ENQ Enquest Energy Ser Corp

ENQUEST ENERGY SERVICES CORP. (TSX VENTURE:ENQ) ("EnQuest" or the "Corporation")

Recent industry reports and numerous announcements by industry participants
indicate there will be a significant reduction in the capital spent on drilling
programs in North America for 2009, in large part in response to market
volatility and the collapse of the prices for crude oil and natural gas. EnQuest
is currently experiencing strong utilization rates and maintaining its market
share in respect of its US operations. It has experienced a slowdown with
respect to its Canadian operations. The Canadian revenue has, in the past,
accounted for approximately 10% of EnQuest revenue. The extent of the impact
from the slow down expected in the United States is not known at this time.
EnQuest believes that its broad geographic scope, technical capabilities,
diverse employee base and equipment configuration provide a strong foundation
for its ability to adapt to the changing economic environment and may provide
some opportunities in the US market.


In response to the current economic environment, EnQuest has struck a committee
comprised of all of the independent directors to consider a number of strategies
to strengthen the Corporation's position going forward, with a particular focus
on debt reduction and sale of assets. The Committee may consider retaining
advisors, including financial advisors, to provide guidance to the Committee in
making its recommendations to the Board.


EnQuest provides energy services throughout North America in the following
primary business segments: transportation services, rig moving, crane services,
specialized heavy hauling, oilfield equipment rentals, retailer of new and
refurbished Oil Country Tubular goods and pipe storage.


Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain
information contained herein constitutes forward-looking statements.
Forward-looking statements are based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements. The
Corporation undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on forward-looking statements.

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