Xtreme Drilling and Coil Services Announces Fourth Quarter Operations Update and Conference Call Details
CALGARY, ALBERTA--(Marketwired - Feb. 1, 2016) - Xtreme Drilling and Coil Services ("Xtreme", the "Company") (TSX:XDC) is pleased to provide a fourth quarter operations update along with an announcement of the date for the full year and Q4 2015 earnings release and conference call.
Fourth Quarter Update
For the fourth quarter of 2015, Xtreme had total operating days of 1,324 which resulted in a utilization rate of 51% for the fleet of 21 XDR drilling rigs and 10 XSR coiled tubing units.
The Drilling Segment achieved utilization of 48% on 932 operating days. This was comprised of a 53% utilization rate for the 16 rig United States XDR fleet, 60% for the two rig India operation and 14% for the three rig Canadian XDR fleet. Overall, the US XDR rigs had 782 operating days as compared to 814 in the prior quarter. The two XDR drilling rigs in India operated for 111 days and the three XDR rigs in Canada operated for 39 days during the fourth quarter.
For the quarter, the Coil Services Segment achieved utilization of 61% on 392 operating days. This was comprised of a 97% utilization rate for the two XSR units in Saudi Arabia and a 64% utilization rate for the five actively marketed US XSR units. The US division had a total of 213 operating days which was one day more than the prior quarter.
As of the release date six XDR rigs (four in the United States and two on de-mob/standby in India) are earning revenue and seven XSR units are operating, five in the US and two in Saudi Arabia. The two rigs in India completed operations in December and are currently in the process of de-mobilizing back to the United States.
Fourth Quarter Results and Conference Call
The Company expects to announce fourth quarter and full year 2015 financial and operating results after market close on Thursday, March 10, 2016 with a follow‐up conference call planned for Friday, March 11, 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.
+1 800-952-6845 (North America Toll‐Free) or +1 416-340-8527 (Alternate)
Webcast link: www.gowebcasting.com/7269
An audio replay of the call will be available until Friday, March 18, 2015. To access the replay, call +1 800‐408‐3053 or +1 905-694‐9451 and enter pass code 9246719.
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.
Xtreme Drilling and Coil Services Corp. ("XDC" on the Toronto Stock Exchange) designs, builds, and operates a fleet of high specification drilling rigs and coiled tubing well service units featuring leading-edge proprietary technology including AC high capacity coil injectors, deep re-entry drilling capability, modular transportation systems and continuous integration of in-house advances in methodologies.
Currently Xtreme operates two service lines: Drilling Services (XDR) and Coil Services (XSR) under contracts with oil and natural gas exploration and production companies and integrated oilfield service providers in Canada, the United States, India and Saudi Arabia. For more information about the Company, please visit www.xtremecoil.com.
(February 1, 2016 - 5:44 PM EST)
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