CALGARY, Alberta, March 08, 2018 (GLOBE NEWSWIRE) -- Xtreme Drilling Corp. (TSX:XDC) (“Xtreme” or the “Company”) announces its fourth quarter 2017 financial and operating results. It is anticipated that filing will take place on SEDAR of Consolidated Financial Statements as well as Management's Discussion and Analysis for the three and twelve months ended December 31, 2017, by March 9, 2018. All reported amounts are in Canadian dollars ("CAD"), unless otherwise noted.
The recent trend of strong utilization for Xtreme’s XDR 500 rig fleet continued in the fourth quarter of 2017. All nine of the available XDR 500 rigs worked during the quarter. Two of these rigs were released from well to well contracts in November and commenced operations with a new customer in January 2018 on one-year term contracts. Along with strong utilization in the fourth quarter, the average revenue per operating day increased by approximately 12 percent from the prior quarter. Xtreme increased contract backlog days to nearly 3,900 at the end of 2017 as compared to approximately 300 at the end of 2016. The current contract backlog represents approximately $77 million US dollars ("USD") in revenue.
In 2017 the Company re-activated four XDR 500 rigs which had been idled in prior years. As a reference point, the bottom of the US market was in the second quarter of 2016 when less than 375 drilling rigs were operating. During this period Xtreme’s activity decreased to four active XDR 500 rigs. Today approximately 965 drilling rigs are operating in the United States. The majority of rigs that have returned to work are the most efficient and technologically advanced. The increased requirement on efficiency and depth capacity will continue to reward drilling contractors with innovative technology and the highest quality fleets.
The development and build of the first generation of Xtreme’s Evolution Series 850XE rig represents a significant competitive leap forward for the Company. The 850XE was designed to meet all of the leading-edge requirements from US resource play operators. The goal of the initial design and engineering of the 850XE was to optimize the mechanization of the drilling rig, all while increasing drilling depth capability and pad efficiency. It is Xtreme’s belief that the 850XE represents the highest capacity and most technologically advanced rig in today’s US land market.
The first 850XE commenced operations in January 2018 on a two-year term contract. The second 850XE is currently in transit to the Utica play in Southwestern Ohio and the final 850 XE should begin mobilization to the same customer in Ohio by the end of March. The Company took more time than was initially estimated to commission the 850XE rigs in order to make certain that the cutting-edge technology and rig componentry were optimized. While the additional time had the effect of increasing overall project cost to near $19 million USD per rig, the end result is a rig with proprietary technology and limited rivals in today’s market. In addition, the 850 XE design gives Xtreme a very strong platform to meet the future demands of ever increasing well depths and operator requirements.
Upon completion of the final 850XE, Xtreme will have executed on the announced strategy of transforming the Company into a pure play, high specification US drilling contractor. The entire 12 rig marketed fleet will consist of tier 1 AC electric rigs with 1,500hp or greater capacity. As part of the strategic transition to a high spec drilling contractor, the Company continues to actively hold for sale four XDR 300 rigs. These are heavy single AC rigs with 600 hp draw works that have historically worked in Canada, Mexico, India and the United States.
Xtreme president and CEO Matt Porter commented on the progress, “Our transformation to a high spec US driller is nearing completion. We are excited to develop additional opportunities around our industry leading technology and 850XE rig design in 2018 and beyond. Our belief is the winners in the next cycle will be drilling contractors that can deliver the highest level of capacity, efficiency and technology to their customer. We believe Xtreme is well positioned to compete with anyone.”
Q4 2017 Highlights
- Operating days for the quarter were 707, a decrease from 851in the third quarter. The decrease in operating days from the prior quarter was based on two XDR 500 rigs that released from well to well contracts earlier than anticipated in November. Both rigs were subsequently contracted to one-year term contracts and began operations in January of 2018. In addition, in the third quarter the Company had approximately 19 days related to rigs working in Canada. These rigs were sold on September 30, 2017. Utilization was 77 percent for the fourth quarter.
- For the three months ended December 31, 2017, the Company reported revenue of $16.3 million as compared to $18.2 million in the previous quarter. Revenue per day increased to $23,088 in the fourth quarter from $21,354 in the third quarter of 2017.
