Enterprise Oilfield Group, Inc.
TSX : E

Enterprise Oilfield Group, Inc.

November 14, 2007 09:00 ET

Enterprise Oilfield Group, Inc. Announces Fourth Quarter Results

ST. ALBERT, ALBERTA--(Marketwire - Nov. 14, 2007) - Enterprise Oilfield Group, Inc. (TSX:E) -

Revenues for the three months ended September 30, 2007 was $8,481,102 as compared to $7,000,785 for the same period the previous year. Net income for this period was $877,740 or $0.021 per share (basic weighted) as compared to $1,072,932 for the same period the previous year. EBITDAS(1) was $1,390,763 as compared to $822,000 for the same period the previous year.

For the twelve month period ending September 30, 2007, revenues were $36,748,088 as compared to $32,282,333 for the same period the previous year. Net income for this period was $1,413,281 or $0.04 per share (basic weighted) as compared to $2,420,981 for the same period the previous year. EBITDAS was $4,231,163 as compared to $4,581,008 for the same period the previous year.

The Management Discussion and Analysis (MD&A) will be filed with SEDAR together with the interim financial statements on the date of this release.

As reported in a news release dated September 28, 2007 the Company has changed its fiscal year end to December 31 therefore the current fiscal reporting will result in a fifteen month audited period ended December 31, 2007. This change will facilitate ease of financial comparison to the Company's publicly traded peers.

(1) EBITDAS = Earnings Before Income Tax, Depreciation, Amortization and Stock Based Compensation.

Enterprise Oilfield Group, Inc. 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 and complementary service companies in central and northern Alberta, consolidating capital, management and human resources to support continued growth.

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 Oilfield Group, Inc.
    Leonard D. Jaroszuk
    President & CEO
    (780) 418-4400 or Toll Free: 1-888-303-3361
    (780) 418-1941 (FAX)
    or
    Enterprise Oilfield Group, Inc.
    Desmond O'Kell
    Vice President, Corp. Development
    (780) 418-4400 or Toll Free: 1-888-303-3361
    (780) 418-1941 (FAX)
    Email: contact@EnterpriseOil.ca
    Website: www.EnterpriseOil.ca