CanElson Drilling Inc.
TSX VENTURE : CDI

CanElson Drilling Inc.

November 05, 2009 16:30 ET

CanElson Announces Third Quarter Financial Results and Employee Stock Savings Plan

CALGARY, ALBERTA--(Marketwire - Nov. 5, 2009)CanElson Drilling Inc. ("CanElson" or "the Company") (TSX VENTURE:CDI) today announces its second quarter financial results for the three and nine month periods ended September 30, 2009.

During the three and nine months ended September 30, 2009, CanElson generated drilling revenue of $629 and $3,610, respectively. The loss for the three and nine month periods ended September 30, 2009 is $295 and $165, respectively. 

The Corporation obtained regulatory approval for its Employee Stock Savings Plan (the "Plan") and now intends to begin purchasing common shares in the open market through the facilities of the TSX Venture Exchange in accordance with the policies and rules of the Exchange pertaining to normal course issuer bids. Under the Plan an employee may contribute up to 5% of their base salary to the Plan. The Corporation will contribute an amount equal to 50% for each dollar of the employees' contributions. Purchases pursuant to the Plan will continue as long as the Plan is in place. The common shares acquired will be distributed to the participating employees in the Plan in accordance with the provisions of the Plan. CanElson has appointed Lightyear Capital Inc. as its agent to conduct the purchases.

The full text of the unaudited financial statements and the management's discussion and analysis are to be posted on the SEDAR website at www.sedar.com.

CanElson is an Alberta, Canada corporation that is currently engaged in the manufacture and operation of drilling rigs in Canada's Western Sedimentary Basin.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • CanElson Drilling Inc.
    Elson J. McDougald
    Chairman and Chief Executive Officer
    (403) 266-3922
    or
    CanElson Drilling Inc.
    Randy Hawkings
    President & Chief Operating Officer
    (403) 266-3922