CALGARY, ALBERTA--(Marketwired - Oct. 19, 2016) - Xtreme Drilling Corp. ("Xtreme", the "Company") (TSX:XDC) is pleased to provide a third quarter operations update along with an announcement of the date for the Q3 2016 earnings release and conference call.
Third Quarter Update
For the third quarter of 2016 Xtreme had total operating days of 433 from its drilling operations. Total utilization for the 21 rig fleet was 22% for the third quarter, compared with a utilization rate of 19% for the prior quarter. As of the date of this press release, six XDR rigs are earning revenue in the United States and Canada.
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.
Third Quarter Results and Conference Call
The Company expects to announce third quarter 2016 financial and operating results after market close on Thursday, November 3, 2016 with a follow-up conference call planned for Friday, November 4, 2016 at 9:00 am MT, 10:00 am CT. Matt Porter, President and Chief Executive Officer will host the conference call 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.
+1 844-889-6858 (North America Toll‐Free) or +1 661-378-9711 (International)
Webcast: http://edge.media-server.com/m/p/j8zmo7wd Conference ID: 92748782
An audio replay of the call will be available until Thursday, November 10, 2016. To access the replay, call +1 (855) 859-2056 or +1 (800) 585-8367 and enter Conference ID 92748782.
This press release contains forward 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.
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.