CALGARY, ALBERTA, Oct. 28, 2009 (Marketwire) -- Enseco Energy Services Corp. (TSX VENTURE:ENS) ("Enseco" or the "Company") is pleased to announce the appointment of Lane Roberts as the new President and Chief Executive Officer and as a director of the Company. Mr. Roberts was appointed to replace David A. Hawkins as the President Chief Executive Officer of the Company. Mr. Hawkins will continue in a senior management role with the Company utilizing his industry knowledge and experience.
Enseco Chairman, Scott Ratushny noted "The Board of Directors wishes to thank David for all of his hard work and dedication to Enseco which has allowed us to streamline the Company and bring us to this important juncture."
Mr. Roberts was previously the Managing Director of Sondex plc ("Sondex"), a UK based leading supplier of downhole technologies to the oil and gas industry from 2004 to 2008. With the purchase of Sondex by General Electric, Roberts spent the last 12 months ensuring a smooth integration of Sondex into GE Energy, a division of General Electric. Prior to that, Mr. Roberts served in various senior management roles at Computalog, USA which later became a division of Precision Drilling Ltd.
In connection with Mr. Roberts' appointment, Enseco has agreed to complete a private placement (the "Private Placement") of common shares of Enseco ("Common Shares") with Dewar Lake Ranch Inc. ("Dewar Lake"), a company controlled by Mr. Roberts. The private placement will consist of issuing 8.5 million Common Shares at an issue price of $0.10 per share. The consideration for the private placement will be satisfied by the transfer and assignment of a mortgage (the "Mortgage") over certain real property in British Columbia, in the aggregate principal amount of $850,000, from Dewar Lake to Enseco. The shares issued to Dewar Lake in connection with the private placement will be subject to a contractual escrow, with the shares only being released on a pro-rata basis based on the proceeds realized by the Company on the Mortgage. Closing of the Private Placement is expected to occur on or about October 30, 2009.
The Common Shares issued to Dewar Lake pursuant to the Private Placement will be subject to a four-month hold period.
In addition, the Company has granted Mr. Roberts 800,000 options ("Options") to acquire Common Shares pursuant to the Company's stock option plan. The Options will expire five years from the date of grant and have an exercise price equal to $0.13 per Option and will vest as to one-third on each of the first, second and third anniversaries of the grant date. In connection with the grant of the Options the Company has reserved 800,000 Common Shares for issuance pursuant to the exercise thereof. Furthermore, the Company granted Mr. Roberts 400,000 share appreciation rights ("SARS").
