UPDATE 1-Ensign Energy Q3 profit beats estimates

* Q3 EPS C$0.20 vs est C$0.19

* Revenue up 47 pct to C$341.3

* Sees utilization in Canada ops in ’11 no better than ’10

Nov 8 (BestGrowthStock) – Ensign Energy Services Inc (ESI.TO: )
posted a third-quarter profit (Read more your timing to make a profit.) that edged past market estimates,
helped by better demand for oilfield services equipment.

Ensign, Canada’s No. 2 oilfield services firm, reported net
income of C$30.7 million, or 20 Canadian cents a share, up from
C$16.9 million, or 11 Canadian cents a share, a year earlier.

Revenue rose 47 percent to C$341.3 million, helped by
improved levels of operating activity in unconventional natural
gas plays and in crude oil-focused areas such as North Dakota
and California.

Analysts on average were expecting earnings of 19 Canadian
cents a share, on revenue of C$342.9 million, according to
Thomson Reuters I/B/E/S.

Revenue at the company’s Canadian segment rose 58 percent
to C$126.8 million, while revenue at its U.S. segment rose 39
percent to C$130.9 million.

Ensign, one of the companies in the stable of Calgary
financier Murray Edwards, said utilization in its Canadian
operations in 2011 is generally expected to be no better than
2010.

Shares of Calgary-based Ensign closed at C$12.88 Friday on
the Toronto Stock Exchange. The shares have lost about a fifth
of their value over the past 12 months.
(Reporting by Arnika Thakur in Bangalore; Editing by Anne
Pallivathuckal)

UPDATE 1-Ensign Energy Q3 profit beats estimates