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Xtreme Drilling and Coil Services Announces Record First Quarter Results

CALGARY, ALBERTA -- (Marketwired) -- 05/08/14 -- Xtreme Drilling and Coil Services ("Xtreme" or the "Company") (TSX:XDC) announces summary results for the three months ended March 31, 2014. It is anticipated that filing will take place on SEDAR of the Interim Consolidated Financial Statements and Management's Discussion and Analysis by Friday, May 9, 2014.

Highlights - Q1 2014

--  Record adjusted EBITDA of $20.6 million. This is an increase of 5% from
    $19.7 million in the previous quarter and 7% over the first quarter of
    2013. The record quarter was driven by the Coil Services segment where
    operating margin increased to $9.7 million on $22.3 million of revenue.
    This compares to the full year 2013 when the Coil Services segment
    reported $20.6 million on $56.7 million in revenue. The Drilling
    Services segment had a slight decrease in operating margin for the
    quarter to $15.0 million on $47.4 million in revenue; as compared to
    $15.7 million in operating margin on $44.6 million in revenue during the
    fourth quarter of 2013. This was due to the fact there were three rigs
    offline for recertification during the quarter. This reduced utilization
    by 84 days. Two additional rigs were being prepared for deployment to
    India and they were compensated at a reduced standby rate. 

--  Record revenue of $69.7 million in the first quarter of 2014, an
    increase of $7.0 million or 11% over the previous quarter and 29% over
    the first quarter of 2013. The increase in revenue for the quarter was
    primarily due to an increase in the average revenue per day in the Coil
    Services segment. Average revenue per day increased to $57,474 from
    $51,162 in the fourth quarter of 2013. In addition the continued
    weakening of the Canadian Dollar accounted for approximately $2.6
    million of the quarterly increase in revenue. 

--  The Company had 2,130 operating days, or 11 fewer days in the quarter
    than the fourth quarter of 2013. This resulted in a utilization rate of
    88% compared to 90% in the fourth quarter 2013. 

--  The Drilling Segment achieved utilization of 90% on 1,742 operating
    days. This was comprised of 1,538 operating days for the US Drilling
    fleet and 204 days for the Canadian Drilling fleet, which results in a
    utilization of 93% and 74%, respectively. During the first quarter, the
    US XDR drilling division performed a major overhaul on one rig and
    recertification on two additional rigs. This led to a decrease of 56
    operating days in the US from the prior quarter. In addition, two rigs
    were being upgraded, modified and prepared for mobilization to India.
    These two rigs are included in operating days as they earned reduced
    standby revenue during modification. In Canada, the Company's three
    drilling rigs operated for 204 days, which was down four days from the
    prior quarter due to the onset of the break-up period towards the end of
    the first quarter. 

--  For the quarter, the Coil Services Segment achieved utilization of 78%
    on 388 operating days. This was comprised of a 97% utilization rate for
    the two XSR units in Saudi Arabia and an 84% utilization rate for the
    four actively marketed XSR units in the US. Included in the overall
    utilization is one additional unit that is currently idle in the US but
    marketed internationally. The US XSR units for the quarter averaged 19
    operating days per month on each operating unit. After quarter end,
    Company had to idle one of the operating XSR units in South Texas due to
    an incident. It is anticipated that the unit will undergo repairs for
    approximately eight weeks and the estimated impact on revenues for the
    second quarter of 2014 will be approximately $2.0 million. 

--  Net Income of $2.9 million for the first quarter of 2014, or $.04 per
    fully diluted share. 

