Xtreme Drilling and Coil Services

Xtreme Drilling and Coil Services

November 10, 2011 17:20 ET

Xtreme Announces CEO Transition

CALGARY, ALBERTA--(Marketwire - Nov. 10, 2011) - Xtreme Drilling and Coil Services ("Xtreme" or the "Company") (TSX:XDC) announces the Board of Directors ("Board") has approved the appointment of Thomas D. Wood to the position of chairman and chief executive officer for an interim period after receiving notice from Rodney J. Uchytil of his intention to resign his position as chief executive officer of the Company effective in mid-December. As a result, Mr. Wood will step down from his current position as executive chairman and Mr. Uchytil has agreed to continue providing his services to Xtreme for the next few weeks to assist with an orderly transition. The Board will begin a recruitment process to identify candidates to assume the role of chief executive officer.

"The Board extends sincere appreciation to Rod Uchytil for his significant contribution to the growth of Company since he first joined us in 2007 to launch a subsidiary joint venture", commented Tom Wood, "Xtreme's directors and management wish him the very best in his future business endeavors."

Reader Advisory

This news release contains forward-looking statements within the meaning of applicable securities laws ("FLS"). More particularly, this news release contains statements that may relate to changes in management and recruitment for vacant positions, contracting, marketing, construction, modifications or upgrades, deployment, operation and utilization of assets in the Company's current and future fleet. Although Xtreme believes expectations reflected in these FLS are reasonable, readers should not place undue reliance on them because Xtreme can give no assurance they will prove to be correct. There are many factors that could cause FLS not to be correct, including risks and uncertainties inherent in Xtreme's business.

Readers may review an FLS discussion in more detail in the management's discussion and analysis and financial statements for the twelve months ended December 31, 2010 and the six months ended June 30, 2011 filed on www.sedar.com and on Xtreme's website. Readers are cautioned financial outlook information contained in this news release is not appropriate for purposes other than for which it is disclosed here and should not rely on this information as of any other date. Except as required pursuant to applicable securities laws, Xtreme disclaims any intention, and assumes no obligation, to update publicly or revise FLS to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such FLS or otherwise.

About Xtreme

Xtreme Coil Drilling Corp. ("XDC" on the Toronto Stock Exchange) and its subsidiaries operate under the brand name Xtreme Drilling and Coil Services. Xtreme owns and operates a fleet of proprietary, dual-purpose deep capacity drilling rigs and coiled tubing well servicing units featuring the Company's patented COTD® designs. Xtreme offers oil and natural gas operators outstanding performance and efficiency through leading-edge technology. Currently, we are drilling under contracts in Colorado, North Dakota, Texas, Wyoming and Utah. Two deep coil service rigs are conducting re-entry horizontal drilling operations under a joint venture in Saudi Arabia and one is based in North Dakota to provide ultra-deep horizontal well post fracture cleanouts. For more information about the company, please visit www.xtremecoil.com.

Contact Information

  • Xtreme Coil Drilling Corp.
    Thomas D. Wood
    +1 403 262 9500
    +1 403 262 9522 (FAX)

    Xtreme Coil Drilling Corp.
    #770, 340 - 12th Avenue SW
    Calgary, Alberta T2R 1L5