Energy, Utilities & Water  April 19, 2022

Enservco delays SEC filing to restate financial statements

LONGMONT — Enservco Corp. (NYSE American: ENSV), a Longmont-based provider of specialized well-site services to the oil and gas industry, will delay a regulatory filing to restate financial statements from three quarters in 2021.

The company said Monday that it would delay filing its 10K with the U.S. Securities and Exchange Commission to restate financial statements on three quarterly reports for 2021 to adjust for its utilization of certain deferred tax liabilities in 2021.

The restatements are not related to operating matters and will not affect the company’s reported revenue or operating expenses, the company said in a press release.

Enservo also announced that it generated a 71% increase in fourth-quarter 2021 revenues compared with the same period a year ago. The increase was attributed to increased customer activity driven by higher commodity prices and the addition of new customers.

“We are eager to report our full fourth quarter results from 2021 because they will show improvements year over year,” Rich Murphy, executive chairman, said in a prepared statement. “Our first quarter of 2022 is also expected to show improved results, which will give the Company four consecutive quarters of year-over-year revenue growth. We believe the outlook for the oil and gas industry is favorable, and we remain excited about our prospects going forward.

“We apologize to our stockholders for the delay in our filings and earnings call, but we want to ensure that our amended Form 10-Qs and Form 10-K accurately reflect the appropriate tax treatment that was impacted by the financing completed early in 2021,” Murphy added. “Our auditors and third-party tax advisors are working diligently to complete these calculations as quickly as possible, and we expect to complete our 2021 filings as soon as practicable.”

Enservco provides oilfield services across seven domestic oil and gas basins, with customers in Colorado, Montana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming, West Virginia, Utah, Michigan, Illinois, Florida, New Mexico and Louisiana.

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