CALGARY, ALBERTA–(Marketwired – April 17, 2017) – Xtreme Drilling Corp. (“Xtreme“, the “Company“) (TSX:XDC) is pleased to provide a first quarter 2017 operations update along with the dates for the quarterly earnings release and conference call.
First Quarter Update
For the first quarter of 2017 Xtreme had total operating days of 584 from its drilling operations. Effective January 1, 2017, the Company has excluded the three rigs that will be upgraded to 850XE rigs from its utilization calculation, thus, reducing the number of rigs and days available. For the first quarter, total available days decreased from 1,890 to 1,620 as a result of excluding the three rigs. For the first quarter of 2017, total utilization for the available 18-rig fleet was 36% for the first quarter, compared with a utilization rate of 25% for the prior quarter. As of the date of this press release, seven XDR rigs are earning revenue in the United States and Canada, with an eighth rig expected to commence work in May 2017.
First Quarter Results and Conference Call
The Company expects to announce financial and operating results as of March 31, 2017, and for the three months then ended after market close on Wednesday, May 3, 2017 with a follow‐up conference call planned for Thursday, May 4, 2017 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.
+1 844-889-6858 (North America Toll‐Free) or +1 661-378-9711 (International)
Webcast link: http://edge.media-server.com/m/p/sziz3itj Conference ID: 8397614
An audio replay of the call will be available until 4:00 pm Wednesday, May 10, 2017. To access the replay, call +1 855-859-2056 or +1 404-537-3406 and enter Passcode 8397614.
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.
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 Canada and the United States. For more information about the Company, please visit www.xdccorp.com.
President and Chief Executive Officer
+1 281 994 4600