St. Albert, Alberta, Canada. Enterprise Oilfield Group, Inc. (TSX symbol — E) announces that it has completed a reorganization of its subsidiary companies; A.G. Grant Construction, Trevor King Oilfield Services, T.C. Backhoe & Directional Drilling and ESI Management. Enterprise has amalgamated all its operating companies under the name Enterprise Energy Services Inc. Its asset holdings have also been consolidated under Enterprise Pipeline Company Inc.
This reorganization will allow the Company to market all its services under the “Enterprise” banner, and is expected to reduce administrative costs. Under this banner Enterprise’s customers will be provided with expert pipeline construction and horizontal drilling services throughout North-Central Alberta from construction offices in Slave Lake, Wainwright and Debolt, and field offices in Fox Creek, Wabasca and Red Earth.
As this is an internal reorganization, there will be no change in the presentation of the Company’s consolidated financial results. Enterprise will be changing its fiscal year end to December 31. This change will facilitate ease of financial comparison to the Company’s publicly traded peers. Unaudited financial results for the quarter ending September 30, 2007 will be released on or before November 14, 2007.
Enterprise Oilfield Group, Inc. is an energy services company operating in the pipeline construction industry. The Company’s focus is small to medium diameter pipeline construction primarily on steel gathering systems up to 12″ in diameter. The Company’s strategy is to acquire small to mid-size pipeline construction companies in Central and Northern Alberta, consolidating capital, management and human resources to support continued growth.