Enterprise Oilfield Group, Inc.
TSX : E

Enterprise Oilfield Group, Inc.

August 14, 2008 16:15 ET

Enterprise Oilfield Group, Inc. Announces Second Quarter Results

ST. ALBERT, ALBERTA--(Marketwire - Aug. 14, 2008) - Enterprise Oilfield Group, Inc. ("Enterprise") (TSX:E). Consolidated revenue for the three months ended June 30, 2008 was $6.75 million, a 41.8% increase over revenue of $4.76 million in the comparable period in 2007. For the three month ended June 30, 2008 the company incurred a net loss of $1.1 million compared to a loss of $1.0 million for the same period in 2007. EBITDA for the three month period ended June 30, 2008 was ($0.7 million) compared to ($0.6 million) for the same period in 2007.

For the six month period ended June 30, 2008 consolidated revenue was $19.4 million compared to $23.6 million for the comparable period in 2007. For the six month period ended June 30, 2008 the Company generated a net income of $0.74 million compared to net income of $1.1 million for the same period in 2007. EBITDA for the six months ended June 30, 2008 was $2.6 million compared to $3.1 million for the same period in 2007. The Interim Financial Statements and the Management Discussion and Analysis will be filed today and can be viewed at www.SEDAR.com.

Outlook

Energy and Construction Services

After nearly two years of very difficult conditions, a substantial list of producers with assets in the WCSB have recently announced increases in their capital expenditures for development and exploration. Both producers and market analysts now maintain a more positive sentiment due to the increase in natural gas pricing and the continued strength in oil prices.

Management is very encouraged with its high quality people, modern equipment, and service locations. Enterprise's position in the current market place is exceptional and believes that the remainder of 2008 and into 2009 holds tremendous opportunities for continued revenue growth.

Utility and Directional Drilling Services

Significant infrastructure investment from all levels of government and the Company's focus on organic growth within this sector will prove to be meaningful contributor to revenues and profitability. The Company's continued efforts to broaden its infrastructure services to a larger regional footprint have been met with success. The outlook for this sector remains very strong.

Enterprise Oilfield Group, Inc. is an energy services company operating in pipeline construction and the utilities installation industry. The Company's focus is pipeline construction primarily on steel gathering systems up to 12" in diameter and infrastructure construction and maintenance. The Company's strategy is to acquire complementary service companies in Central and Northern Alberta, consolidating capital, management and human resources to support continued growth.

(1) EBITDA = Earnings Before Income Tax, Depreciation, Amortization

(2) Figures shown in brackets are negative numbers.

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 Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Enterprise Oilfield Group
    Leonard D. Jaroszuk
    President & CEO
    (780) 418-4400 or Toll Free: 1-888-303-3361
    (780) 418-1941 (FAX)
    or
    Enterprise Oilfield Group
    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