Xtreme Drilling and Coil Services (“Xtreme”, the “Company”) (XDC.TO) is pleased to provide a second quarter operations update along with an announcement of the date for the second quarter 2015 earnings release and conference call as well as recent officer promotions.
Second Quarter Update
For the second quarter of 2015, Xtreme had total operating days of 1,451 which resulted in a utilization rate of 57% for the fleet of 21 XDR drilling rigs and 9 XSR coiled tubing units.
The Drilling Segment achieved utilization of 56% on 1,072 operating days. This was comprised of a 61% utilization rate for the 16 rig United States XDR fleet and 99% for the two rig India operation. Overall, the US XDR rigs had 891 operating days as compared to 1,124 in the prior quarter. The two XDR drilling rigs in India operated for 181 days during the second quarter compared to 180 in the prior quarter. The three XDR rigs in Canada were idle for the entire quarter.
For the second quarter, the Coil Services Segment achieved utilization of 61% on 380 operating days. This was comprised of a 98% utilization rate for the two XSR units in Saudi Arabia and a 53% utilization rate for the six actively marketed US XSR units. The US division had a total of 199 operating days which was 62 fewer operating days than the prior quarter. The Company delivered the third of four new build XSR units during the quarter. It is anticipated that the final unit will be delivered in September.
As of the release date, 11 XDR rigs are earning revenue (seven in the United States, two in Canada and two in India) and six XSR units are operating, four in the US and two in Saudi Arabia.
The Company recently promoted Chief Financial Officer Matt Porter to the position of President and Chief Financial Officer. In addition, Vice President of Coiled Tubing Charlie Proulx was promoted to Senior Vice President. Chief Executive Officer, Tom Wood commented, “I am very pleased to have both Matt and Charlie appointed to their new and expanded roles. They have been instrumental in promoting and executing the leading edge vision we have at Xtreme. Matt and Charlie have been closely involved in the continual growth of our various technologies and they have proven their ability to navigate the continually changing energy markets.”
Second Quarter Results and Conference Call
The Company expects to announce second quarter 2015 financial and operating results after market close on Thursday, August 6, 2015 with a follow‐up conference call planned for Friday, August 7, 2015 at 10:00 am MDT, 11:00 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.
+1 800-396-7098 (North America Toll‐Free) or +1 416-340-8530 (Alternate)
Webcast link: http://www.gowebcasting.com/6629
An audio replay of the call will be available until Friday, August 14, 2015. To access the replay, call +1 800‐408‐3053 or +1 905‐694‐9451 and enter pass code 7599171.
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.