--  The Company ended the quarter with $121.8 million USD-funded debt on its
    $150 million US- dollar denominated revolving credit facility. The
    funded debt to EBITDA ratio was 1.61 at quarter end. Capital
    expenditures totaled $8.7 million for the first quarter. In addition,
    Xtreme funded $10.5 million USD of the $13.5 million USD purchase of the
    Saudi Arabian joint venture partner. Currently, the Company anticipates
    full year 2014 capital expenditures to be between $58 and $62 million.
    This amount includes growth capital for two new XSR coil tubing units to
    be deployed in the second half of 2014, procurement of long lead items
    for two additional XSR coil tubing units scheduled for 2015,
    modifications and upgrades for the two XDR rigs mobilizing to India, the
    purchase of the Saudi JV and maintenance capital for the existing
    fleet.. The Company exited the quarter with $54.4 million in working

Conference Call Details

Xtreme has scheduled a conference call on Thursday, May 8, 2014, beginning promptly at 10:00 am MDT (11:00 am CDT; 12:00 am EDT) to discuss the 2014 first quarter financial and operating results. Tom Wood, Chief Executive Officer, will host the conference call with participation from Matt Porter, Chief Financial Officer.

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.

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

Webcast link: http://www.gowebcasting.com/5381

An audio replay of the call will be available until Thursday, May 15, 2014. To access the replay, call +1 905-694-9451 or +1 800-408-3053 and enter pass code 5131671.

Selected Quarterly Financial Information

                                    Mar 31,    Dec 31,    Sep 30,    Jun 30,
Three months ended                     2014       2013       2013       2013
Revenue                              69,703     62,681     59,692     53,268
Adjusted EBITDA (1)                  20,635     19,734     17,783     16,847
Adjusted EBITDA as a percentage                                             
 of Revenue                              30         31         30         32
Adjusted EBITDA per share (1) -                                             
 basic ($)                             0.25       0.24       0.22       0.21
Net income (loss)                     2,896    (7,441)      3,281        240
Net income (loss) per share -                                               
 basic ($)                             0.04     (0.09)       0.04       0.00
Capital assets                      423,204    412,523    416,887    431,294
Total assets                        532,116    515,720    504,728    520,326
Operating days (1)                    2,130      2,141      2,062      1,911
Utilization (percentage) - XDR           90         93         90         85
Utilization (percentage) - XSR           78         76         76         65
Utilization (percentage) - Total         88         90         87         81
Weighted average rigs in service       28.0       28.0       28.0       28.0
Total rigs, end of quarter               28         28         28         28
                                    Mar 31,    Dec 31,    Sep 30,    Jun 30,
                                       2013       2012       2012       2012
Revenue                              54,182     51,813     48,948     40,180
Adjusted EBITDA (1)                  19,234     15,029      4,459      7,695
Adjusted EBITDA as a percentage                                             
 of Revenue                              35         29          9         19
Adjusted EBITDA per share (1) -                                             
 basic ($)                             0.24       0.19       0.07       0.12
Net (loss) income                     4,487      4,579    (2,935)    (2,059)
Net (loss) income per share -                                               
 basic ($)                             0.06       0.06     (0.04)     (0.03)
Capital assets                      417,431    415,354    425,364    425,397
Total assets                        508,823    506,551    511,318    512,254
Operating days (1)                    1,949      1,891      1,742      1,494
Utilization (percentage) - XDR           89         85         86         74
Utilization (percentage) - XSR           60         58         45         69
Utilization (percentage) - Total         83         80         77         73
Weighted average rigs in service       28.0       26.8       26.0       23.4
Total rigs, end of quarter               28         28         28         27
(1) See Non-GAAP measures                                                   

Excerpt from Management's Discussion and Analysis for the three months ended March 31, 2014


For four consecutive quarters, Xtreme has posted increased revenue and EBITDA. Along with improving performance, management continues to explore markets to deploy the industry leading technology that has set Xtreme apart from its competitors. One of the primary objectives in 2014 is to leverage this reputation into growth opportunities. As previously announced, the Company is in the process of deploying two existing XDR 300 rigs to India. These rigs are expected to set a new performance standard in this market while earning a higher rate than would be achieved in the US or Canada. In addition, Xtreme will deliver two new build XSR coiled tubing units in the fourth quarter of 2014 to the Eagle Ford in South Texas. These two units will complement the four existing units which have built an impressive backlog of work due to their unmatched depth capacity and service quality. Xtreme is also focused on growth beyond 2014 as the Coil Services segment has clearly demonstrated the value proposition both in completion services in the United States and coiled tubing drilling in Saudi Arabia. Customer inquiries and requests for proposal have increased over the past six months and management is developing strategies beyond 2014 to address this customer demand.

