Xtreme Coil Drilling Corp.
TSX : XDC

Xtreme Coil Drilling Corp.

January 24, 2011 09:15 ET

Xtreme Coil Appoints Chief Financial Officer

CALGARY, ALBERTA--(Marketwire - Jan. 24, 2011) - (TSX:XDC) – Xtreme Coil Drilling Corp. ("Xtreme Coil", the "Company") announces recent changes to the executive management team.

Dale W. Wilhelm Appointed Chief Financial Officer

Effective January 24, 2011, Xtreme Coil's board of directors welcomes the appointment of Dale W. Wilhelm as chief financial officer based in Houston, Texas. Mr. Wilhelm joins Xtreme Coil with more than twenty years of finance, accounting, tax, investor relations, treasury and merger and acquisition ("M&A") experience with public and private companies generating annual revenue of up to $900 million. As a key member of senior management, he has led initiatives to lower costs, improve profit and enhance corporate value. Mr. Wilhelm's change management skills have successfully aligned employees, processes and technology, and improved performance. He has had a significant role in executing multi-million dollar domestic and international business transactions including project financing, M&A, IPOs and public/private financing. Most recently, Mr. Wilhelm provided senior management consulting services to two large independent North American drilling contractors. From 2002 until 2007 he held increasingly senior roles with TODCO in Houston, Texas and fulfilled the role of vice president and chief financial officer from 2005 forward. Mr. Wilhelm holds a BBA (Accounting) from the University Of Texas and has been a certified public accountant in the State of Texas since 1988.

Xtreme Coil's board of directors further announces that Elizabeth T. Wilkinson has stepped down from her former position as chief financial officer. During a transition period, Ms. Wilkinson will continue to work with Dale Wilhelm and other members of the Company's senior management team to provide her expertise and knowledge related to ongoing business and corporate projects. Xtreme Coil's board of directors and senior management expressed their appreciation to Ms. Wilkinson for her professionalism and accomplishments in meeting the challenges of Xtreme Coil's rapid growth into international markets during the past two years.

Corporate Profile

Xtreme Coil develops and applies leading-edge patented and patent-related technology and designs to build, transport, and operate new Coil Over Top Drive® drilling rigs. In addition to contracts negotiated in several regions of the United States of America, in the Kingdom of Saudi Arabia and in the United Mexican States, Xtreme Coil markets proprietary, dual-purpose drilling rigs to existing customers and to potential customers in other international operating regions. Xtreme Coil drills with larger coil and with conventional drill pipe to reach hydrocarbons in deeper horizons. Including the recent re-entry rig design, the XTC 200DTRPLUS, Xtreme Coil's fit-for-purpose rigs feature AC draw works, top drives and injectors as well as innovative handling of conventional pipe and coiled tubing, modular transportation systems and operating methods for achieving deeper, faster and safer drilling. Xtreme Coil's common shares trade on the Toronto Stock Exchange ("TSX") under the symbol "XDC".

Reader Advisory

This news release contains forward-looking statements. More particularly, this news release contains statements about changes to executive and related senior management transitions that are intended to occur. 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. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. 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)
    ir@xtremecoil.com
    or
    Xtreme Coil Drilling Corp.
    1402, 500 Fourth Avenue SW
    Calgary, Alberta T2P 2V6
    www.xtremecoildrilling.com