Stoneham Drilling Trust

Stoneham Drilling Trust

February 22, 2008 09:00 ET

Stoneham Drilling Trust Announces US Operations

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2008) - Stoneham Drilling Trust (TSX:SDG.UN), through its wholly-owned US subsidiary, Stoneham Drilling Corporation, is pleased to announce that it has entered into a one year contract with the US arm of an existing Canadian client. Stoneham Drilling has mobilized Rig 18, the first of two Stoneham Drilling rigs to be deployed into the Oklahoma Anadarko Basin. The second rig (Rig 17) is scheduled to be mobilized in mid March. Stoneham considers this to be a strategic direction to complement its Canadian operations. Stoneham may deploy additional rigs to the US in the future.

About Stoneham

Stoneham Drilling Trust is an income trust that provides contract drilling services to oil and natural gas exploration and production companies operating in western Canada and US. With its modern, innovative fleet of drilling rigs, Stoneham is an industry leader in operational performance and rig utilization. Stoneham trades on the TSX under the symbol SDG.UN.

The Trust pays monthly cash distributions to unitholders.

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
    Stoneham Drilling Trust
    Jack Smart
    Chief Financial Officer