Enterprise Group Announces Renewal of Normal Course Issuer Bid

Enterprise Group, Inc. (TSX: E) ("Enterprise" or the "Company") announces that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to renew its normal course issuer bid to purchase outstanding common shares of the Company ("Shares") on the open market in accordance with the rules of the TSX.

The Company is authorized to purchase up to 2,401,064 Shares under the normal course issuer bid, representing 10% of its public float, as of August 22, 2022. As of that date, there were 47,540,874 Shares issued and outstanding. The average daily trading volume of the Shares for the six months ended July 31, 2021, calculated in accordance with the rules of the TSX, was 55,199 Shares. Enterprise is subject to a daily repurchase limit of 25% of such volume, being 13,799 Shares, except where such purchases are made in accordance with the block purchase exemption under TSX rules.

Enterprise intends to renew the normal course issuer bid effective August 30, 2022 and continue the bid until August 29, 2023 or such earlier time as the bid is completed or terminated at the option of the Company. All Shares purchased under this bid will be purchased in the open market through the facilities of the TSX or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled. During the past 12 months, the Company has purchased an aggregate of 1,663,000 Shares (of a maximum of 2,670,778 Shares) at a weighted average price of $0.29 per Share.

Enterprise's Board of Directors has authorized the normal course issuer bid as it is believed that the purchase of the Shares pursuant to the normal course issuer bid is in the best interest of shareholders as the Shares may become available at prices that make an attractive investment and appropriate use of the Company's funds.

About Enterprise Group, Inc.

Enterprise Group, Inc is a consolidator of services-including specialized equipment rental to the energy/resource sector. The Company works with particular emphasis on systems and technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for itself and its clients. The Company is well known to local Tier One and international resource companies with operations in Western Canada. More information is available at the Company's website www.enterprisegrp.ca. Corporate filings can be found on www.sedar.com.

For questions or additional information, please contact:

Leonard Jaroszuk: President & CEO, or
Desmond O'Kell: Senior Vice-President
contact@enterprisegrp.ca
780-418-4400

Forward-Looking Information

This news release may contain certain forward-looking information, as defined under applicable Canadian securities legislation, that is not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. In particular, this news release includes forward-looking information relating to the Company's intention to purchase Shares pursuant to the normal course issuer bid, the number of Shares to be purchased, the timing of such purchases and the impact of such purchases on the value of the remaining Shares. Actual results, events or developments could be materially different from those expressed or implied by these forward-looking statements. There is no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors including those discussed in the Company's Annual Information Form and most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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E:CA

Enterprise Group Announces Results for Second Quarter 2023

Enterprise Group, Inc. (TSX: E) (the "Company" or "Enterprise"). Enterprise, a consolidator of energy services (including specialized equipment rental to the energyresource sector), emphasizing technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for small to Tier One resource clients, is pleased to announce its Q2 2023 results.

		Three months June 30, 2023			Three months June 30, 2022			Six months June 30, 2023			Six months June 30, 2022
Revenue	$	5,459,855		$	5,297,685		$	15,468,187		$	12,927,103
Gross margin	$	1,679,552	31%	$	1,610,188	30%	$	6,778,847	44%	$	5,131,973	40%
Adjusted EBITDA⁽¹⁾	$	1,115,876	20%	$	1,015,978	19%	$	5,508,558	36%	$	4,045,803	31%
Net (loss) income and comprehensive (loss) income	$	(525,736)		$	(513,268		$	2,275,599		$	1,164,744
(Loss) income per share - Basic and Diluted	$	(0.01)		$	(0.01		$	0.05		$	0.02

(1) Identified and defined under "Non-IFRS Measures".

