Enterprise Oilfield Group, Inc.

Enterprise Oilfield Group, Inc.

November 19, 2007 19:02 ET

Enterprise Oilfield Group, Inc. Announces Renewal of Normal Course Issuer Bid

ST. ALBERT, ALBERTA--(Marketwire - Nov. 19, 2007) - Enterprise Oilfield Group, Inc. (TSX:E) -

The Corporation wishes to announce that it intends to renew its normal course issuer bid, subject to approval of the Toronto Stock Exchange. The Board of Directors of the Corporation believes that the market price of the common shares does not accurately reflect the value of those shares. As a result, common shares of the Corporation may become available for purchase at prices which make them an appropriate use of funds of the Corporation. During the past 12 months, the Corporation acquired 189,800 common shares at an average price of $1.04 pursuant to the normal course issuer bid which expired on October 22, 2007.

The Corporation intends to acquire up to an aggregate of 2,063,960 common shares over the next 12-month period representing approximately 5% of its 41,279,200 issued and outstanding common shares. Purchases subject to this normal course issuer bid will be carried out pursuant to open market transactions through the facilities of the TSX. All common shares purchased by the Corporation under the normal course issuer bid will be cancelled.

On November 14, 2007, the employment of David Chittle CA, Chief Financial Officer, was terminated by the Company.

The company is pleased to announce the appointment of Colette Dziwenka as acting Chief Financial Officer on an interim basis effective immediately. Ms. Dziwenka has been with the Company since October 2006 serving as the Company's Corporate Controller.

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)
    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