Enseco Energy Services Corp.

Enseco Energy Services Corp.
Jan 25, 2010 08:12 ET.

CALGARY, ALBERTA–(Marketwire – Jan. 25, 2010) –


Enseco Energy Services Corp. (TSX VENTURE:ENS) (“Enseco” or the “Company“) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Desjardins Securities Inc. and including FirstEnergy Capital Corp., Wellington West Capital Partners and Acumen Capital Partners for an underwritten private placement of 25,000,000 Units (the “Units“) at a price of $0.20 per Unit for gross proceeds of $5,000,000.  Each Unit consists of one common share (the “Common Shares“) of the Company and ½ of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to acquire one common share of the Company for a period of 12 months following closing of the offering at a price of $0.25 per common share.  The Underwriters will have an Option to purchase up to an additional $3,000,000 (15,000,000 Units) of the Offering at the Offering Price and on the same terms and conditions, exercisable at any time up until 48 hours prior to the Closing Date.

The net proceeds of the Offering will be used for the acquisition of the directional drilling kits and related assets of a private energy services company with significant operations in the United States and general corporate purposes.

The securities to be issued pursuant to this private placement by Enseco have not and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act“), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption there from under the 1933 Act and the securities laws of all applicable states.

Enseco is a growing supplier of energy related services operating throughout Western Canada and the United States, with operational centres in Red Deer, Edmonton, Beaverlodge, Fort St. John, Midale (Saskatchewan), Minot (North Dakota) and Gillette (Wyoming) as well as a corporate and sales office located in Calgary and a corporate sales office in Houston. Enseco is led by an experienced management team currently offering directional drilling services, well swabbing, production testing and open hole logging, with a focus on continued value creation through accretive acquisitions and organic growth.

Certain information and statements contained in this press release constitute forward-looking information. Specifically this press release contains forward-looking statements relating to the closing of the private placement and the use of proceeds therefrom. 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 regarding, among other things, the value of the directional drilling kits and related assets to be acquired from the private energy services company, the timing of closing of the private placement and the private company acquisition and the satisfaction of closing conditions, including receipt of regulatory approval. 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, and the inability satisfy the closing conditions, including receipt of regulatory approval. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

For more information, please contact

Enseco Energy Services Corp.
Lane Roberts
President and CEO
(403) 806-0088
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