- Operating expenses include all direct and indirect costs associated with the operation, maintenance and support of the drilling operations. Direct costs are tied and to operating levels; however, indirect costs are often not affected by changes in operating days and utilization as they are more fixed in nature. For the three months ended December 31, 2017, operating expenses were $18,919 per operating day, an increase from $17,310 per operating day in the previous quarter. Operating expenses per operating day increased in the fourth quarter primarily due to an increase in personnel costs, a slight increase in repair and maintenance, along with a decrease in operating days.
- General and Administrative expenses decreased from $2.4 million for the third quarter to $2.1 million for the fourth quarter of 2017. The decrease from the previous quarter is due to lower professional fees related to legal and infrastructure costs and lower administrative costs related to international offices. On a go forward basis, the Company expects the general and administrative expenses to be in the range of $2.2 to $2.4 million per quarter.
- Adjusted EBITDA was $0.8 million for the fourth quarter, a slight decrease from what was reported in the third quarter of $1.0 million. This was primarily due to decrease in revenue and rig utilization.
- The Company entered into an agreement with an equipment finance company to borrow $6 million USD- equivalent secured by one of the 850XE rigs. The loan has an implied interest rate of 12.46 percent and amortized over a 42-month period. There are no restrictive covenants associated with this debt. On February 27, 2018, the Company amended its agreement with a commercial lender to provide an additional amount of $3 million USD under the collateralized debt agreement. The loan was funded on March 1, 2018.
- The Company’s USD revenue and expenses are impacted by the exchange rate between the US dollar and Canadian dollar. For the three months ended December 31, 2017, the average exchange rate used to convert the USD-denominated revenues and expenses to CAD was $1.27/$1 USD ($1.25 for the previous quarter).
- Capital expenditures for the fourth quarter were $9.1 million, which included approximately $8.8 million related to the 850XE upgrade program. Through December 31, 2017, total capital expenditures amounted to $75.7 million. It is anticipated that the Company will have capital expenditures of $10.0 to $12.0 million in the first quarter, relating primarily to remaining costs for the 850XE rigs and associated ancillary equipment and drill pipe.
Selected Quarterly Financial Information from Continuing Operations
Three months ended | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||
Revenue | 16,323 | 18,172 | 15,141 | 12,379 | ||||
Adjusted EBITDA | 818 | 1,008 | (1,630 | ) | (78 | ) | ||
Adjusted EBITDA as a percentage of revenue | 5 | % | 6 | % | (11 | )% | (1 | )% |
Net loss | (9,564 | ) | (8,673 | ) | (48,366 | ) | (12,168 | ) |
Net loss per share - basic ($) | (0.13 | ) | (0.12 | ) | (0.61 | ) | (0.14 | ) |
Operating cash flows from continuing operations | (3,403 | ) | (3,096 | ) | (4,957 | ) | 101 | |
Capital assets | 205,456 | 203,316 | 196,704 | 245,267 | ||||
Total assets | 251,573 | 253,171 | 272,798 | 348,083 | ||||
Net debt | (2,389 | ) | (19,144 | ) | (41,682 | ) | (88,152 | ) |
Operating days | 707 | 851 | 683 | 583 | ||||
Utilization (percentage) | 77 | % | 93 | % | 75 | % | 36 | % |
Weighted average number of rigs in service | 10 | 10 | 10 | 18 | ||||
Total number of available rigs, end of quarter | 10 | 10 | 10 | 18 | ||||
Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||
Revenue | 9,929 | 8,468 | 7,369 | 16,266 | ||||
Adjusted EBITDA | (148 | ) | (1,423 | ) | (5,449 | ) | 784 | |
Adjusted EBITDA as a percentage of revenue | (1 | )% | (17 | )% | (74 | )% | 5 | % |
Net loss | (11,122 | ) | (29,542 | ) | (28,699 | ) | (7,350 | ) |
Net loss per share - basic ($) | (0.13 | ) | (0.35 | ) | (0.34 | ) | (0.09 | ) |
Operating cash flows from continuing operations | (1,032 | ) | (1,168 | ) | (10,849 | ) | (615 | ) |
Capital assets | 240,656 | 243,564 | 266,188 | 276,521 | ||||
Total assets | 366,762 | 373,104 | 409,794 | 316,270 | ||||
Net debt | (113,882 | ) | (118,863 | ) | (110,794 | ) | 90,242 | |
Operating days | 479 | 433 | 355 | 564 | ||||
Utilization (percentage) | 25 | % | 22 | % | 19 | % | 30 | % |
Weighted average number of rigs in service | 21 | 21 | 21 | 21 | ||||
Total number of rigs, end of quarter | 21 | 21 | 21 | 21 | ||||
Conference Call Details
Xtreme has scheduled a conference call to discuss results with investors, analysts, and stakeholders on Friday, March 9, 2018, beginning promptly at 10:00 am MT (11:00 am CT, 12:00 am ET).
