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

CALGARY, ALBERTA -- (Marketwired) -- 04/17/13 -- Xtreme Drilling and Coil Services (TSX:XDC) is pleased to provide a first quarter operations update along with an announcement of the date for the Q1 2013 earnings release and conference call.

First Quarter Update

Xtreme had 1,949 total operating days during the first quarter of 2013. This resulted in a utilization rate of 76% for the fleet of 21 XDR drilling rigs and 7 XSR coiled tubing units.

The Drilling Segment achieved utilization of 89% on 1,683 operating days. This is comprised of a 93% utilization rate in the US XDR fleet and 68% for the Canadian XDR rigs. For the quarter, the coil services segment achieved utilization of 49% on 265 operating days. This is comprised of a 99% utilization rate on the two XSR units in Saudi Arabia and a 24% utilization rate on the four available XSR units in the US. During the quarter the Company actively marketed only two of the four available XSR units. The two operating XSR units in the US continue to increase activity as March represented the highest ever utilization of 72%. Due to the increased activity levels, additional crews are currently being trained and it is anticipated that a third XSR unit will begin work within the next 45 days in South Texas.

Tom Wood, CEO of Xtreme, commented on first quarter activity, "We are encouraged by the continued strong performance of our tier one XDR drilling fleet. Our US drilling business remains strong and well positioned with operations focused exclusively in the Williston and DJ Basins. During the quarter we gained significant traction within our US XSR coil service business. With over 170 jobs performed to date we have established Xtreme as the long reach coil provider of choice in the Eagle Ford. We achieved a record depth of 20,400 feet with 2 5/8 inch coil in the quarter. This is a milestone for 2 5/8 inch coiled tubing in a horizontal well as this has never been accomplished before. This clearly differentiates Xtreme from our competitors and along with our high service quality provides a value enhancing solution for oil and gas operators in South Texas."

At quarter end 18 XDR rigs were working, 17 in the US and one in Canada, and four XSR rigs were operating, two in the US and two in Saudi Arabia. It is anticipated that the company will have two additional XDR rigs resume operations after break-up in Canada. This will bring the total operating XDR rigs to 20 out of 21 available. As mentioned, a third XSR unit will begin operations in South Texas during the second quarter with the fourth unit targeted to start operations for the third quarter of 2013.

Debt and Liquidity Update

Xtreme began to generate free cash flow during the first quarter as the capital build program is complete. A primary focus continues to be on decreasing debt levels through the course of 2013. During the first quarter the company paid down approximately $10 million in bank debt. As such, Xtreme exited the quarter with approximately $134 million outstanding on the Company's $155 million in debt availability along with approximately $13 million in cash on the balance sheet.

First Quarter Results and Conference Call

The Company expects to announce 2013 first quarter financial and operating results after market close on Tuesday, May 7, 2013 with a follow-up conference call planned for Wednesday, May 8 at 9:00am MDT, 10:00am CT. Tom Wood, Chief Executive Officer, will host the conference call with participation from Matt Porter, Chief Financial Officer and will answer questions from financial 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.

+1 800-769-8320 (North America Toll-Free) or +1 416-695-6616 (Alternate)

An audio replay of the call will be available until Friday, May 17, 2013. To access the replay, call +1 905-694-9451 or +1 800-408-3053 and enter pass code 8732293.

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 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.

Contacts:
Xtreme Drilling and Coil Services Corp.
Matt Porter
Chief Financial Officer
+1 281 994 4604

Xtreme Drilling and Coil Services Corp.
16285 Park Ten Place, Suite 650
Houston, TX 77084
ir@xtremecoil.com
www.xtremecoil.com

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