Stoneham Drilling Trust

Stoneham Drilling Trust

September 07, 2005 12:10 ET

Stoneham Drilling Trust: Rig 9 Deployment and New Rig Construction Program

CALGARY, ALBERTA--(CCNMatthews - Sept. 7, 2005) - Stoneham Drilling Trust (TSX:SDG.UN) ("Stoneham") is pleased to announce the deployment of Rig 9, a 3,500 metre telescopic double drilling rig. Stoneham Rig 9 spudded its first well for Real Resources Inc. and became operational on September 6, 2005. Rig 9 is the first of three drilling rigs to be delivered in our previously announced construction program.

Rig 9 is a new generation telescopic double drilling rig with a rated 375,000 pound hook load capacity and supported by two 1,000 horse power triplex mud pumps. Rig 9's mobility, efficiency and versatility afford Stoneham's clients the competitive operational advantage they desire.

Stoneham's newest rig compliments its existing fleet of six modern 3,000 metre telescopic double drilling rigs and two 4,000 metre telescopic triple drilling rigs. All of Stoneham's drilling rigs are less than 5 years old.

The construction of previously announced drilling rigs 10 & 11, two additional 4,000 metre telescopic triple drilling rigs are scheduled to be delivered in the fourth quarter of 2005.

In addition, Stoneham is pleased to announce the construction of Rig 12 in response to our client needs. Rig 12, a new generation 3,500 metre telescopic double drilling rig (sister rig to Rig 9) and is scheduled for delivery in the first half of 2006.

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. With its modern, innovative fleet of nine telescopic drilling rigs and three additional rigs currently under construction, 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 Stoneham undertakes no obligation to update forward looking statements if conditions or opinions should change.

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

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