CanElson Drilling Inc.
TSX VENTURE : CDI

CanElson Drilling Inc.

November 10, 2010 09:00 ET

CanElson Drilling Grants Stock Options

CALGARY, ALBERTA--(Marketwire - Nov. 10, 2010) - CanElson Drilling Inc. ("CanElson") (TSX VENTURE:CDI) announced today that it has granted 536,000 stock options to its officers and directors with an exercise price of $3.22 per share. Certain of the options granted to the officers will vest as to one-third one year from the date of grant, one-third two years from the date of grant and one-third three years from the date of grant with each respective one-third expiring on the date that the subsequent one-third vests such that the final one-third of the options expires four years from the date of grant, while certain of the options granted to the officers and all of the options granted to the directors will vest in full two years from the date of the grant and expire three years from the date of the grant. The total number of options outstanding as of the date hereof is 2,531,933.

CanElson is an Alberta, Canada corporation that is currently engaged in the manufacture, acquisition and operation of drilling rigs for the oil and natural gas industry. CanElson currently operates in the Western Canadian Sedimentary Basin, the Permian Basin of west Texas and the Ebano-Panuco-Cacalilao fields of 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
    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