Xtreme Coil Drilling Corp.

Xtreme Coil Drilling Corp.

September 09, 2011 09:13 ET

Xtreme Relaunches Brand to Reflect Company's Evolution and Expanded Well Services Offering

CALGARY, ALBERTA--(Marketwire - Sept. 9, 2011) - Xtreme Coil Drilling Corp. (TSX:XDC) ("Xtreme" or the "Company"), a leading provider of conventional and coiled tubing drilling and well services using innovative technology, is pleased to announce the launch of a rebranding initiative to reflect the Company's growth and evolution.

Effective September 9, 2011, the Company and its U.S. subsidiary will begin operating under the name "Xtreme Drilling and Coil Services." The Company has also adopted the tagline "Deeper, Faster, Safer" and completely redesigned its website, www.xtremecoil.com.

The rebranding initiative is designed to better communicate Xtreme's offerings as the Company evolves to meet changing marketplace needs. Exploration and development activity has grown dramatically in deeper shale formations in North America in recent years. In response, Xtreme has increasingly focused on deep horizontal drilling in these unconventional plays. The Company is also expanding its well services offering and has recently commenced deep coiled tubing services in North American resource plays with its first rig deployment to North Dakota. Additional rigs will be completed to expand our deep coiled tubing services business line through year end and into 2012.

"In focusing our offering under one new global brand, we aim to clearly identify to the market that we are more than just a company that got its start from drilling with large diameter coiled tubing. While most of our business today comes from drilling in major US unconventional plays, our newest challenge is to change the current status quo depths imposed by coiled tubing providers in the market," said Rod Uchytil, President and Chief Executive Officer.

Xtreme currently has two coil service rigs performing deep horizontal re-entry drilling in Saudi Arabia and one performing ultra-deep horizontal well post frac cleanouts in North Dakota, and expects to deploy eight additional coil service rigs to North American resource plays throughout 2011 and 2012. Information on the Company's expanding well services offering can be found on Xtreme Drilling and Coil Services' website, www.xtremecoil.com. The site also contains information on the Company's growing fleet of advanced high specification drilling rigs.

The Company plans to roll out the new brand over the coming months, with the formal corporate name change expected to be finalized at its next shareholders meeting April 18, 2012.

Reader Advisory

This news release contains forward-looking statements within the meaning of applicable securities laws ("FLS"). More particularly, this news release contains statements that may relate to financing, contracting, marketing, construction, modifications or upgrades, deployment, operation and utilization of assets in the Company's current and future fleet. Although Xtreme believes expectations reflected in these FLS are reasonable, readers should not place undue reliance on them because Xtreme can give no assurance they will prove to be correct. There are many factors that could cause FLS not to be correct, including risks and uncertainties inherent in the Company's business.

Readers may review a FLS discussion in more detail in the management's discussion and analysis and financial statements for the twelve months ended December 31, 2010 and the six months ended June 30, 2011 filed on www.sedar.com and on the Company's website. Readers are cautioned financial outlook information contained in this news release is not appropriate for purposes other than for which it is disclosed here. Readers should not place undue importance on FLS and should not rely on this information as of any other date. Except as required pursuant to applicable securities laws, Xtreme disclaims any intention, and assumes no obligation, to update publicly or revise FLS to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such FLS or otherwise.

About Xtreme

Xtreme Coil Drilling Corp. ("XDC" on the Toronto Stock Exchange) and its subsidiaries operate under the brand name Xtreme Drilling and Coil Services. Xtreme owns and operates a fleet of proprietary, dual-purpose deep capacity drilling rigs and coiled tubing well servicing units featuring the Company's patented COTD® designs. Xtreme offers oil and natural gas companies outstanding performance and efficiency through leading-edge technology. Currently, we are drilling under contracts in Colorado, North Dakota, Texas and Wyoming. Two deep coil service rigs are conducting re-entry horizontal drilling operations under a joint venture in Saudi Arabia and one is performing ultra-deep horizontal well post frac cleanouts in North Dakota. For more information, please visit www.xtremecoil.com.

Contact Information

  • Xtreme Coil Drilling Corp.
    Tyson Seeliger
    Vice President - Sales & Marketing
    403 262 9500
    403 262 9522 (FAX)

    Xtreme Coil Drilling Corp.
    340 12th Ave SW, Suite 770
    Calgary, Alberta T2R 1L5