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ENS

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Share Name Share Symbol Market Type
TSXV:ENS 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 -

Enseco Energy Services Corp. Increases Credit Facility

20/12/2010 11:30am

Marketwired Canada


Enseco Energy Services Corp. (TSX VENTURE:ENS) ("Enseco" or the "Company") is
pleased to announce that the Company has increased its long term banking
facility with its existing lender by $3 million. The increase in capital has
been used to acquire additional directional drilling motors, MWD kits and
production testing equipment as part of the Company's continued growth strategy
focused on unconventional resource plays. The acquisition of the production
testing packages increases the Company's percentage of active working units that
are capable of high pressure work by 30 percent. These, together with the
additional directional drilling assets, will allow the Company to better meet
the growing needs of its clients.


Enseco's current operations have continued to migrate to oil targeted
activities, which now account for over 75 per cent of the Company's revenues. In
addition, the Company's U.S.A. market activity levels continue to grow in
conjunction with the previously announced Directional Drilling acquisitions and
a successful transition to full service horizontal drilling. The Company's
ongoing strategy of focusing on two core product lines, Directional Drilling and
Production Testing, has allowed Enseco to reach record operating revenues in
both divisions.


FORWARD-LOOKING STATEMENTS

Certain information and statements contained in this press release constitute
forward-looking information. Specifically this press release contains
forward-looking statements relating to the Company's growth strategy, including
its focus on unconventional resource plays, its two main product lines and oil
weighted activities; and the expected benefits to be achieved from the
acquisition of additional directional drilling motors, MWD kits and production
testing equipment. The forward-looking statements contained in this press
release speak only as of the date of this press release and are expressly
qualified by this cautionary statement. These forward-looking statements are
based on certain key assumptions. Furthermore, 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. Such factors include, but are not
limited to general economic conditions in Canada and the United States, industry
conditions, changes in laws and regulations and changes in how they are
interpreted and enforced, increased competition, volatility of commodity prices.
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'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.


1 Year Enseco Energy Services Corp. Chart

1 Year Enseco Energy Services Corp. Chart

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1 Month Enseco Energy Services Corp. Chart

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