Stoneham Drilling Trust
TSX : SDG.UN

Stoneham Drilling Trust

March 04, 2009 09:00 ET

Stoneham Drilling Trust Announces Suspension of Cash Distributions

CALGARY, ALBERTA--(Marketwire - March 4, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Stoneham Drilling Trust (TSX:SDG.UN) ("Stoneham" or the "Trust") announced that in light of the current economic uncertainties it has decided to indefinitely suspend distributions starting with the March 2009 distribution that would have been declared to unitholders of record on March 31, 2009. This will not affect the previously declared distribution payable March 15, 2009.

The suspension of monthly distributions is a result of the current weakness in commodity pricing and corresponding reduction in North American drilling activity. The distribution suspension is anticipated to allow Stoneham to appropriately manage and maintain flexibility with its balance sheet should the North American contract drilling industry continue to experience lower utilization levels over the balance of 2009.

Stoneham is an income trust that provides contract drilling services to oil and natural gas exploration and production companies operating in western Canada and in the Anadarko Basin in the United States. With its modern, innovative fleet of drilling rigs, Stoneham is an industry leader in operational performance, safety and rig utilization. Stoneham trades on the TSX under the symbol SDG.UN. To learn more about Stoneham, log on to our website at www.stonehamdrilling.com.

This news release may contain forward-looking statements concerning the anticipated performance of Stoneham. Forward-looking statements are based on the estimates and opinions of management at the date the statements are made, and, subject to its obligations under applicable law, Stoneham does not intend, and does not assume any obligation to update these forward looking statements if conditions or opinions should change.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Stoneham Drilling Trust
    Bruce Jones
    President and Chief Executive Officer
    (403) 264-7777
    or
    Stoneham Drilling Trust
    Jack Smart
    Chief Financial Officer
    (403) 264-7777
    or
    Stoneham Drilling Trust
    1230, 335 - 8 Avenue SW
    Calgary, Alberta T2P 1C9
    Website: www.stonehamdrilling.com