Ensign Energy Services Inc. resolves complaint regarding historical stock option pricing
CALGARY, April 17, 2014 /CNW/ - Ensign Energy Services Inc. ("Ensign" or the "Company") announced today the resolution of a complaint made by an Ensign shareholder concerning the Company's historical option granting practices. The resolution, which was approved by the Alberta Court of Queen's Bench on April 15, 2014, provides for the return to the Company of benefits received by certain directors and officers of the Company arising from an alleged failure of administration and oversight over the historical option granting process, and repayment of the costs of the related review. The aggregate amounts involved are not material to the Company.
This resolution follows a review of the Company's historical option granting processes by a third party independent advisor to the Ensign Board of Directors. Among the findings of the independent advisor was that Ensign's current option granting practices are satisfactory and have been satisfactory since late 2006.
Ensign Energy Services Inc. is an international oilfield services contractor based in Calgary, Alberta. Ensign's common shares are publicly traded through the facilities of the Toronto Stock Exchange (TSX: ESI).
SOURCE Ensign Energy Services Inc.For further information:
Suzanne Davies, General Counsel & Corporate Secretary at (403) 262-1361.