Enterprise Oilfield Group, Inc.
TSX : E

Enterprise Oilfield Group, Inc.

October 21, 2008 18:00 ET

Enterprise Oilfield Group, Inc. Announces Change in Auditors and Private Placement

ST. ALBERT, ALBERTA--(Marketwire - Oct. 21, 2008) - Enterprise Oilfield Group, Inc., ("Enterprise" or the "Corporation") (TSX:E) is pleased to announce that effective November 1, 2008, PricewaterhouseCoopers LLP will be appointed as the auditors of the Corporation. The board of Enterprise Oilfield Group, Inc. has reviewed and approved the change.

Enterprise is also pleased to announce that it intends to complete a non-brokered private placement of 1,200,000 units at a price of $0.17 per unit for gross proceeds of $204,000 (the "Offering"). Each unit will consist of one common share in the capital of Enterprise and one common share purchase warrant exercisable at a price of $0.25 for a period of one year from closing. The Offering is subject to the approval of the Toronto Stock Exchange. The proceeds from the Offering will be used for general corporate purposes.

It is anticipated that insiders of the Corporation will subscribe for the units under the Offering. As a result, the Offering may be classified as a "related party transaction" as such term is defined in Multilateral Instrument 61-101 ("MI 61-101"). Enterprise anticipates that it will be able to rely on exemptions from the valuation and minority approval requirements contained in MI 61-101.

Enterprise Oilfield Group, Inc. is an energy services company operating in the pipeline construction and utilities installation industries. The Corporation's focus is pipeline construction primarily on steel gathering systems up to 12" in diameter and infrastructure construction and maintenance. The Corporation's strategy is to acquire complementary service 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 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 Corporation disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

Contact Information

  • Enterprise Oilfield Group, Inc.
    Leonard D. Jaroszuk
    President & CEO
    (780) 418-4400 or Toll Free: 1-888-303-3361
    or
    Enterprise Oilfield Group, Inc.
    Desmond O'Kell
    Vice President, Corp. Development
    (780) 418-4400 or Toll Free: 1-888-303-3361
    Email: contact@EnterpriseOil.ca
    Website: www.EnterpriseOil.ca