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Xtreme Coil Issued New Patent, Appoints Director
Thursday, June 12, 2008
Calgary, Alberta -- Xtreme Coil Drilling Corp. (TSX: XDC) ("Xtreme Coil ") is pleased to announce the issuance of a patent related to the XTC 400 Coil Over Top Drive® ("COTDTM") drilling rig, the appointment of Peter J. Sharpe, Vice President, Technical Wells, Shell International Exploration and Production BV to the board of directors and a new credit facility.
New Patent Issued
Xtreme Coil has received notice from the United States Patent and Trademark Office regarding issuance of a new patent. Chairman and chief executive officer, Tom Wood commented, "Initially we applied for this patent in December 2005. Receipt of this patent, entitled "Universal Rig with Vertical Stand for Tubulars", is a significant step forward for our company. The patent protects proprietary design principles unique to our largest "COTDTM" drilling rig, the XTC 400."
Currently, Xtreme Coil has more than 40 further patent applications pending in the United States, Canada and other jurisdictions. These patent applications cover our coiled tubing drilling and transportation technology including equipment and methods for coiled tubing drilling to deeper horizons of 3,000 meters (10,000 feet) or more.
Changes to Board of Directors
Effective May 31, 2008, a vacancy on the board of directors occurred when director Richard Charron announced his decision to step down citing his impending retirement in July 2008. On behalf of the board of directors and management, Tom Wood said, "Ric leaves the board with our sincere appreciation for his commitment to Xtreme Coil's start-up early in 2005. We have come a long way since then and Ric's enthusiasm and hard work have been instrumental in Xtreme Coil's initial growth."
In welcoming Xtreme Coil's new director, Peter Sharpe, Tom Wood commented, "Peter's appointment follows our May 1, 2008 transaction with our joint venture partner, Shell Technology Ventures Fund 1, B.V. Our board of directors will benefit from Peter's significant expertise and his diverse range of operations management experience in technically demanding international locations. At Shell, Peter has a track record for exceptional project management, business strategy and creative problem solving. He's known as a team builder and safety champion. His extensive joint venture experience has been instrumental in building sustainable external corporate relationships."
Currently, Mr. Sharpe is responsible for Shell's Global Well Engineering activities. In his previous positions, he held increasingly senior management responsibilities for his company's operations located in Asia Pacific, Brunei, China, Albania, Europe and Syria. He is a graduate geologist, having completed his education at Hull University in the United Kingdom.
New Credit Facility
Xtreme Coil has finalised an agreement with our existing lender who acted as best efforts agent and arranger of new credit facilities on a syndicated basis. The new credit facilities include a $15 million revolving operating line and a $70 million revolving extendible facility.
Xtreme Coil develops and applies leading edge patented and patent-pending technology and designs to build, transport, and operate new COTDTM drilling rigs. These innovative and efficient drilling rigs, developed for operation in the United States, Canada and outside North America, drill using larger coil to reach hydrocarbons in deeper horizons. Xtreme Coil's proprietary technology also features modular transportation units, larger injectors, larger drilling rigs and new methods for achieving deeper, faster and safer drilling.
The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements, including outcomes related to future patent applications, drilling rig and equipment performance and related drilling operations. Assumptions which are subject to significant risks and uncertainties are the basis for these forward-looking statements. Risks and uncertainties result from a variety of factors and actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Xtreme Coil believes expectations reflected in these forward-looking statements are reasonable, we can give no assurances the expectations of these forward-looking statements will prove to be correct. Readers are cautioned that actual timing and results may vary materially from these forward-looking statements. Xtreme Coil disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise, except as required pursuant to applicable securities laws.
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