Matt Porter, President and Chief Executive Officer, will host the conference call.
Conference operator dial in numbers
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: https://edge.media-server.com/m6/p/38vw9vuo Conference ID: 1087317
An audio replay of the call will be available until 4:00, March 14, 2018. To access the replay, call +1 (855) 859-2056 or +1 (404) 537-3406 and enter Conference ID 1087317.
Xtreme Drilling Corp.
Consolidated Statements of Financial Position
(in thousands of Canadian dollars)
(unaudited)
Dec 31, 2017 | Dec 31, 2016 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 15,450 | 113,829 | ||
Accounts receivable | 12,081 | 6,716 | ||
Other receivables | 1,782 | 1,830 | ||
Inventory | 1,703 | 2,810 | ||
Prepaid expenses | 1,140 | 921 | ||
32,156 | 126,106 | |||
Tax recoverable | 789 | — | ||
Assets held for sale | 13,172 | — | ||
Property and equipment | 205,456 | 240,656 | ||
Total Assets | 251,573 | 366,762 | ||
Liabilities and Equity | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | 12,214 | 14,827 | ||
Current tax payable | 219 | 6,464 | ||
Secured borrowings | 4,419 | — | ||
Current portion of finance leases | 118 | — | ||
Current portion of long-term debt | 1,569 | — | ||
18,539 | 21,291 | |||
Finance leases | 514 | — | ||
Long-term debt | 5,755 | — | ||
Total Liabilities | 24,808 | 21,291 | ||
Shareholders’ equity | ||||
Share capital | 298,262 | 339,448 | ||
Contributed surplus | 30,156 | 13,387 | ||
Accumulated deficit | (180,439 | ) | (101,670 | ) |
Foreign currency translation reserve | 78,786 | 94,306 | ||
Total Shareholders’ Equity | 226,765 | 345,471 | ||
Total Liabilities and Shareholders’ Equity | 251,573 | 366,762 | ||
Xtreme Drilling Corp.
Consolidated Statements of Loss
For the year ended December 31, 2017 and 2016
(in thousands of Canadian dollars, except share and per share data)
(unaudited)
2017 | 2016 | |||
Revenue (Note 19) | 62,015 | 42,032 | ||
Expenses | ||||
Operating expenses | 51,368 | 34,183 | ||
General and administrative expenses | 10,528 | 18,596 | ||
Depreciation expense | 27,488 | 44,920 | ||
Impairment of property and equipment and assets held for sale | 30,195 | 11,895 | ||
Stock-based compensation | 716 | 3,285 | ||
Foreign exchange loss (gain) | 256 | (1,171 | ) | |
Loss on disposal of equipment and assets held for sale | 23,775 | 4,344 | ||
Other income | (74 | ) | (19 | ) |
Interest expense | 337 | 4,114 | ||
Loss | (82,574 | ) | (78,115 | ) |
Tax recovery Current recovery | (3,805 | ) | (1,402 | ) |
Total tax recovery | (3,805 | ) | (1,402 | ) |
Net loss from continuing operations | (78,769 | ) | (76,713 | ) |
Net income from discontinued operations, net of tax | — | 55,874 | ||
Net loss | (78,769 | ) | (20,839 | ) |
Net loss per common share from continuing operations | ||||
– basic | (0.99 | ) | (0.91 | ) |
– diluted | (0.99 | ) | (0.91 | ) |
Net income per common share from discontinued operations | ||||
– basic | 0.00 | 0.66 | ||
– diluted | 0.00 | 0.66 | ||
Net loss per common share | ||||
– basic | (0.99 | ) | (0.25 | ) |
– diluted | (0.99 | ) | (0.25 | ) |
Weighted average number of common shares | ||||
– basic | 79,173,515 | 84,115,077 | ||
– diluted | 79,173,515 | 84,115,077 | ||
Xtreme Drilling Corp.
