CanElson Drilling Inc.

CanElson Drilling Inc.

November 19, 2009 09:00 ET

CanElson Drilling Completes Acquisition of Drilling Rigs

CALGARY, ALBERTA--(Marketwire - Nov. 19, 2009) - CanElson Drilling Inc. ("CanElson") (TSX VENTURE:CDI) announces that it has completed the purchase from Bronco Drilling Services Ltd. ("Bronco") (a wholly owned subsidiary of Bronco Energy Ltd.) of a telescopic double rig, a single rig, and related equipment for cash proceeds of $6.5 million.

With the completion of the acquisition of these drilling rigs from Bronco, CanElson has its entire drilling rig fleet committed to customers. "With the signing of the contracts for two drilling rigs in Texas and the drilling rig contract for Mexico, the company is well positioned with significant growth platforms internationally and in Canada", stated Elson McDougald, CanElson's Chief Executive Officer.

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

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
    CanElson Drilling Inc.
    515, 808 - 4th Avenue SW
    Calgary, Alberta T2P 3E8