Enterprise Oilfield Group, Inc.

Enterprise Oilfield Group, Inc.

June 30, 2011 18:37 ET

Enterprise Oilfield Group, Inc. Announces Closing of Private Placement

ST. ALBERT, ALBERTA--(Marketwire - June 30, 2011) - Enterprise Oilfield Group, Inc. ("Enterprise" or the "Company") (TSX:E) announces that it has closed a non-brokered private placement (the "Offering") of 6,084,997 units of the Company ("Units") at a price of $0.15 per Unit for gross proceeds of $912,750. Each Unit is comprised of one common share in the capital of the Company ("Common Share") and one Common Share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one Common Share at an exercise price of $0.20 at any time for a period of two years from the closing of the Offering.

Leonard Jaroszuk, the President and Chief Executive Officer of the Company acquired, directly or indirectly, 1,684,999 Units pursuant to the Offering. After giving effect to the Offering, Mr. Jaroszuk holds 8,593,899 Common Shares representing 15.69% of the issued and outstanding Common Shares of the Company.

The proceeds from the Offering will be used for working capital and general corporate purposes. All of the securities issued pursuant to the Offering are subject to a four month hold period from the date of issue.

Enterprise Oilfield Group, Inc. is a construction services company operating in the energy, utility and transportation infrastructure industry. The Company's focus is primarily underground construction and maintenance and above ground plants and facilities. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management and human resources to support continued growth.

Contact Information

  • Enterprise Oilfield Group, Inc.
    Leonard D. Jaroszuk
    President & CEO
    780-418-4400 or Toll Free: 888-303-3361

    Enterprise Oilfield Group, Inc.
    Desmond O'Kell
    Vice President, Corp. Development
    780-418-4400 or Toll Free: 888-303-3361
    780-418-1941 (FAX)