CanElson Drilling Inc.
TSX VENTURE : CDI

CanElson Drilling Inc.

November 19, 2009 08:30 ET

CanElson Drilling Signs Contracts for Two Drilling Rigs in Texas

CALGARY, ALBERTA--(Marketwire - Nov. 19, 2009) - CanElson Drilling Inc. ("CanElson") (TSX VENTURE:CDI) announced today that it has entered into multi-well contracts with a Midland, Texas-based resource company to operate 2 drilling rigs in the Permian Basin region. The first drilling rig is anticipated to be operational in Texas by mid-December 2009, with the second to follow mid-January 2010. The rigs dedicated to Texas will be Rig 3 which was completed this spring and Rig 4 which is in the final stages of completion.

President Randy Hawkings says, "We are pleased to be awarded these contracts in an area which management has a great deal of experience."

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

Forward Looking Information

This press release contains forward-looking information related to CanElson's intentions to commence drilling activities in Texas, CanElson's supply of drilling rigs to the customer, and the anticipated timing of the commencement of drilling. Such forward looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond CanElson's control. Such assumptions, risks and uncertainties include, without limitation, those associated with, loss of markets, volatility of commodity prices, delays resulting from or inability to obtain required regulatory approvals, the effect of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations and changes in how they are interpreted and enforced, the lack of qualified personnel or management, and stock market volatility. CanElson's actual achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur, or occur on such dates, or if any of them do so, what benefits CanElson will derive therefrom. The forward-looking information is made as at the date of this press release and CanElson does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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 and Chief Operating Officer
    (403) 266-3922
    or
    CanElson Drilling Inc.
    515, 808 - 4th Avenue SW
    Calgary, Alberta T2P 3E8