Drilling Services (XDR)

The Company finished the first quarter with 15 of 18 XDR rigs in the US operating. Of the three rigs not in operation, one was down for extensive maintenance with a target to begin work on a new long term contract in Colorado around May 15. The other two rigs were in Houston going through an overhaul in anticipation of mobilizing to India in early May. They remain on standby rate while in transit and should begin operations in the third quarter on long term contracts. In Canada, one of three rigs was operating at quarter end. It is anticipated one rig will work through spring break up with the other two down due to the normal seasonality in that market.

The Company recently signed two eighteen month contracts from an existing customer in the Bakken and a six month contract in the Greater Wattenberg field. This brings the total contracted days in the 21 rig Drilling Services segment to approximately 5,265 for the remainder of 2014 and 2,350 days for 2015.

Coil Services (XSR)

The seven unit Coil Services segment had a very strong quarter. XSR represented 32% of revenue and 39% of the operating margin during the quarter, both all-time highs for this segment. Xtreme believes that Coil Services both in the US and Saudi Arabia has the opportunity to be the next driver of growth. The technology has been developed over the past seven years and value proven over the last two. As resource plays mature, they require new technology to drive down development costs and consistency to maximize the value. Xtreme as demonstrated this value to customers as they are now willing to pay up for the greater efficiency and ultimate productivity of wells using Xtreme's XSR units. This is evidenced as revenue and operating margin per day have increased in the segment from $40,860 and $13,962 respectively in the first quarter of 2013 to $57,461 and $24,873 in the first quarter of 2014.

