CALGARY, July 17 /CNW/ - Ensign Energy Services Inc. is pleased to
announce that its wholly owned partnership, Ensign Drilling Partnership,
("Ensign") has completed the previously announced acquisition of all of the
drilling rigs and related equipment of Terracore Specialty Drilling Ltd.
("Terracore"). The acquisition of the 12 specialty drilling rigs and related
assets closed on July 17, 2008. The purchase price, which is not being
disclosed in accordance with the terms of the agreement, was funded from
existing working capital and available credit facilities.
The Terracore rigs are designed for coring operations used primarily in
the oil sands industry and were newly built within the last four years. These
newly acquired drilling rigs are also capable of conventional oil and natural
gas drilling, coalbed methane drilling and the re-entry of existing oil and
natural gas wells. The acquisition of the Terracore rigs further expands
Ensign's capabilities in the oil sands coring and specialized drilling
markets. The additional rigs are being operated through the Encore Coring &
Drilling division of Ensign. Ensign now operates a fleet of 197 drilling and
coring rigs in Canada, the second largest drilling fleet in the Canadian
Ensign Energy Services Inc. is an international oilfield services
contractor based in Calgary, Alberta. Ensign's Common Shares (symbol: ESI) are
publicly traded through the facilities of the Toronto Stock Exchange.
For further information:
For further information: Ensign Energy Services Inc., 1000, 400 - 5th
Avenue S.W., Calgary, Alberta, T2P 0L6; Mr. Bob Geddes, President and COO, or
Mr. Glenn Dagenais, Executive V.P. Finance and CFO, (403) 262-1361