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Enservco Corporation (NYSE American: ENSV) is a leading provider of well-site services in the domestic onshore oil and gas industry. Headquartered in Colorado Springs, Colorado, Enservco operates through two primary subsidiaries: Heat Waves Hot Oil Service and Dillco Fluid Services. The company offers a comprehensive range of services that includes hot oiling, acidizing, frac heating, pressure testing, bacteria and scale treatment, freshwater and saltwater hauling, fluid disposal, frac tank rental, and well site construction. These services are vital for the maintenance and enhancement of oil and gas wells, making Enservco a crucial partner for energy companies of all sizes.
Enservco's operations span a wide geographical area, serving oil and gas producers in Colorado, Utah, Wyoming, Kansas, Texas, Oklahoma, New Mexico, and the northeastern United States, particularly in the Marcellus Shale of the Appalachian Basin. The company is also expanding its presence in North Dakota to cater to the Bakken formation.
The company's recent achievements include a strategic exit from the North Dakota region to reallocate resources to more profitable areas, resulting in improved financial performance. For the nine-month period ending September 30, 2023, Enservco reported a 3% increase in revenue year over year, reaching $15.6 million. The company also improved its adjusted EBITDA by 42%, despite a negative impact from its North Dakota exit.
In the third quarter of 2023, Enservco acquired substantially all the assets of Rapid Hot, a major provider of frac water heating services in Ohio, Pennsylvania, and West Virginia. This acquisition not only bolsters Enservco's position in the Marcellus Shale but also adds incremental revenue and management depth. The company closed the third quarter with $4.2 million in term debt, down from $5.3 million at the end of 2022.
Looking ahead, Enservco is focused on organic growth, controlling costs to improve profitability, and reducing long-term debt. With improving margins and continued drilling activity, the company expects further demand growth for its services. Enservco remains committed to providing dependable, round-the-clock service to its customers, ensuring the efficient operation of oil and gas wells across its service areas.
Enservco Corporation (NYSE American: ENSV) announced a $1.2 million convertible subordinated promissory note with Cross River Partners, LP. The note has a six-year term with a 7.75% interest rate, interest-only payments for the first year, and potential conversion to common stock. The company expects first-quarter 2022 revenue to rise 58% to 64% year-over-year, driven by higher commodity prices. It anticipates filing its 2022 first-quarter financial statements by August 15, 2022, and aims to report stockholders’ equity exceeding $6 million.
Enservco Corporation (ENSV) reported a 71% increase in Q4 revenue year-over-year, reaching $4.1 million, largely fueled by higher commodity prices and increased customer activity. This marks the third consecutive quarter of double-digit revenue growth. Despite strong revenue gains, the company reported a net loss of $3.1 million, though improved from the previous year's loss. Enservco expects Q1 2022 revenue to rise by 58% to 64% year-over-year, supported by a strengthened balance sheet following debt refinancing.
Enservco Corporation (NYSE American: ENSV) appointed Mark K. Patterson as Chief Financial Officer on April 22, 2022, succeeding Marjorie Hargrave. Patterson brings extensive experience in financial and strategic planning, having held senior roles in various companies including XPO Logistics and Transcard LLC. His appointment is expected to enhance Enservco's finance team as the company aims to capitalize on growth opportunities in the rebounding energy sector. As an incentive, Patterson will receive 300,000 restricted shares over three years.
Enservco Corporation (NYSE American: ENSV) has announced a delay in filing its 2021 Form 10-K due to necessary adjustments related to deferred tax liabilities. This restatement won’t impact the company’s reported revenue or operating expenses. Despite this setback, Q4 2021 revenues increased by 71% year-over-year, driven by enhanced customer activity and higher commodity prices. The company also anticipates similar revenue growth for Q1 2022, marking four consecutive quarters of year-over-year growth. Enservco remains optimistic about the oil and gas industry outlook.
Enservco Corporation (NYSE American: ENSV) will announce its 2021 fourth quarter and full year financial results on April 18, 2022, after market close. Management will hold a conference call at 2:30 p.m. MT (4:30 p.m. ET) to discuss these results along with operational updates. Participants can access the call via telephone or through a webcast on the company's website. The company offers specialized oilfield services across several states, catering to the domestic oil and gas industry.
Enservco Corporation (NYSE American: ENSV) has appointed Mark K. Patterson as Senior Vice President, effective immediately. Patterson brings extensive experience in operations, financial planning, and M&A, having worked with firms like XPO Logistics and others. He aims to capitalize on growth opportunities in the rebounding energy sector. Concurrently, Marjorie Hargrave, President and CFO, will depart on April 22, 2022, after successfully improving the company’s financial standing and operational efficiency.
Enservco Corporation (NYSE American: ENSV) announced that it will restate three Form 10-Q filings from 2021 due to accounting errors related to employee retention tax credits and warrant issuances. Importantly, these amendments will not impact the Company's revenue, operating expenses, or adjusted EBITDA. The filing date for its 2021 Form 10-K will be extended by up to 15 days to incorporate these changes. Furthermore, the Company successfully refinanced its debt, significantly strengthening its balance sheet by reducing total debt and increasing working capital liquidity.
Enservco Corporation (NYSE American: ENSV) has successfully retired its $13.8 million senior revolving credit facility with East West Bank for approximately $9.4 million. This refinancing has substantially reduced Enservco’s debt while reclassifying it predominantly as long-term liabilities with terms of four to six years. The company’s Heat Wave Hot Oil Service unit secured a $6.225 million equipment lease and entered a receivables factoring agreement for up to $10 million. The refinancing will stabilize the company's capitalization and support its growth objectives amid rising commodity prices.
Enservco Corporation (ENSV) reported a 72% increase in Q3 revenue, reaching $3.0 million, driven by higher commodity prices and increased demand. Adjusted EBITDA improved by 10%, though the company posted a net loss of $0.2 million, compared to a net income of $8.4 million in Q3 2020. Production services revenue rose 82%, while completion services revenue increased 36%. The company also amended its credit facility, securing a waiver for a previous covenant breach, indicating financial maneuvering amid challenges.
Enservco Corporation (NYSE American: ENSV) has announced that it will release its 2021 third quarter financial results on November 15, 2021, after market close. A conference call to discuss these results and ongoing operational developments will take place at 2:30 p.m. MT (4:30 p.m. ET). Interested parties can join the call by dialing 877-545-0523, with international callers using 973-528-0016. A replay will be available until November 22, 2021. The webcast can be accessed through the Enservco website, with a replay available until December 15, 2021.
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