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Nominee	Votes For	%	Votes Withheld	%
Leonard Jaroszuk	15,239,029	91.369%	1,439,436	8.631%
John Pinsent	16,612,826	99.606%	65,639	0.394%
Desmond O'Kell	16,623,518	99.671%	54,947	0.329%
John Campbell	16,621,735	99.660%	56,730	0.340%
Neil Darling	16,623,568	99.671%	54,897	0.329%

		Three months Mar 31, 2023			Three months Mar 31, 2022
Revenue	$	10,008,332		$	7,629,418
Gross margin	$	5,099,298	51%	$	3,521,822	46%
Adjusted EBITDA⁽¹⁾	$	4,392,685	44%	$	3,029,861	40%
Net income and comprehensive income	$	2,801,335		$	1,678,048
Income per share – Basic	$	0.06		$	0.04
Income per share – Diluted	$	0.06		$	0.03

Three months Dec 31, 2022					Three months Dec 31, 2021			Year ended Dec 31, 2022			Year ended Dec 31, 2021
Revenue	$	8,734,471		$	5,730,978		$	26,892,249		$	18,732,335
Gross margin	$	4,157,875	48%	$	2,120,460	37%	$	10,879,928	40%	$	6,631,818		35%
Adjusted gross margin⁽¹⁾⁽²⁾	$	4,157,875	48%	$	2,091,874	37%	$	10,879,928	40%	$	4,982,731		27%
Adjusted EBITDA⁽¹⁾⁽²⁾	$	3,283,612	37%	$	1,547,549	27%	$	8,149,223	30%	$	2,962,020		16%
Net income (loss) and comprehensive income (loss)	$	1,788,428		$	126,582		$	2,275,495		$	(2,375,818	)
Income (loss) per share – Basic and diluted	$	0.03		$	0.00		$	0.05		$	(0.05	)

As at December 31, 2023	As previously reported $	Restatement Adjustment $	Restated Amount $

Accumulated other comprehensive loss	(12,964,837)	(1,058,352)	(14,023,189)
Accumulated deficit	(45,939,198)	1,058,352	(44,880,846)
Total stockholders' equity	22,212,572	-	22,212,572

For the year ended December 31, 2023	As previously reported $	Restatement Adjustment $	Restated Amount $

Foreign exchange gain (loss)	(10,990,604)	1,058,352	(9,932,252)
Total other income (expense)	4,239,593	1,058,352	5,297,945
Net income (loss) before taxes	758,132	1,058,352	1,816,484
Net loss	(1,102,194)	1,058,352	(43,842)

Other comprehensive loss Foreign currency translation	(8,954,840)	(1,058,352)	(10,013,192)
Comprehensive loss	(10,057,034)	-	(10,057,034)

Net income (loss) per share – Basic and diluted	(0.01)	0.01	(0.00)

Well	Oil - bbls/d	Gas - mmcf/d	Total - boe/d	% Light Oil
F5-19	1,061	3.2	1,595	67
G5-19	900	4.0	1,573	57
H5-19	1,007	4.2	1,703	59
Average	989	3.8	1,624	61

Liquids
Bbls	Barrels
Bbls/d	Barrels per day
NGLs	Natural gas liquids (includes condensate, pentane, butane, propane, and ethane)

Natural Gas
Mcf	Thousands of cubic feet
Mcf/d	Thousands of cubic feet per day
MMcf/d	Millions of cubic feet per day

Oil Equivalent
Boe	Barrels of oil equivalent
Boe/d	Barrels of oil equivalent per day

Enterprise Group Announces Renewal of Normal Course Issuer Bid

Investor Insight

Overview

Company Highlights

Royalty Assets

1. SE Saskatchewan Light Oil Gross Overriding Royalties

2. Clearwater Heavy Oil Gross Overriding Royalty

3. Hamilton Lake Unit Viking Light Oil Royalty

4. Central Alberta and Saskatchewan Gross Overriding Royalties

Management Team

Brad Docherty – President, Chairman and Chief Executive Officer

Cheryne Lowe – Chief Financial Officer

John Bell – Director

Dean Potter – Director

Gary McMurren – Director

Shaun Thiessen – Director

Scott Rideout – Director

June-Marie Innes – Director

Jordan Kevol – Director

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