Xtreme Drilling and Coil Services Announces First Quarter Operations Update and Conference Call Details
Xtreme Drilling and Coil Services (“Xtreme”, the “Company”) (TSX:XDC) is pleased to provide a first quarter operations update along with an announcement of the date for the Q1 2015 earnings release and conference call.
First Quarter Update
For the first quarter of 2015, Xtreme had total operating days of 1,823 which resulted in a utilization rate of 73% for the fleet of 21 XDR drilling rigs and 9 XSR coiled tubing units.
The Drilling Segment achieved utilization of 73% on 1,385 operating days. This was comprised of a 78% utilization rate for the 16 rig United States XDR fleet as well as 30% for the three rig Canadian XDR fleet and 100% for the two rig India operation. Overall, the US XDR rigs had 1,124 operating days as compared to 1,256 in the prior quarter. The Company’s three Canadian drilling rigs operated for 82 days in the first quarter which was a decrease from 206 days in the fourth quarter of 2014. The two XDR drilling rigs in India operated for 180 days during the first quarter compared to 184 in the prior quarter.
For the first quarter, the Coil Services Segment achieved utilization of 71% on 438 operating days. This was comprised of a 98% utilization rate for the two XSR units in Saudi Arabia and a 70% utilization rate for the six actively marketed US XSR units. The US division had a total of 261 operating days which was 35 more operating days than the prior quarter. The Company delivered the second of four new build XSR units during the quarter. It is anticipated that the final two will be delivered over the next three months.
At quarter end, 10 of 13 high spec XDR 400 and 500 rigs were under contract in the United States as well as two XDR 300 rigs in India. In addition, six of eight actively marketed XSR units were operating; four in the United States and two in Saudi Arabia. Xtreme continues to work and partner with its customers during this period of lower commodity prices and drilling activity levels.
First Quarter Results and Conference Call
The Company expects to announce first quarter 2015 financial and operating results after market close on Wednesday, May 6, 2015 with a follow‐up conference call planned for Thursday, May 7, 2015 at 10:00 am MDT, 11:00 am CDT. Tom Wood, Chief Executive Officer, will host the conference call with participation from Matt Porter, 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/6485
An audio replay of the call will be available until Thursday, May 14, 2015. To access the replay, call +1 800‐408‐3053 or +1 905‐694‐9451 and enter pass code 9276239.
Reader Advisory
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.
About Xtreme
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.
