Enterprise Oilfield Group, Inc.

Enterprise Oilfield Group, Inc.

June 19, 2012 14:19 ET

Enterprise Oilfield Group, Inc. Announces Results of Annual & Special Meeting

ST. ALBERT, ALBERTA--(Marketwire - June 19, 2012) - Enterprise Oilfield Group, Inc. (the "Company") (TSX:E) is pleased to announce the results of its annual and special meeting of shareholders of the Company held on Thursday, May 31, 2012. The shareholders approved all resolutions placed before them by management.

The shareholders re-elected Leonard D. Jaroszuk, Fredy Ramsoondar, Ron Ingram, Desmond O'Kell, and elected John Pinsent replacing Nick Demare who did not stand for re-election. As of the close of the Meeting, the Company's board is constituted of a majority of independent directors.

The Company welcomes its new director, Mr. John Pinsent who is a Chartered Accountant and founding partner of St. Arnaud Pinsent Steman, Chartered Accountants, a firm that he founded in 2004 following a distinguished ten-year career with Ernst & Young LLP as an Assurance Senior Manager and Director of Technology, Communication and Entertainment assurance services for Northern Alberta. In addition, Mr. Pinsent holds Bachelor of Education and Bachelor of Commerce degrees from the University of Alberta and an ICD.D designation from the Institute of Corporate Directors. Mr. Pinsent currently sits on the board of directors of several public and private companies.

To view the Report of Voting Results filed on June 8, 2012, please visit: www.sedar.com

The Company also wishes to announce that in April 2012, the Company entered into a new mortgage facility with a Canadian financial institution in the amount of $390,000 for its Slave Lake, Alberta property and buildings. The facility bears interest at an effective rate of 6.010% with a stated interest rate of zero percent (0%) during the first 24 months of the loan. This facility will be used to pay out the Company's existing 9.5% mortgage facility.

Enterprise Oilfield Group, Inc. is a construction services company operating in the energy, utility and heavy equipment rental sectors. The Company's focus is primarily installing underground utilities, pipelines and it also supplies heavy equipment rentals over the three Western Canadian Provinces. The Company's strategy is to acquire profitable businesses in Western Canadian Sedimentary Basin, consolidating capital, management and human resources to support continued growth. Enterprise has completed three acquisitions since 2005.

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 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
    888-303-3361 (FAX)

    Enterprise Oilfield Group, Inc.
    Desmond O'Kell
    Vice President, Corp. Development
    888-303-3361 (FAX)