Xtreme Drilling and Coil Services
TSX : XDC

Xtreme Drilling and Coil Services

July 28, 2016 20:21 ET

Xtreme Drilling Corp. Announces Second Quarter Operations Update and Conference Call Details

CALGARY, ALBERTA--(Marketwired - July 28, 2016) - (TSX:XDC) - Xtreme Drilling Corp. ("Xtreme", the "Company") is pleased to provide a second quarter operations update along with an announcement of the date for the Q2 2016 earnings release and conference call.

Second Quarter Update

In June Xtreme closed on the sale of all XSR coiled tubing assets to Schlumberger. As such, results will be reported for the quarter as continuing operations for the 21 rig XDR Drilling Segment and discontinued operations for the XSR Coiled Tubing Segment.

For the second quarter of 2016 Xtreme had total operating days of 738. This was comprised of operating days from continuing operations of 364 and operating days from discontinued operations of 374. Total utilization for the quarter was 29%. This is comprised of a utilization rate of 19% for continuing operations and 58% for discontinued operations. As of the release date six XDR rigs are earning revenue in the United States.

In July the Company officially changed the corporate name to Xtreme Drilling Corp. and changed the web address to www.xdccorp.com. This was related to the sale of the coil assets of the Company to Schlumberger.

Second Quarter Results and Conference Call

The Company expects to announce second quarter 2016 financial and operating results after market close on Thursday, August 4, 2016 with a follow‐up conference call planned for Friday, August 5, 2016 at 9:00 am MDT, 10:00 am CT. Tom Wood, Chief Executive Officer, will host the conference call with participation from Matt Porter, President and Chief Financial Officer, and will answer questions from analysts and investors.

To participate in the conference call, please dial in as follows approximately ten minutes before the start time in your time zone.

+1 866-223-7781 (North America Toll‐Free) or +1 416-340-2216 (Alternate)

Or Webcast link: http://www.gowebcasting.com/7720

An audio replay of the call will be available until Wednesday, August 10, 2016. To access the replay, call +1 800‐408‐3053 or +1 905‐694‐9451 and enter pass code 9602661.

Reader Advisory

This press release contains forwarding looking statements. More particularly, this press release contains statements concerning commencement of operations. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that 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 press release are made as of the date hereof and the Company undertakes no obligations 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.

About Xtreme

Xtreme Drilling Corp. ("XDC" on the Toronto Stock Exchange) designs, builds, and operates a fleet of high specification drilling rigs under contracts with oil and natural gas exploration and production companies and integrated oilfield service providers in Canada and the United States. For more information about the Company, please visit www.xdccorp.com.

Contact Information

  • Xtreme Drilling Corp.
    Matt Porter, President and Chief Financial Officer
    +1 403 450 1205
    ir@xdccorp.com
    www.xdccorp.com

    Xtreme Drilling Corp.
    9805 Katy Freeway, Suite 650
    Houston, TX 77024