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

CALGARY, ALBERTA -- (Marketwired) -- 07/26/13 -- Xtreme Drilling and Coil Services (TSX:XDC) is pleased to provide a second quarter operations update along with an announcement of the date for the Q2 2013 earnings release and conference call.

Second Quarter Update

Xtreme had 1,911 total operating days during the second quarter of 2013. This resulted in a utilization rate of 78% for the fleet of 21 XDR drilling rigs and 7 XSR coiled tubing units.

The Drilling Segment achieved utilization of 85% on 1,621 operating days. This is comprised of a 92% utilization rate for the US XDR fleet and 41% for the Canadian XDR rigs. For the quarter, the Coil Services Segment achieved utilization of 53% on 290 operating days. This is comprised of a 99% utilization rate for the two XSR units in Saudi Arabia and a 30% utilization rate for the four available XSR units in the US. The Company actively marketed only two of the four available US XSR units for the majority of the second quarter. The utilization on these two marketed XSR units was 60% for the quarter as compared to 47% in the first quarter. A third XSR unit began operations in the Eagle Ford during the final week of June. As expected, the quarter was down modestly from the first quarter as the Canadian rigs experienced the normal seasonal slowdown. In addition, North Dakota activity was lower in the quarter due to historic wet weather.

Tom Wood, CEO of Xtreme, commented on second quarter activity, "We further solidified our presence in our core markets during the second quarter. In the Eagle Ford, activity increased for our XSR coiled tubing units by 29%. We have now reached depths greater than 20,000 feet with our 2 5/8 inch coiled tubing and have performed more than 8 million running feet without leaving coil in the well. These accomplishments along with our safety record and service quality have differentiated us from our coiled tubing competitors in the Eagle Ford. Our drilling business had the expected seasonality in Canada and to a lesser extent in the Bakken. Nonetheless, we are excited that going into the third quarter we will have five of our seven XSR units operating and 20 of our 21 XDR rigs operating."

At quarter end 20 XDR rigs were working, 17 in the US and three in Canada, and five XSR rigs were operating, three in the US and two in Saudi Arabia. It is anticipated that the company will have its only idle XDR rig begin operations in August. At that point all 21 XDR rigs will be under contract.

Special Meeting of Shareholders

The Board of Directors announces there will be a Special Meeting of Shareholders to be held in the offices of Stikeman Elliot, 4300 Bankers Hall West, 888 - 3rd Street SW, Calgary, Alberta, on August 2, 2013 at 10:00 a.m. (MDT) to elect a seventh director to the Board. A Notice has been issued to shareholders and posted on SEDAR.

Second Quarter Results and Conference Call

The Company expects to announce 2013 second quarter financial and operating results after market close on Friday, August 2, 2013 with a follow-up conference call planned for Tuesday, August 6 at 10:00am MDT, 11:00am 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.

+1 800-766-6630 (North America Toll-Free) or +1 416-695-6622 (Alternate)

An audio replay of the call will be available until Tuesday, August 13, 2013. 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 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

Xtreme Drilling and Coil Services Corp.
Matt Porter
Chief Financial Officer
+1 281 994 4604
[email protected]

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