Press release from Marketwire
Enseco Announces Appointment of New President
Wednesday, July 11, 2012
Enseco Announces Appointment of New President22:43 EDT Wednesday, July 11, 2012CALGARY, ALBERTA--(Marketwire - July 11, 2012) - Enseco Energy Services Corp. ("Enseco" or the "Company") (TSX VENTURE:ENS) is pleased to announce the appointment of Kent M. Devlin P.Eng MBA as President of Enseco effective today. Mr. Devlin was previously VP Operations of Enseco and has been employed in various roles with the Company since its inception. Mr. Devlin has over 27 years of experience in the service industry and has a background in both production testing and directional drilling. Prior to joining Enseco, Mr. Devlin was employed in various senior management roles with Weatherford, Precision Drilling and Computalog. Mr. Scott Ratushny, Chairman of The Board, stated "Kent has done an excellent job of building our production testing business in both Canada and the United States; with his background in directional drilling he was an ideal choice to manage both of Enseco's service lines, as its new President." As part of his new role Mr. Devlin will be instrumental in expanding both the production testing and directional drilling businesses in the United States. The US market currently accounts for approximately 33% of Enseco's total revenues. Enseco is focusing on growing the US market to be 50% of the Company's revenues. With the opening of Enseco's motor repair facility in Leduc, Alberta in June, Enseco's directional drilling division is expecting improved cost efficiencies and service quality. This will augment the improved service quality already seen as a result of opening the Leduc MWD Repair facility last year which has already resulted in improved margins and customer satisfaction. "Enseco is well positioned for further growth in our two service lines, we have a wealth of talented people throughout all areas of the Company and I am excited about the future prospects for the Company" said Mr. Devlin. ABOUT ENSECO ENERGY SERVICES CORP.Enseco is a premier supplier of directional drilling, production testing and frac flowback services operating throughout the Western Canadian Sedimentary Basin and select markets in the United States.Our corporate office is located in Calgary and sales offices are located in both Calgary, AB and Denver, CO. Enseco is led by an experienced management team with a focus on continued value creation through accretive acquisitions and organic growth.FORWARD LOOKING DISCLAIMER Certain information and statements contained in this press release constitute forward-looking statements, including, but not limited to: statements concerning Enseco's future business strategy, focus and expansion plans, and expectations regarding improved cost efficiencies and service quality and the results therefrom. These forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the 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. These factors include, but are not limited to, such things as changes in industry conditions (including the levels of capital expenditures made by oil and gas producers and explorers), fluctuations in prevailing commodity prices or currency and interest rates, the competitive environment to which the various business divisions are, or may be, exposed in all aspects of their business, the ability of the Company's various business divisions to access equipment (including parts) and new technologies and to maintain relationships with key suppliers, the ability of the Company's various business divisions to attract and maintain key personnel and other qualified employees, various environmental risks to which the Company's business divisions are exposed in the conduct of their operations, inherent risks associated with the conduct of the businesses in which the Company's business divisions operate, timing and costs associated with the acquisition of capital equipment, the impact of weather and other seasonal factors that affect business operations, availability of financial resources or third-party financing and the impact of new laws or changes in administrative practices on the part of regulatory authorities. The forward-looking statements contained in this press release are based on a number of assumptions including the current budget of the Company (which is subject to change), anticipated capital expenditures, future financial, economic and operating conditions, commodity prices and royalty regimes, availability of skilled labour, timing and amount of capital expenditures, future foreign exchange rates, interest rates, the impact of increasing competition, conditions in general economic and financial markets, effects of regulation by governmental agencies, and future operating costs. Although management of the Company believes that the expectations reflected in the forward looking statements in this press release are reasonable, it can give no assurance that such expectations will prove to have been correct. Accordingly, readers should not place undue reliance upon any of the forward-looking information set out in this press release. These forward-looking statements are made as of the date of in this press release and Enseco disclaims any obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.FOR FURTHER INFORMATION PLEASE CONTACT: Scott RatushnyEnseco Energy Services Corp.Chairman403firstname.lastname@example.orgORKent DevlinEnseco Energy Services Corp.President403email@example.comNeither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.