Xtreme Drilling and Coil Services Corp.                                     
Interim Consolidated Statements of Financial Position                       
(in thousands of Canadian dollars)                                          
                                                          Mar 31,    Dec 31,
                                                             2014       2013
Current assets                                                              
  Cash and cash equivalents                                 8,030     12,220
  Accounts receivable                                      68,975     60,084
  Other receivables                                         1,378      1,306
  Prepaid expenses and other                                4,424      2,491
  Income tax recoverable                                      152        462
  Inventory                                                 8,752      8,181
                                                           91,711     84,744
Non-current assets                                                          
Deferred tax asset                                         13,360     14,536
Property and equipment                                    423,204    412,523
Intangible assets                                           3,841      3,917
Total Assets                                              532,116    515,720
Liabilities and Equity                                                      
Current liabilities                                                         
  Accounts payable and accrued liabilities                 35,612     28,051
  Fair value of non-controlling interest liability              -     12,763
  Current portion of provision                              1,658          -
  Current portion of long-term debt                             -        669
                                                           37,270     41,483
Long-term liabilities                                                       
Fair value of non-controlling interest liability                -      1,596
Long-term portion of provision                              1,658          -
Long-term debt                                            133,419    128,407
Total Liabilities                                         172,347    171,486
Shareholders' equity                                                        
Share capital                                             329,639    328,416
Share option reserve                                       12,700     12,419
Accumulated deficit                                      (10,180)   (12,697)
Foreign currency translation reserve                       27,610     15,143
                                                          359,769    343,281
Non-controlling interest                                        -        953
Total Shareholders' Equity                                359,769    344,234
Total Liabilities and Shareholders' Equity                532,116    515,720
Xtreme Drilling and Coil Services Corp.                                     
Interim Consolidated Statements of Income                                   
For the three months ended March 31, 2014 and 2013                          
(in thousands of Canadian dollars, except share and per share data)         
                                                             2014       2013
Revenue                                                    69,703     54,182
  Operating expenses                                       45,067     32,397
  General and administrative expenses                       4,001      2.551
  Change in fair value of non-controlling interest                          
   liability                                                    -      (206)
  Depreciation of property and equipment                   13,230      8,543
  Amortization of intangibles                                  76         76
  Stock-based compensation                                    716        220
  Foreign exchange (gain) loss                               (11)      1,873
  Loss on sale of equipment                                    19        148
  Other expense                                                29         36
  Interest expense                                          1,226      2,119
Income before tax for the period                            5,350      6,425
Tax expense                                                                 
  Current                                                   1,284        718
  Deferred                                                  1,170      1,220
Total tax expense                                           2,454      1,938
Net income for the period                                   2,896      4,487
Net income attributable to:                                                 
  Owners of the parent                                      2,896      4,049
  Non-controlling interest                                      -        438
                                                            2,896      4,487
Net income per common share attributable to equity                          
 owners of the parent                                                       
  - basic                                                    0.04       0.05
  - diluted                                                  0.04       0.05
Weighted average number of common shares                                    
  - basic                                              81,203,779 80,790,315
  - diluted                                            82,086,317 80,981,993
Xtreme Drilling and Coil Services Corp.                                     
Interim Consolidated Statements of Comprehensive Income                     
For the three months ended March 31, 2014 and 2013                          
(in thousands of Canadian dollars)                                          
                                                             2014       2013
Net income for the period                                   2,896      4,487
Other comprehensive income                                                  
Items may be subsequently reclassified to profit or                         
  Unrealized gain on translating financial statements                       
   of foreign operations                                   12,467      7,708
  Dividends declared to non-controlling interest                            
   partner                                                (1,332)          -
Comprehensive income for the period                        14,031     12,195
Xtreme Drilling and Coil Services Corp.                                     
Interim Consolidated Statements of Changes in Equity                        
For the three months ended March 31, 2014 and 2013                          
(in thousands of Canadian dollars)                                          
               Equity attributable to the owners of the parent              
                                             Foreign            Non-   Total
                             Share          currency         contro-  share-
                            option   Accum-   trans-           lling    hol-
                      Share    re-   ulated   lation            int-   ders'
                    capital  serve  deficit  reserve   Total   erest  equity
Balance at Jan 1,                                                           
 2013               327,197 11,572 (12,370) (11,314) 315,085   2,922 318,007
Net income for the                                                          
 year                     -      -    4,049        -   4,049     438   4,487
Other comprehensive                                                         
 differences              -      -        -    7,519   7,519     190   7,708
Total comprehensive                                                         
 income                   -      -    4,049    7,519  11,567     628  12,195
Employee share                                                              
 option scheme:                                                             
Value of employees                                                          
 services                 -    220        -        -     220       -     220
Proceeds from                                                               
 shares issued         (13)      -        -        -    (13)       -    (13)
Total transactions                                                          
 with owners           (13)    220        -        -     207       -     207
Balance at Mar 31,                                                          
 2013               328,184 11,792  (8,260)  (3,795) 326,921   3,550 330,471
Balance at Jan 1,                                                           
 2014               328,416 12,419 (12,697)   15,143 343,281     953 344,234
Net income for the                                                          
 year                     -      -    2,896        -   2,896       -   2,896
Other comprehensive                                                         
 differences              -      -        -   12,467  12,467       -  12,467
Dividends declared                                                          
 to non-controlling                                                         
 interest partner         -      -        -        -       - (1,332) (1,332)
Settlement for the                                                          
 purchase of non-                                                           
 interest partner         -      -    (379)        -   (379)     379       -
Total comprehensive                                                         
 income                   -      -    2,517   12,467  14,984   (953)  14,031
Employee share                                                              
 option scheme:                                                             
Value of employee                                                           
 services               436    717        -        -   1,154       -   1,154
Proceeds from                                                               
 shares issued          787  (436)        -        -     350       -     350
Total transactions                                                          
 with owners          1,224    280        -        -   1,504       -   1,504
Balance at Mar 31,                                                          
 2014               329,639 12,700 (10,180)   27,610 359,769       - 359,769
Xtreme Drilling and Coil Services Corp.                                     
Interim Consolidated Statements of Cash Flows                               
For the three months ended March 31, 2014 and 2013                          
(in thousands of Canadian dollars)                                          
                                                             2014       2013
Cash flow provided by:                                                      
Operating activities                                                        
Net income for the period                                   2,896      4,487
Items not affecting cash:                                                   
  Depreciation and amortization                            13,306      8,619
  Stock-based compensation                                    716        220
  Loss on sale of equipment                                    19        148
  Change in fair value of non-controlling interest                          
   liability                                                    -      (206)
  Interest expense                                          1,226      2,119
  Interest paid                                             (428)    (2,094)
  Amortization of debt issuance costs                       (111)          -
  Unrealized foreign exchange (gain) loss                    (11)      1,873
  Current tax expense                                       1,284        718
  Deferred tax expense                                      1,170      1,220
  Changes in items of working capital                     (9,712)        418
Net cash generated from operating activities               10,355     17,522
Financing activities                                                        
  Proceeds from exercise of stock options                     787          -
  Repayment of long-term debt                               (701)    (5,238)
  Repayment of operating facility                               -    (1,393)
  Debt issuance cost                                           78       (22)
Net cash generated from (used in) financing activities        164    (6,653)
Investing activities                                                        
  Proceeds from sale of equipment                           1,037        509
  Capital expenditures                                    (8,733)    (3,517)
  Buyout of non-controlling interest partner             (11,628)          -
  Changes in items of working capital relating to                           
   capital items                                            5,428          -
Net cash used in investing activities                    (13,896)    (3,008)
Effect of exchange rate changes on cash and cash                            
 equivalents                                                (813)        105
(Decrease) increase in cash and cash equivalents          (4,190)      7,966
Cash and cash equivalents - beginning of period            12,220      5,921
Cash and cash equivalents - end of period                   8,030     13,887

