CALGARY, July 7 /CNW/ - Ensign Energy Services Inc. is pleased to
announce that its wholly owned partnership, Ensign Drilling Partnership,
("Ensign") has entered into an agreement for the acquisition of all of the
drilling rigs and related equipment of Terracore Specialty Drilling Ltd.
("Terracore"). Terracore is a privately held Alberta based company with 12
specialty drilling rigs that are designed for coring operations used primarily
in the oil sands industry. The Terracore rigs were newly built within the last
four years and 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 experienced personnel currently operating the assets to be acquired
from Terracore will be offered positions with Ensign. The purchase price,
which is not being disclosed in accordance with the terms of the agreement,
will be funded from existing working capital and available credit facilities.
The acquisition of the Terracore assets is expected to close on or about
July 15, 2008, after the parties have received necessary approvals pursuant to
the Competition Act.
The proposed acquisition of the 12 specialty drilling rigs from Terracore
and the experienced personnel that come with this acquisition will expand
Ensign's capabilities to service its customers in the oil sands coring and
specialized drilling markets. Upon completion of the proposed acquisition of
the Terracore drilling rigs, the Encore Coring & Drilling division of Ensign
will operate a fleet of 47 coring/drilling rigs in Western Canada, one of the
largest fleets in this market segment.
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, (403) 262-1361