Technicoil Corporation

Technicoil Corporation

March 15, 2005 15:50 ET

Technicoil Announces the Assignment of Intellectual Property


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TECHNICOIL CORPORATION

TSX VENTURE SYMBOL: TEC

MARCH 15, 2005 - 15:50 ET

Technicoil Announces the Assignment of Intellectual
Property

CALGARY, ALBERTA--(CCNMatthews - March 15, 2005) -

NOT FOR DISTRIBUTION INTO THE UNITED STATES OR TO UNITED STATES WIRE
SERVICES

Technicoil Corporation (TSX VENTURE:TEC)("Technicoil") announces that it
recently assigned certain technology and patent rights pertaining to
methods for drilling, fracturing, and servicing oil and gas wells with
coiled tubing to Nabors Canada for an undisclosed and confidential
consideration and retention of a royalty- free, perpetual license to use
the technology and intellectual property in its ongoing operations.

Technicoil sees this as a positive, strategic step to protect and
accelerate its development strategy to increase the size of its fleet of
high quality advanced technology coiled tubing units while strengthening
its position of leadership in the development of multi-use coiled tubing
technology.

Currently Technicoil operates a fleet of seven (7) coil fracturing units
and two (2) coil drilling rigs. As announced on June 28, 2004 and
November 22, 2004, Technicoil will be adding 11 fracturing units and
four (4) coil drilling rigs to its fleet. With the addition of this
equipment Technicoil will operate a combined fleet of 18 coil fracturing
units and six (6) coil drilling units. These additional units are
required to enable Technicoil to meet the increasing demand for our coil
fracturing units, driven primarily by increased coal bed methane (CBM)
activity.

Technicoil, utilizing patented coil tubing equipment and innovative
technology, supplies drilling and service operations to the oil and gas
industry in North America. All drilling rigs are and will be capable of
performing directional and vertical drilling both on a conventional and
underbalanced basis. Innovative technology enables Technicoil to deliver
coil tubing drilling and other services to greater depths than any other
coil tubing equipment currently in the market.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Technicoil Corporation
    Arthur E. Dumont
    Chairman & Chief Executive Officer
    (403) 509-0705
    Email: adumont@technicoilcorp.com
    or
    Technicoil Corporation
    Marvin D. Clifton
    President & Chief Operating Officer
    (403) 509-0702
    Email: mclifton@technicoilcorp.com
    or
    Technicoil Corporation
    Melanie Rakochy
    Vice President, Finance & Administration
    (403) 548-2240 Ext. 107
    Email: mrakochy@technicoilcorp.com
    Website: www.technicoilcorp.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.