Enseco Energy Services Corp. TSX VENTURE: ENS

CALGARY, ALBERTA--(Marketwire - Dec. 5, 2008) - Enseco Energy Services Corp. (TSX VENTURE:ENS) ("Enseco" or the "Corporation") is pleased to announce that its Board of Directors of Enseco (the "Board") has agreed to amend or replace its currently issued and outstanding $7,221,600 principal amount 10% convertible debentures (the "Current Debentures") with an amended or replacement debenture (the "New Debentures") which will have the effect of satisfying Enseco's obligation to repay the principal amount of the Current Debentures on maturity. The Current Debentures were issued in three tranches and mature on December 4, 2008, December 15, 2008 and January 2, 2009, respectively.

The New Debentures are expected to have a three (3) year term, an interest rate of 0% and will be convertible, at the option of the holder at any time prior to maturity, into Common Shares at the rate of $3.50 per share (the "Conversion Rate"), except that the Conversion Rate will decline by $0.07 per month for every month that the New Debentures are issued and outstanding. Upon maturity, the New Debentures will automatically be converted into Common Shares at the then current Conversion Rate.

The final terms and the issuance of the New Debentures requires the consent and approval of the TSX Venture Exchange (the "TSXV"). Enseco anticipates receiving a determination from the TSXV and to finalize the form and terms of the New Debentures on or before January 10, 2009 (the "Completion Date").

The determination to proceed with the New Debentures was approved by the Board with Messrs. Ratushny and Brussa declaring their interest and abstaining. Messrs. Brussa and Ratushny (including Mr. Ratushny's spouse) hold an aggregate of $800,000 principal amount of the Current Debentures (approximately 11% of the total principal amount of the Current Debentures outstanding).

About the Corporation

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, 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 STATEMENTS

Certain information and statements contained in this press release constitute forward-looking information, including expectations concerning receipt of the TSXV approval and the finalization of the terms of the New Debentures. These forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Enseco has made assumptions regarding, but not limited to, the timing and receipt of the TSXV's approval and finalization of the terms of the New Debentures. 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 forward-looking statements. 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 does not accept responsibility for the adequacy or accuracy of this release.