Xtreme Drilling and Coil Services

Xtreme Drilling and Coil Services

June 21, 2012 20:57 ET

Xtreme Announces Delivery of New XDR 500 Drilling Rig and the Possible Launch of a Debt Instrument

CALGARY, ALBERTA--(Marketwire - June 21, 2012) -

Delivery of New XDR 500

Xtreme (TSX:XDC) anticipates that it will deliver the sixth of eight announced newbuild XDR 500 rigs early next week to the Bakken play in North Dakota. Over the past ten months the company has delivered six XDR 500 rigs and five XSR coiled tubing service rigs. The capital build program will come to an end with the anticipated delivery of two additional XDR 500 drilling rigs in the third and fourth quarters respectively.

Possible Debt Financing

Xtreme contemplates launching a private placement of a debt instrument. The Company has engaged a manager in connection with the contemplated private placement. The placement would be directed at international, institutional investors.

About Xtreme

Xtreme Drilling and Coil Services Corp. ("XDC" on the Toronto Stock Exchange) designs, builds, and operates a fleet of high specification drilling rigs and coiled tubing well service units featuring leading-edge proprietary technology including AC high capacity coil injectors, deep re-entry drilling capability, modular transportation systems and continuous integration of in-house advances in methodologies.

Xtreme operates two service lines: Drilling Services (XDR) and Coiled Tubing Services (XSR) under contracts with oil and natural gas exploration and production companies and integrated oilfield service providers in Canada, the United States and Saudi Arabia. For more information about the Company, please visit www.xtremecoil.com.

Reader Advisory

This news release contains forward-looking statements. Although Xtreme believes expectations reflected in these statements 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 these statements not to be correct, including risks and uncertainties inherent in the Company's business.

Contact Information

  • Xtreme Drilling and Coil Services Corp.
    Matt Porter
    Chief Financial Officer
    +1 281 994 4600

    Xtreme Drilling and Coil Services Corp.
    16285 Park Ten Place, Suite 650
    Houston, TX 77084