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| | July 17, 2008
Enterprise to File Normal Course Issuer Bid
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| | Enterprise Oilfield Group, Inc. ("Enterprise" or the "Corporation") announces that subject to acceptance by the Toronto Stock Exchange (the "TSX"), the Corporation intends to proceed with a normal course issuer bid (the "Bid"). The maximum number of common shares of the Corporation ("Common Shares") which may be acquired by way of the Bid is 1,000,000, representing approximately 2.4% of the issued and outstanding Common Shares. As at June 14, 2008, there were 41,449,200 Common Shares outstanding. Enterprise intends to commence the Bid on July 21, 2008 and terminate the bid on July 20, 2009. The average daily trading volume for the Common Shares during the period of January 1, 2008 to June 30, 2008 was 90,947.
Enterprises' board of directors believes that the purchase of Common Shares pursuant to the Bid is in the best interests of Enterprise and its shareholders as it is the belief of the directors that the market price of the Common Shares does not accurately reflect the value of those shares. All shares purchased under the Bid will be cancelled and returned to treasury. Enterprise intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations.
Any purchases made by Enterprise under the bid will be made through the facilities of and in accordance with the rules of, the TSX. Once purchased, the Common Shares will be returned to treasury for cancellation.
Enterprise Oilfield Group, Inc. is an energy services company operating in the pipeline construction industry. The Corporation's focus is small to medium diameter pipeline construction primarily on steel gathering systems up to 12" in diameter. The Corporation's strategy is to acquire small to mid-size pipeline construction and complementary service companies in central and northern Alberta, consolidating capital, management and human resources to support continued growth. |
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