Xtreme Drilling and Coil Services Corp. Announces Completion of Sale of XSR Coiled Tubing Services Assets to Schlumberger for C$205 Million

CALGARY, ALBERTA--(Marketwired - June 23, 2016) - Xtreme Drilling and Coil Services Corp. (TSX:XDC) ("Xtreme" or the "Company") is pleased to announce that the previously announced sale of its XSR coiled tubing drilling and coiled tubing assets to Schlumberger for C$205 million (the "Transaction") has been completed. The proceeds are subject to an inventory closing adjustment and an escrow fund of C$10 million for a period of six months from the closing date of the Transaction to cover any potential claims.

In connection with the Transaction, the Company received requisite approval from its shareholders and will be changing its name from "Xtreme Drilling and Coil Services Corp." to "Xtreme Drilling Corp."

For more information about Xtreme, please visit www.xtremecoil.com.