Lowering to $48 million, compared with earlier expectations for $95 million.
Ensign insists the cash value of its offer of about $470 million now outweighs the all-shares offer by Precision.
Calgary company says capital budget will plunge in 2016.
Announcement comes as the oilfield services industry and energy producers grapple with a dramatic decline in oil prices.
Oil services and equipment provider says US$24 million acquisition will enhance its US assets.