 18, 2006: Audited financial statements of the target were prepared and received by Enterprise. The parties are contemplating adjusting the closing date to January 2, 2007 in an effort to comfortably complete the due diligence process currently being performed.

Further to the company's news release dated October 17, 2006 announcing its normal course issuer bid; as of today's date the company has purchased a total of 65,900 shares for cancellation.

Enterprise Oil Limited is an energy services company 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 Company's strategy is to acquire small to mid-size pipeline construction companies in Central and Northern Alberta, consolidating capital, management and human resources to support continued growth.

Forward Looking Statements

This press release contains certain "forward-looking" statements and information relating to the Corporation that are based on the beliefs of the Corporation's management as well as assumptions made by and information currently available to the Corporation's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, 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 does not accept responsibility for the adequacy or accuracy of this release.

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