Xtreme Coil Drilling Corp.
TSX : XDC

Xtreme Coil Drilling Corp.

May 05, 2008 08:30 ET

Xtreme Coil Appoints President- Rodney J. Uchytil

CALGARY, ALBERTA--(Marketwire - May 5, 2008) - Xtreme Coil Drilling Corp. ("Xtreme Coil ") (TSX:XDC). The board of directors is pleased to announce the appointment of Rodney J. ("Rod") Uchytil to the newly created position of president of Xtreme Coil, effective May 1, 2008. Mr. Uchytil was previously chief operating officer of Coil-X Drilling Systems Corporation ("Coil-X"), a joint venture between Xtreme Coil and Shell Technology Ventures Fund 1 B.V.

Tom Wood, chairman and chief executive officer, commented, "Rod's appointment follows the May 1, 2008 transaction in which Xtreme Coil acquired the Coil-X joint venture. Rod will contribute significant international management and technical experience to our senior executive team. We expect his expertise will be instrumental as we forge ahead with marketing our Coil Over Top Drive® ("COTD™") drilling rigs to customers with projects in international and new North American markets."

Immediately prior to this appointment, Mr. Uchytil was responsible for establishing the Coil-X corporate structure, operating budget, global strategy and business development to initiate operations, including securing financing and initial contracts, mobilization of equipment and promoting Xtreme Coil's proprietary technology. Before joining Coil-X, he held increasingly senior management positions in a number of divisions of a world-wide energy services firm where he provided operations and engineering oversight to global projects and was responsible for overall technical integrity on well construction projects and new business pursuits. He led international projects while based in Mexico, Russia, Venezuela and Indonesia. With family roots in Canada, Mr. Uchytil has also worked on Canada's east coast. He is a Petroleum Engineering Technology (Honors) graduate of the Southern Alberta Institute of Technology where he majored in drilling engineering technology.

In his new capacity, Mr. Uchytil will lead and coordinate Xtreme Coil's next phase of growth from his base in Houston, Texas as well as from our Calgary, Alberta head office. With several new drilling projects currently under discussion internationally, he will continue to present Xtreme Coil's innovative next generation drilling technology to both North American and international exploration and production ("E&P") companies. Mr. Uchytil will also strengthen Xtreme Coil's newly established relationships with several companies who provide related strategic drilling services to our E&P customers.

Corporate Profile

Xtreme Coil develops and applies leading edge patented and patent-pending technology and designs to build, transport, and operate new Coil Over Top Drive® ("COTD™") drilling rigs. These innovative and efficient drilling rigs, developed for operation in the United States, Canada and outside North America, drill using larger coil to reach hydrocarbons in deeper horizons. Xtreme Coil's proprietary technology also features modular transportation units, larger injectors, larger drilling rigs and new methods for achieving deeper, faster and safer drilling.

Reader Advisory

The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements, including outcomes related to the acquisition and private placement and use of proceeds of the private placement. Assumptions which are subject to significant risks and uncertainties are the basis for these forward-looking statements. Risks and uncertainties result from a variety of factors and actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Xtreme Coil believes that expectations reflected in these forward-looking statements are reasonable, we can give no assurances that the expectations of these forward-looking statements will prove to be correct. Readers are cautioned that actual timing and results may vary materially from these forward-looking statements. Xtreme Coil disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise, except as required pursuant to applicable securities laws.

Contact Information

  • Xtreme Coil Drilling Corp.
    Tom Wood
    Chairman and Chief Executive Officer
    (403) 262-9500
    (403) 262-9522 (FAX)
    or
    Xtreme Coil Drilling Corp.
    Rod Uchytil
    President
    (403) 262-9500
    (403) 262-9522 (FAX)
    or
    Xtreme Coil Drilling Corp.
    1402, 500 Fourth Avenue SW
    Calgary, Alberta T2P 2V6
    Email: ir@xtremecoil.com
    Website: www.xtremecoildrilling.com