Consolidated Statements of Comprehensive Loss
For the year ended December 31, 2017 and 2016
(in thousands of Canadian dollars)
(unaudited)
2017 | 2016 | |||
Net loss | (78,769 | ) | (20,839 | ) |
Other comprehensive loss | ||||
Items that may be subsequently reclassified to profit or loss: | ||||
Unrealized loss on translating financial statements of foreign operations | (14,811 | ) | (8,765 | ) |
Currency translation adjustment on disposal of foreign operation | (709 | ) | — | |
Comprehensive loss | (94,289 | ) | (29,604 | ) |
Total comprehensive (loss) income arising from: | ||||
Continuing operations | (94,289 | ) | (76,420 | ) |
Discontinued operations | — | 46,816 | ||
Comprehensive loss | (94,289 | ) | (29,604 | ) |
Xtreme Drilling Corp.
Consolidated Statements of Changes in Equity
For the year ended December 31, 2017 and 2016
(in thousands of Canadian dollars)
(unaudited)
Share capital | Contributed surplus | ccumulated deficit | Foreign currency translation reserve | Total shareholders' equity | |||||||
Balance at January 1, 2016 | 333,515 | 15,478 | (80,831 | ) | 103,071 | 371,233 | |||||
Other comprehensive loss: | |||||||||||
Currency translation differences | - | - | - | (8,765 | ) | (8,765 | ) | ||||
Total comprehensive loss | - | - | (20,839 | ) | (8,765 | ) | (29,604 | ) | |||
Value of employee services | - | 3,769 | - | - | 3,769 | ||||||
Transfer from share option | 5,860 | (5,860 | ) | - | - | - | |||||
Proceeds from shares issued | 73 | - | - | - | 73 | ||||||
Total transactions with owners | 5,933 | (2,091 | ) | - | - | 3,842 | |||||
Balance at December 31, 2016 | 339,448 | 13,387 | (101,670 | ) | 94,306 | 345,471 | |||||
Balance at January 1, 2017 | 339,448 | 13,387 | (101,670 | ) | 94,306 | 345,471 | |||||
Net loss | - | - | (78,769 | ) | - | (78,769 | ) | ||||
Other comprehensive loss: | |||||||||||
Currency translation differences | - | - | - | (15,520 | ) | (15,520 | ) | ||||
Total comprehensive loss | - | - | (78,769 | ) | (15,520 | ) | (94,289 | ) | |||
Employee share option scheme: | |||||||||||
Value of employee services | - | 716 | - | - | 716 | ||||||
Transfer from share option | 505 | (505 | ) | - | - | - | |||||
Proceeds from shares issued | 112 | - | - | - | 112 | ||||||
Repurchase of shares | (41,803 | ) | 16,558 | - | - | (25,245 | ) | ||||
Total transactions with owners | (41,186 | ) | 16,769 | - | - | (24,417 | ) | ||||
Balance at December 31, 2017 | 298,262 | 30,156 | (180,439 | ) | 78,786 | 226,765 |
Xtreme Drilling Corp.
