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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. Updates Management's Discussion and Analysis for the Quarter Ended September 30, 2012

30/11/2012 12:36am

Marketwired Canada


Enseco Energy Services Corp. ("Enseco" or the "Company") (TSX VENTURE:ENS)
announces that it has refiled its Management's Discussion and Analysis ("MD&A")
for the quarter ended September 30, 2012. In the previously filed MD&A and
accompanying press release dated November 26, 2012, Enseco incorrectly presented
its EBITDA numbers using net income (loss) from continuing operations, before
tax plus deferred tax expense. The calculation should have used net income
(loss) rather than net income (loss) from continuing operations.


In addition to the following table summarizing Enseco's results from operations
included in the Company's November 26, 2012 press release which has been updated
to reflect the adjusted EBITDA numbers, adjusted EBITDA as a percentage of
revenue did not remain constant over the period but decreased slightly to
approximately 19%.




RESULTS FROM OPERATIONS                                                     
                                       Three months ended   Six months ended
                                            September 30,      September 30,
In thousands of dollars                   2012       2011     2012      2011
----------------------------------------------------------------------------
                                                                            
Revenue                                $19,167    $22,294  $33,086   $32,890
----------------------------------------------------------------------------
Adjusted gross margin(1)               $ 7,575    $ 8,784  $11,570   $11,641
----------------------------------------------------------------------------
EBITDAS(1)                             $ 2,339    $ 5,085  $ 2,493   $ 4,669
----------------------------------------------------------------------------
Net income (loss) from continuing                                           
 operations, before tax                $  (253)   $ 3,264  $(2,391)     $115
  Per common share - basic and diluted $ (0.04)   $  0.17  $ (0.15)  $  0.01
----------------------------------------------------------------------------
  Deferred taxes included in cash flow                                      
   beforechanges in non-cash working                                        
   capital items                          (612)   $        $  (892)         
----------------------------------------------------------------------------
Cash flow, before changes in non-cash                                       
 working capital items (1)                                                  
                                                                            
                                                                            
                                       $ 3,086    $ 5,035  $ 2,493   $ 4,619
----------------------------------------------------------------------------
Cash flow from/(used in), operating                                         
 activities                            $  (106)   $    55  $ 6,193   $ 6,740
----------------------------------------------------------------------------
1See definition within the Non-IFRS Measures section of this press release.



ABOUT ENSECO ENERGY SERVICES CORP. 

Enseco is a premier supplier of directional drilling, production testing and
frac flowback services operating throughout the Western Canadian Sedimentary
Basin and select markets in the United States, Our corporate office is located
in Calgary and sales offices are located in both Calgary and Denver. Enseco is
led by an experienced management team with a focus on continued value creation
through accretive acquisitions and organic growth. 


NON-IFRS MEASURES 

EBITDAS means earnings before interest, taxes, depreciation and amortization,
and stock-based compensation and is equal to earnings before income taxes from
continuing operations plus interest on debt, other charges and interest expense,
depreciation and amortization, stock-based compensation, unrealized foreign
exchange loss, and loss on sale of equipment. Adjusted gross margin equals gross
margin, plus interest on debt, other charges and interest expense, depreciation
and amortization, stock-based compensation, impairment loss/recovery, and loss
on sale of equipment. Cash flow means cash flows provided by continuing
operations before changes in non-cash working capital items. 


EBITDAS, adjusted gross margin, and cash flows from continuing operations before
changes in non-cash working capital items are not recognized measures under
International Financial Reporting Standards ("IFRS"). Management believes that
in addition to net losses, EBITDAS, adjusted gross margin and cash flows, are
useful supplemental measures as they provide an indication of the results
generated by the Company's primary business activities prior to consideration of
how those activities are financed, amortized or how the results are taxed in
various jurisdictions as well as the cash generated by the Company's primary
business activities. Readers should be cautioned, however, that EBITDAS,
adjusted gross margins and cash flows from continuing operations before changes
in non-cash working capital items should not be construed as an alternative to
net losses determined in accordance with IFRS as an indicator of Enseco's
performance. Enseco's method of calculating operating losses, EBITDAS, adjusted
gross margin and cash flows from continuing operations before changes in
non-cash working capital items may differ from other organizations and,
accordingly, such measures may not be comparable to measures used by other
organizations. For reconciliation to the appropriate IFRS measure, see our MD&A.



FOR FURTHER INFORMATION PLEASE CONTACT: 
Enseco Energy Services Corp.
Kent Devlin
President
403-806-0088


Enseco Energy Services Corp.
Blair Layton
CFO
403-806-0088
info@enseco.com

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