Reader Advisory

This news release, or documents incorporated herein, contains forward-looking statements ("FLS"). More particularly, this news release contains statements that may relate to contracting, marketing, financing, construction, modifications, deployment, operation, utilization of drilling rigs in the Company's current and future fleet, and any potential outcome relating to claims and litigation. Further, the FLS herein may relate to trade credit insurance carried by the Company to mitigate receivables collection risk. Although Xtreme believes expectations reflected in these FLS 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 FLS not to be correct, including risks and uncertainties inherent in the Company's business.

These statements are based on certain factors and assumptions including, but not limited to: the assessment of current and projected future operations; ongoing and future strategic business alliances, negotiations and opportunities to enter new, extend or complete existing contracts; the availability and cost of financing; foreign 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 component equipment, services and supplies, including labor, in a cost-effective and timely manner; the issuance of applied-for patents; changes in tax rates; and government regulations. Although Xtreme considers the assumptions used to prepare this news release reasonable, based on information available to management as of May 7, 2014, ultimately the assumptions may prove to be incorrect.

Forward-looking statements are 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, foreign currency exchange rates, and commodity prices; access to credit and to equity markets; the availability of qualified personnel; vendor-provided rig components; and, competition for customers.

Management's assumptions considered the following: compliance with the terms of the Company's current credit facility; ongoing access to key supplies and components required to continue operating and maintaining equipment, 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 or multi-well 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, management considered the following risk factors: fluctuations in crude oil and natural gas prices, supply and demand; fluctuation in foreign currency exchange and interest rates; financial stability of Xtreme's customers; current and future applications for Xtreme's proprietary technology; 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 political and military events.

Financial outlook information 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 FLS 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 FLS to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such FLS or otherwise.

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 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.

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