Xtreme Drilling and Coil Services Corporate Update
CALGARY, ALBERTA--(Marketwire - Sept. 21, 2012) - Xtreme Drilling and Coil Services Corp. (XDC.TO) ("Xtreme" or the "Company") provides below an update on officer transitions, pending claims and the date for the third quarter 2012 earnings release and conference call.
Officer Transitions
Effective immediately, Dave Charron will assume the role of Drilling Operations Manager for North America. Mr. Charron has been with Xtreme since 2005, initially overseeing the fabrication of Xtreme's drilling fleet and most recently overseeing the drilling operations in the United States. Mr. Charron has been in the oil and gas industry for 30 years with prior senior level management experience, including holding the position of Vice President, Operations.
The Vice President, Sales and Marketing, O. Tyson Seeliger, has tendered his resignation effective September 28, 2012. Upon Mr. Seeliger's departure, the Manager of Canadian Operations and Marketing, Tom Fellows, will manage all sales efforts in North America. Mr. Fellows has an extensive background in contract drilling with over 20 years of marketing experience in both the United States and Canada. Over the past 12 months, Mr. Fellows has been instrumental in the successful startup of Xtreme's Canadian drilling operations. The Company anticipates starting a search for additional sales personnel, as required, in the near future.
General Counsel and Corporate Secretary, Brett Cole, will be leaving the Company effective October 5, 2012. Mr. Cole oversaw the legal efforts of the Company with a focus on pending litigation. With the successful resolution of these cases, Mr. Cole will be moving on to a new opportunity. Xtreme is very thankful to Mr. Cole for all of his efforts on behalf of the Company. In the foreseeable future the Company will rely on outside counsel to assist in corporate legal matters.
Resolution of Pending Claims
Xtreme won a verdict in US Federal Court related to the 2008 lawsuit of an early termination of drilling contracts in Colorado. The Company anticipates that any appeals by the defendant and/or final awards will be known by October 12, 2012. Additionally, Xtreme announces that its subsidiary, Xtreme Coil Drilling México, S.A. de C.V., entered into a confidential settlement agreement to end the lawsuit filed in 2010 relating to work in the Chicontepec development project in Mexico.
Third Quarter Earnings Release
The Company expects to announce 2012 third quarter financial and operating results after market close on Wednesday, November 7, 2012 with a follow‐up conference call planned for Thursday, November 8, 2012 at 9:00am MDT, 10:00am CDT. Dial-in numbers and access details will be announced prior to the conference call.
About Xtreme Coil
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 and Saudi Arabia. For more information about the Company, please visit www.xtremecoil.com.
Reader Advisory
This news release contains forward-looking statements. Although Xtreme believes expectations reflected in these statements 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 these statements not to be correct, including risks and uncertainties inherent in the Company's business.
