Xtreme Drilling and Coil Services

Xtreme Drilling and Coil Services

November 29, 2011 16:10 ET

Xtreme Appoints President and COO

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2011) - Xtreme Drilling and Coil Services ("Xtreme" or the "Company") (TSX:XDC) announces the Board of Directors ("Board") has appointed Richard D. Havinga to the position of president and chief operating officer. In this expanded executive role, he will have responsibility for providing strategic leadership and vision while working closely with Xtreme's chief executive officer and the Board. Mr. Havinga has held the position of chief operating officer since January 2009 and will continue to oversee all of Xtreme's contract drilling and well servicing operations in North America and internationally. As well, he remains responsible for technical development, including the design and efficient application of the Company's proprietary technology.

"The Board recognizes Richard Havinga's strong commitment to collaboration with directors and the management team as well as our entire growing workforce", commented Tom Wood, chairman and interim chief executive officer. "His wide-ranging expertise and technical strengths will be instrumental in delineating and moving forward Xtreme's plans for rapid corporate growth while, at the same time, continuing to deliver the high standard of drilling services valued by our current and new customers."

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, 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 nine months ended September 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