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ENQ Enquest Energy Ser Corp

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Share Name Share Symbol Market Type
Enquest Energy Ser Corp TSXV:ENQ TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

EnQuest Closes CDN$6 Million Divestiture of Non-Core Assets

25/09/2009 7:56pm

Marketwired Canada


ENQUEST ENERGY SERVICES CORP. (TSX VENTURE:ENQ) ("EnQuest" or the "Corporation")
announced today that it has sold certain non-core assets in Canada for
$6,045,000CDN.


In keeping with its continuing review of its strategic alternatives for
optimizing shareholder value with the objectives of reducing corporate debt and
focusing its resources on areas of oil and gas activity in the USA, the
Corporation is pleased to announce that it has disposed of certain assets of its
Canadian operating subsidiary, Twilight Oilfield Hauling Corp., at an auction
conducted by Ritchie Bros. Auctioneers (Canada) Ltd. on September 21 and 22,
2009, in Grande Prairie, Alberta. These proceeds will be used for the retirement
of debt and for working capital purposes.


Ritchie Bros. Auctioneers (Canada) Ltd. will receive a commission in the amount
of approximately 12% of the gross sale proceeds, and Lightyear Capital Inc., as
a financial advisor to the Corporation on the transaction, will receive a fee in
the amount of 1% of the sale price of the assets.


EnQuest provides energy services throughout North America in the following
primary business segments: transportation services, rig moving, crane services,
specialized heavy hauling, oilfield equipment rentals, retailer of new and
refurbished Oil Country Tubular goods and pipe storage.


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