Enterprise Oilfield Group, Inc. announced that its underground utility and infrastructure division has finalized negotiations on a four year contract (plus a one year option) with one of Canada's premier power suppliers. The contract is to provide underground construction and maintenance services over a significant region of Alberta. The value of the contract could generate revenues in excess of $25 million for the duration of the agreement. The company expects to add approximately $1.75 million in EBITDA annually to its consolidated results or nearly $9 million over the life of the contract.

Enterprise Oilfield Group Inc. reported earnings results for the third quarter and nine months ended September 30, 2009. The company had negative EBITDAS of $0.18 million compared to EBITDAS of $1.6 million for the three month period ended September 30, 2008. Negative EBITDAS for the nine months ended September 30, 2009 was $0.39 million compared to EBITDAS of $4.2 million for the nine months ended September 30, 2008. The reduction of EBITDAS is attributable to lower than expected revenue and margins on energy sector projects.

Enterprise Oilfield Group Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported loss before income taxes of CAD 1,476,482 and net loss of CAD 1,081,482 or CAD 0.026 per diluted share on revenue of CAD 6,584,799, compared to income before income taxes of CAD 834,184 and net income of CAD 588,184 or CAD 0.014 per diluted share on revenue of CAD 8,683,083 for the same period last year. Cash provided by the operating activities was CAD 1,280,856, compared to CAD 2,670,315 for the same period last year. Purchase of property, plant and equipment was CAD 67,654, compared to CAD 318,198 for the same period last year. For the nine months, the company reported loss before income taxes of CAD 3,206,331 and net loss of CAD 2,310,263 or CAD 0.055 per diluted share on revenue of CAD 20,507,752, compared to income before income taxes of CAD 1,735,944 and net income of CAD 1,327,826 or CAD 0.032 per diluted share on revenue of CAD 28,095,385 for the same period last year. Cash provided by the operating activities was CAD 5,118,097, compared to CAD 3,379,334 for the same period last year. Purchase of property, plant and equipment was CAD 502,717, compared to CAD 331,269 for the same period last year. Net debt as on September 30, 2009 was CAD 6,271,719, compared to CAD 11,376,210 as on December 31, 2008.