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Enseco Energy Services Corp. TSX VENTURE: ENS
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Enseco Energy Services Corp. Continues Expansion Into the United States Through Execution of a Contract for Production Testing Services in North Dakota
CALGARY, ALBERTA--(Marketwire - Oct. 28, 2008) - Enseco Energy Services Corp. (TSX VENTURE:ENS) ("Enseco") is pleased to announce that it has entered into a contract to provide production testing services with a major US independent oil and gas producer in North Dakota. Up to this point Enseco has been providing these services to this customer on a non-contracted basis.
The contract starts on November 1, 2008 and runs for a period of one year to November 1, 2009. The contract provides the customer with two, one year options, to continue the contact on the same terms after November 1, 2009. Based on the customer's current anticipated service requirements, Enseco estimates that the revenue from the contract will be in the range of $US 6 million to $US 8 million per year.
Enseco is an emerging supplier of energy related services operating throughout the Western Canadian Sedimentary Basin with operational centres in Red Deer, Whitecourt, Edmonton, Beaverlodge, Grande Prairie, Midale and Fort St. John; North Dakota with an operation center in Minot; as well as corporate and sales offices located in Calgary. Enseco is led by an experienced management team currently offering well swabbing, production testing, open hole logging, cased hole logging, perforating and propellant stimulation services and directional drilling services with a focus on continued value creation through accretive acquisitions and organic growth.
Forward Looking Statement Advisory: The estimated revenue from the announced contract referred to in this press release is forward-looking information and is based upon the customer's current anticipated service requirements which are not guaranteed and are subject to change. This forward-looking statement has been provided to enable investors to better understand the scope of the contract. Actual revenue from the contract is subject to a variety of risks and uncertainties and other factors that could cause actual revenues to differ materially from those anticipated. Such factors include, but are not limited to, changes in the customer's requirements for Enseco's services and various political and economic conditions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on the estimate. Enseco's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits that Enseco will derive therefrom. Enseco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For more information, please contact
Enseco Energy Services Corp.David A. Hawkins
President and CEO
(403) 806-0088
or
Enseco Energy Services Corp.
Aly Khan Musani
Senior Vice President and CFO
(403) 806-0088
