Click here to close now.




















Welcome!

News Feed Item

Xtreme Drilling and Coil Services Operations Update and Fourth Quarter 2013 Earnings Release Schedule

CALGARY, ALBERTA -- (Marketwired) -- 02/25/14 -- Xtreme Drilling and Coil Services Corp. (TSX: XDC) ("Xtreme Drilling", the "Company") is pleased to provide a fourth quarter operations update along with an announcement of the date for the Q4 2013 earnings release and conference call.

Fourth Quarter Update

For the fourth quarter of 2013, Xtreme Drilling had 2,136 total operating days which resulted in a utilization rate of 89% for the fleet of 21 XDR drilling rigs and 7 XSR coiled tubing units.

The Drilling Segment achieved utilization of 93% on 1,796 operating days. This was comprised of a 96% utilization rate for the 18 rig US XDR fleet and 75% for the three rig Canadian XDR fleet. During the fourth quarter the United States XDR drilling division reactivated a rig that had been idle in Wyoming for 18 months. This led to an increase of 70 operating days in the US from the prior quarter. It also marked the first time in the history of the Company that all 18 US based drilling rigs were contracted. In Canada, the Company's three drilling rigs operated for 208 days, which was down eight days from the prior quarter.

For the quarter, the Coil Services Segment achieved utilization of 72% on 340 operating days. This was comprised of a 98% utilization rate for the two XSR units in Saudi Arabia and an 81% utilization rate for the three actively marketed XSR units in the US. Included in the coil services utilization is one additional unit that is currently idle in the US but marketed internationally. The US XSR units for the quarter averaged 18 operating days per month on each unit. It was anticipated that the fourth and final new build XSR unit would commence operations in the fourth quarter. However, due to weather related delays, the unit did not begin operations until January. Similar to last quarter customer demand remains strong in the first quarter as current bookings indicate strong activity for all four of the units.

Beginning in the fourth quarter the Company adjusted the methodology for calculating utilization in the US coil service division. Available operating days is now defined as 22 days per month for each unit as opposed to total calendar days which was utilized in the past. This is based on the fact that on average the units spend five to six days mobilizing between wells and two to three days on preventative maintenance during a month.

In Saudi Arabia, the Company recently closed on the purchase of the 20% interest in the Saudi Arabian joint venture from their partner. Consideration paid at closing was $8.5 million with a maximum of an additional $5 million to be paid over the next 18 months. This earn out is contingent upon the Saudi Arabian operation achieving certain operating and performance metrics. Both units in Saudi Arabia are now under a long term contract which runs through July of 2016.

At the end of the fourth quarter, all 21 XDR rigs were working and five XSR rigs were operating, three in the US and two in Saudi Arabia.

Fourth Quarter Results and Conference Call

The Company expects to announce 2013 full year and fourth quarter financial and operating results after market close on Tuesday, March 4, 2014 with a follow-up conference call planned for Wednesday, March 5, 2014 at 10:00 am MST, 11:00 am CST. 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.

+1 866-226-1798 (North America Toll-Free) or +1 416-340-2220 (Alternate)

Webcast link: http://www.gowebcasting.com/5239

An audio replay of the call will be available until Tuesday, March 12, 2014. To access the replay, call +1 800-408-3053 or +1 905-694-9451 and enter pass code 4828220.

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 Drilling 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Enterprises can achieve rigorous IT security as well as improved DevOps practices and Cloud economics by taking a new, cloud-native approach to application delivery. Because the attack surface for cloud applications is dramatically different than for highly controlled data centers, a disciplined and multi-layered approach that spans all of your processes, staff, vendors and technologies is required. This may sound expensive and time consuming to achieve as you plan how to move selected applicati...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...