Enseco To Divest Swabbing Assets For C$3MM

To acquire swabbing assets.

Enseco Energy Services Corp., Calgary, (Toronto Venture: ENS) plans to sell all of its swabbing assets to a private Canada-based oilfield services company for C$3 million.

The purchase price includes C$2.75 million in cash upon closing and the issuance of a C$250,000 principal amount promissory note due in 24 months.

Enseco says the sale is in line with its focus on directional drilling and production flowback testing services in North American resource plays.

The sale is expected to close on or around Sept. 23, 2010. Proceeds will be used to grow Enseco's business in North America.