Xtreme Coil Drilling Corp.
TSX : XDC

Xtreme Coil Drilling Corp.

August 10, 2011 20:14 ET

Xtreme Coil Announces Chief Financial Officer Resignation

CALGARY, ALBERTA--(Marketwire - Aug. 10, 2011) - Xtreme Coil Drilling Corp. (TSX:XDC) ("Xtreme Coil", the "Company") announces the resignation of Dale W. Wilhelm as Chief Financial Officer, effective August 12, 2011. In the interim, Martin Ramirez, Corporate Controller, will assume the responsibilities of principal financial officer of the Company. He will oversee Xtreme Coil's financial obligations until a new chief financial officer is appointed.

Xtreme Coil's board of directors and chief executive officer, Rod Uchytil, expressed their appreciation to Mr. Wilhelm for his instrumental role in helping achieve several recent key initiatives to situate Xtreme Coil on a strong platform for future growth and profitability. Xtreme Coil thanks Mr. Wilhelm for his contributions and wishes him well with his future plans.

Xtreme Coil intends to release operating and financial results for the three and six months ended June 30, 2011 after the markets close on Thursday, August 11, 2011. A conference call is scheduled to discuss 2011 second quarter results on Friday, August 12, 2011, beginning promptly at 10:00 am MT (11:00 am CT, 12:00 noon ET).

Corporate Profile

Xtreme Coil owns and operates a fleet of proprietary, dual-purpose deep capacity drilling rigs featuring the Company's patented COTD® designs. These rigs offer oil and natural gas companies outstanding performance and efficiency through leading-edge technology for both conventional and coil drilling. Currently, we are drilling under contract in Colorado, North Dakota, Texas and Wyoming. Two deep coil service rigs are conducting re-entry horizontal drilling operations in Saudi Arabia. Xtreme Coil is expanding deep coil well servicing operations with six units undergoing technical upgrades before they will be ready to deploy later in 2011. Xtreme Coil's common shares trade on the Toronto Stock Exchange under the symbol "XDC."

Reader Advisory

This news release contains forward-looking statements. More particularly, this news release contains statements about executive recruitment for which the timing of any future appointment is uncertain. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although Xtreme Coil believes the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Xtreme Coil can give no assurance they will prove to be correct. The forward-looking statements contained in this news release are made as of the date hereof and Xtreme Coil undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Xtreme Coil Drilling Corp.
    Rod Uchytil
    President and Chief Executive Officer
    +1 403 262 9500
    +1 403 262 9522 (FAX)

    Xtreme Coil Drilling Corp.
    1402, 500 Fourth Avenue SW
    Calgary, Alberta T2P 2V6
    ir@xtremecoil.com
    www.xtremecoildrilling.com