Consolidated Statements of Cash Flows
For the year ended December 31, 2017 and 2016
(in thousands of Canadian dollars)
(unaudited)
2017 | 2016 | |||
Cash flow provided by: | ||||
Operating activities | ||||
Net loss | (78,769 | ) | (76,713 | ) |
Items not affecting cash: | ||||
Depreciation expense | 27,488 | 44,920 | ||
Impairment of property and equipment and assets held for sale | 30,195 | 11,895 | ||
Stock-based compensation | 716 | 3,285 | ||
Loss on disposal of equipment and assets held for sale | 23,775 | 4,344 | ||
Provision for doubtful accounts | — | 892 | ||
Interest expense | 322 | 2,142 | ||
Interest paid | (132 | ) | (2,142 | ) |
Amortization of debt issuance costs | 15 | 1,972 | ||
Unrealized foreign exchange loss (gain) | 4 | (2,119 | ) | |
Current tax recovery | (3,805 | ) | (1,402 | ) |
Taxes paid | (2,939 | ) | (738 | ) |
Operating cash flows from continuing operations | (3,130 | ) | (13,664 | ) |
Operating cash flows from discontinued operations | (446 | ) | 9,247 | |
Changes in items of non-cash working capital | (10,658 | ) | 27,004 | |
Net cash (used) generated from operating activities | (14,234 | ) | 22,587 | |
Financing activities | ||||
Drawdowns (repayments) of secured borrowings | 4,436 | — | ||
Proceeds from long-term debt | 7,641 | — | ||
Repayment of long-term debt | — | (100,774 | ) | |
Debt issuance cost | (207 | ) | (1,409 | ) |
Purchase of common shares | (25,245 | ) | — | |
Proceeds from exercise of stock options | 112 | 73 | ||
Net cash used in financing activities | (13,293 | ) | (102,110 | ) |
Investing activities | ||||
Proceeds from sale of equipment and assets held for sale, net | 8,722 | 137 | ||
Disposition of Mexico subsidiary | (883 | ) | — | |
Capital expenditures | (75,656 | ) | (11,091 | ) |
Investing activities of discontinued operations | — | 195,597 | ||
Changes in items of non-cash working related to capital items | 1,773 | (1,566 | ) | |
Net cash (used in) provided by investing activities | (66,044 | ) | 183,077 | |
Effect of exchange rate changes on cash and cash equivalents | (4,808 | ) | (948 | ) |
(Decrease) increase in cash and cash equivalents | (98,379 | ) | 102,606 | |
Cash and cash equivalents - beginning of period | 113,829 | 11,223 | ||
Cash and cash equivalents - end of period | 15,450 | 113,829 | ||
Adjusted EBITDA from Continuing Operations
(unaudited)
Three months ended | Twelve months ended | |||||||
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2016 | |||||
Net loss | (9,564 | ) | (11,122 | ) | (78,769 | ) | (76,713 | ) |
Interest expense | 337 | — | 337 | 4,114 | ||||
Depreciation | 6,038 | 10,599 | 27,488 | 44,920 | ||||
Tax benefit | (907 | ) | (2,614 | ) | (3,805 | ) | (1,402 | ) |
Total | (4,096 | ) | (3,137 | ) | (54,749 | ) | (29,081 | ) |
Non-cash items: | ||||||||
Impairment of property and equipment | — | — | 30,195 | 11,895 | ||||
Stock-based compensation | 106 | 191 | 716 | 3,285 | ||||
Foreign exchange loss (gain) | 169 | 35 | 256 | (1,171 | ) | |||
Loss (gain) on disposal of equipment | 4,645 | 2,784 | 23,775 | 4,344 | ||||
Total non-cash items | 4,920 | 3,010 | 54,942 | 18,353 | ||||
Non-recurring items: | ||||||||
Other income | (6 | ) | (21 | ) | (74 | ) | (19 | ) |
Termination revenue | — | — | — | (459 | ) | |||
Other management compensation related to XSR sale | — | — | — | 4,970 | ||||
Total non-recurring items | (6 | ) | (21 | ) | (74 | ) | 4,492 | |
Adjusted EBITDA | 818 | (148 | ) | 119 | (6,236 | ) | ||
Adjusted EBITDA from Discontinued Operations
(unaudited)
Three months ended | Twelve months ended | |||||
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2016 | |||
Net (loss) income | — | (2,535) | — | 55,874 | ||
Depreciation and amortization | — | — | — | 3,965 | ||
Tax expense | — | 1,651 | — | 6,156 | ||
Total | — | (884 | ) | — | 65,995 | |
Non-cash items: | ||||||
Gain on sale of equipment and assets held for sale | — | — | — | (51,668 | ) | |
Total non-cash items | — | — | — | (51,668 | ) | |
Adjusted EBITDA | — | (884 | ) | — | 14,327 | |
Adjusted EBITDA from Continuing and Discontinued Operations
(unaudited)
Three months ended | Twelve months ended | |||||||
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2016 | |||||
Adjusted EBITDA | 818 | (1,032 | ) | 119 | 8,091 | |||
Adjusted EBITDA as a percentage of revenue | 5 | % | (10 | )% | 0 | % | 10 | % |
Net (loss) income per share ($) | (0.13 | ) | (0.37 | ) | (0.99 | ) | (0.25 | ) |
Reader Advisory
This news release, or documents incorporated herein, contains forward-looking information (“FLI”). FLI is typically contained in statements with words such as “anticipate”, “believe”, “estimate”, “expect”, “plan”, “schedule”, “intend”, “propose” or similar words suggesting future outcomes or an outlook. More particularly, this news release contains FLI that may relate to contracting, marketing, financing, construction, modifications, deployment, operation, and utilization of drilling rigs in the Company’s current and future fleet. Although Xtreme believes expectations reflected in such FLI are reasonable, readers should not place undue reliance on them because Xtreme can give no assurance they will prove to be correct. There are many factors that could cause FLI not to be correct, including risks and uncertainties inherent in the Company's business.
