Technicoil Corporation
TSX VENTURE : TEC

Technicoil Corporation

June 23, 2005 17:16 ET

Technicoil Secures Debt Facility

CALGARY, ALBERTA--(CCNMatthews - June 23, 2005) -

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

Technicoil Corporation (TSX VENTURE:TEC) ("Technicoil") is pleased to announce that it has secured a $16.5 million debt facility from the National Bank of Canada. The facility will be in the form of a revolving loan until December 31, 2005, at which time the outstanding indebtedness will be converted to a 60 month term loan. Technicoil also increased its demand operating line of credit to $2.0 million from $0.2 million.

The debt financing will be used to fund a portion of Technicoil's $50 million capital expansion currently underway to build 11 new coil tubing fracturing rigs and 4 new coil tubing drilling rigs.

Technicoil, utilizing patented coil tubing equipment and innovative technology, supplies drilling and service operations to the oil and gas industry in North America.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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