Xtreme Coil Drilling Corp.

Xtreme Coil Drilling Corp.

March 29, 2007 13:17 ET

Xtreme Drills World Record Well in DJ Basin

CALGARY, ALBERTA--(CCNMatthews - March 29, 2007) - Xtreme Coil Drilling Corp. ("Xtreme") (TSX:XDC) and EnCana Oil and Gas (USA) Inc. recently completed drilling to a new world record depth with 3-1/2 inch (88.9 mm) coiled tubing. Drilled in the DJ Basin in Colorado, the well reached a depth of 8,125 feet (2,476 metres) using homogenous 3 1/2 inch coiled tubing and a short bottom hole assembly for directional and weight requirements. Xtreme's Rig #1, an XTC 200 DT, drilled this record well in an 8 3/4 inch (222 mm) well bore. This is a significant milestone in the evolution of Xtreme's patented and patent-pending technology and a significant advancement in applications for coiled tubing drilling in the United States.

Currently, Xtreme has two XTC 200 rigs operating in the DJ Basin in Colorado. Another XTC 200 rig is operating in Wyoming and contracted next to drill in Colorado. The Canadian XTC 200 located in Alberta is contracted but not currently drilling. We expect it to resume drilling when spring road bans are lifted. We are commissioning Xtreme's first XTC 400, the largest coiled tubing drilling rig ever built. It will move to Colorado to drill a well for EnCana to a licensed depth of 10,323 feet (3,150 metres). The XTC 400 has depth capacity of approximately 10,000 feet (3,000 metres) with coiled tubing and 14,000 feet (4,100 metres) with conventional drill pipe.

At 2006 year end, Xtreme had six rigs in various stages of construction and a further four rigs on order. Since year-end we have ordered the critical components for four more XTC 400 rigs and are tendering construction bid requests to several manufacturers. We anticipate that, by early 2008, Xtreme's fleet will total 18 coiled tubing rigs with most scheduled for delivery to the United States.

Corporate Profile

Xtreme develops and applies leading edge patented and patent-pending technology and designs to build and transport new Coil Over Top DriveTM ("COTDTM") drilling rigs. These innovative and efficient drilling rigs, developed for operation in both the United States and Canada, use larger coil to drill for hydrocarbons in deeper horizons. Xtreme's proprietary technology also features modular transportation units, larger injectors, larger drilling rigs and new methodologies to achieve deeper, faster and safer drilling.

Contact Information

  • Xtreme Coil Drilling Corp.
    Ric Charron
    Chief Executive Officer
    (403) 262-9500
    Xtreme Coil Drilling Corp.
    1402, 500 Fourth Avenue SW
    Calgary, Alberta T2P 2V6
    (403) 262-9500
    (403) 262-9522 (FAX)
    Email: ir@xtremecoil.com
    Website: www.xtremecoildrilling.com