FLI is based on certain factors and assumptions including, but not limited to:
- the assessment of current and projected future drilling and related operations;
- ongoing and future strategic business alliances, negotiations and opportunities to enter new, extend or complete existing contracts;
- the availability and cost of financing;
- currency exchange rates;
- timing and magnitude of capital expenditures;
- expenses and other variables affecting rig operation, modification and construction;
- the ability and commitment of vendors to provide rig equipment, services and supplies, including labor, in a cost-effective and timely manner;
- the issuance of applied-for patents;
- changes in tax structures and rates; and,
- government regulations.
Although Xtreme considers the assumptions used to prepare this news release reasonable, based on information available to management as of this press release, ultimately the assumptions may prove to be incorrect.
FLI is also subject to certain factors, including risks and uncertainties, which could cause actual results to differ materially from management's current expectations. These factors include, but are not limited to:
- the cyclical nature of drilling market demand;
- currency exchange rates;
- commodity prices;
- access to credit and to equity markets;
- the availability and retention of qualified personnel;
- vendor-provided equipment components and services; and
- competition for customers.
Management’s assumptions considered the following:
- ongoing access to key services, supplies and equipment required to continue operating and maintaining the rigs, including fuel;
- continued successful performance of drilling and related equipment;
- expectations regarding gross margin;
- recruitment and retention of qualified personnel;
- continuation or extension of existing long-term, multi-well contracts or other contracts;
- revenue expectations related to shorter-term drilling opportunities;
- willingness and ability of customers to remit amounts owing to Xtreme in accordance with normal industry practices; and,
- management of accounts receivable in direct relation to revenue generation.
In preparing this news release, the following risk factors were considered:
- fluctuations in crude oil and natural gas prices, as well as supply and demand;
- fluctuation in currency exchange and interest rates;
- financial stability of Xtreme’s customers;
- current and future applications for Xtreme's proprietary technology;
- related services provided by, and competition from, other drilling contractors;
- regulatory and economic conditions in regions where Xtreme operates;
- environmental constraints;
- changes to government legislation;
- international trade barriers or restrictions; and,
- where appropriate, global economic, political and military events, as well as acts of terrorism, riots, strikes, insurrections, revolutions and civil war.
FLI contained in this news release about prospective results of operations, financial position or cash provided by operating activities is based on assumptions about future events, including economic conditions and proposed courses of action, and on management’s assessment of relevant information currently available. Readers are cautioned such financial outlook information contained in this news release is not appropriate for purposes other than for which it is disclosed here. Readers should not place undue importance on FLI and should not rely on this information as of any other date. Except as required pursuant to applicable securities laws, Xtreme disclaims any intention, and assumes no obligation, to update publicly or revise FLI to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such FLI or otherwise.
About Xtreme
Xtreme Drilling Corp. ("XDC" on the Toronto Stock Exchange) designs, builds, and operates a fleet of high specification AC drilling rigs featuring leading-edge proprietary technology. Currently Xtreme operates one service line - Drilling Services (XDR) - 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 http://www.xtremedrillingcorp.com.
CONTACT INFORMATION
Xtreme Drilling Corp.
Matt Porter
President and Chief Executive Officer
+1 281 994 4600
ir@xdccorp.com
http://www.xtremedrillingcorp.com