Xtreme Announces First Quarter 2018 Operations Update and Conference Call Information
HOUSTON, April 23, 2018 (GLOBE NEWSWIRE) -- Xtreme Drilling Corp. (TSX:XDC) (“Xtreme” or “Company”) is pleased to announce the first quarter 2018 operations update, along with the dates for the quarterly earnings release and conference call.
First Quarter Operating Update
For the first quarter of 2018 Xtreme had total operating days of 844 as compared to the prior quarter of 707 days. Utilization on the nine marketed XDR 500 and two available 850XE rigs was 85% for the quarter. In January two XDR 500 rigs went back to work after being released from their well to well contracts in November 2017. During the first quarter on average, Xtreme had 9.4 rigs in operation.
It is anticipated that the Company will average approximately eight XDR 500 rigs and 2.8 850XE rigs operating in the second quarter of 2018. At quarter end the Company had approximately 3,500 days under term contract with leading operators in the Williston, DJ, Anadarko and Appalachian Basins of the United States.
850XE Newbuild Deployment
The first Evolution Series 850XE rig (Rig 801) commenced operations in January 2018 on a two-year term contract in the Anadarko Bain. The second 850XE rig (Rig 802) commenced operations in late March 2018. The final newbuild 850XE (Rig 803) was mobilized at the end of the first quarter to Ohio and began drilling in mid-April 2018. Rigs 802 and 803 are both under separate 18-month contracts for the same customer in the Utica play of the Appalachian Basin.
First Quarter Results and Conference Call
The Company expects to announce financial and operating results as of March 31, 2018, and for the three months then ended after market close on Thursday, May 3, 2018, with a follow‐up conference call planned for Friday, May 4, 2018, at 10:00 am MT, 11:00 am CT. Matt Porter, President and Chief Executive Officer, and Martin Ramirez, Vice President – Finance and Corporate Development, will host the conference call 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.
An audio replay of the call will be available until 4:00 pm Wednesday, May 9, 2018. To access the replay, call +1 855-859-2056 or +1 404-537-3406 and enter Passcode 6998699.
Reader Advisory
This press release contains forward-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.
About Xtreme
Xtreme Drilling Corp. (“XDC” on the Toronto Stock Exchange) designs, builds, and operates a fleet of high specification drilling rigs under contracts with oil and natural gas exploration and production companies and integrated oilfield service providers in the United States. For more information about the Company, please visit www.xdccorp.com.
For further information, please contact:
Xtreme Drilling Corp. Matt Porter President and Chief Executive Officer +1 281 994 4600 ir@xdccorp.com www.xdccorp.com
