Xtreme Drilling and Coil Services Announces Third Quarter Operations Update and Conference Call Details
CALGARY, ALBERTA--(Marketwired - Oct. 19, 2015) - Xtreme Drilling and Coil Services (TSX:XDC) ("Xtreme", the "Company") is pleased to provide a third quarter operations update along with the information for the Q3 2015 earnings release and conference call.
Third Quarter Update
For the third quarter of 2015, Xtreme had total operating days of 1,458 which resulted in a utilization rate of 56% for the fleet of 21 XDR drilling rigs and 9 XSR coiled tubing units.
The Drilling Segment achieved utilization of 55% on 1,069 operating days. This was comprised of a 55% utilization rate for the 16 rig United States XDR fleet and 99% utilization rate for the two rig India operation. Overall, the US XDR rigs had 814 operating days as compared to 891 in the prior quarter. The two XDR drilling rigs in India operated for 181 days and the three XDR rigs in Canada operated for 74 days during the third quarter.
For the quarter, the Coil Services Segment achieved utilization of 60% on 390 operating days for the 9 XSR units. 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 212 operating days which was 13 more than the prior quarter.
As of the release date 10 XDR rigs are earning revenue (eight in the United States and two in India) and six XSR units are operating, four in the US and two in Saudi Arabia.
Third Quarter Results and Conference Call
The Company expects to announce third quarter 2015 financial and operating results after market close on Wednesday, November 4, 2015 with a follow‐up conference call planned for Thursday, November 5, 2015 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.
+1 800-396-7098 (North America Toll‐Free) or +1 416-340-8530 (Alternate)
Webcast link: http://www.gowebcasting.com/6941
An audio replay of the call will be available until Thursday, November 12, 2015. To access the replay, call +1 800‐408‐3053 or +1 905‐694‐9451 and enter pass code 5530799.
This press release contains forwarding looking statements. 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.
(October 19, 2015 - 6:18 PM EDT)
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