Key Developments: Xtreme Drilling and Coil Services Corp (XTMCF.PK)
2.60USD
17 May 2013
$0.04 (+1.39%)
$2.56
$2.60
$2.60
$2.58
8,000
9,306
$2.75
$0.99
Latest Key Developments (Source: Significant Developments)
Xtreme Drilling and Coil Services Corp Announces Appointment of CEO
Xtreme Drilling and Coil Services Corp announced that the Board of Directors has removed the interim designation and appointed Tom Wood as Chief Executive Officer(CEO) and suspended the CEO search. Full Article
Xtreme Drilling and Coil Services Corp Announces Sale of XSR Unit and New Long Term Contract in Colorado
Xtreme Drilling and Coil Services Corp announced that it has entered into a purchase and sale agreement to sell one of its new build ultra-deep XSR units. The purchasing company will operate the unit in a Middle East country outside of Xtreme's core operating area of Saudi Arabia. The sales price is $9.8 million which includes an XSR rig and ancillary equipment. The Company anticipates closing the transaction on or before December 31. The primary use of proceeds will be to reduce corporate indebtedness. In addition, Xtreme recently entered into a long term contract for an XDR 500 rig to drill Niobrara wells in Colorado with an existing customer. The rig is currently being mobilized from a recently completed contract in North Dakota and it is anticipated that operations will begin in early January. This will bring the total number of XDR rigs operating in Colorado to ten. Total contracted days for the US based XDR drilling fleet now stands at more than 5,800 days for 2013 which represents 89% of the available operating days for the year. Full Article
Xtreme Drilling and Coil Services Corp Announces Appointment Of New Chairman
Xtreme Drilling and Coil Services Corp announced that effective immediately Doug Dafoe will assume the role of Chairman of the Board at Xtreme replacing Tom Wood. This is based on Mr. Dafoe's strong financial and corporate governance background as well as the Board's desire to split the role of Chairman and Chief Executive Officer (CEO). Additionally, the Board has initiated a search for a permanent CEO. Mr. Wood will continue in his role as interim CEO and a member of the Board of Directors. His focus will be on improving operating performance and overall margin improvement. Additionally, Mr. Wood has taken an active role in the reorganization of the XSR business. Full Article
Xtreme Drilling and Coil Services Corp Closes $17.3 Million Bought Deal Offering
Xtreme Drilling and Coil Services Corp announced that previously announced bought deal equity offering resulting in the issuance of 15,001,750 common shares (including 1,956,750 Common Shares issued pursuant to the exercise in full of the over-allotment option granted to the underwriters) at $1.15 per Common Share for total gross proceeds of $17,252,013. Peters & Co. Limited was the underwriter for the offering. Xtreme will use the net proceeds of the bought deal offering to reduce indebtedness under syndicated credit facility. Full Article
Xtreme Drilling and Coil Services Corp Announces $15 Million Bought Deal Offering
Xtreme Drilling and Coil Services Corp announced that it has entered into an agreement with Peters & Co. Limited, (the Underwriter), pursuant to which the Underwriter has agreed to purchase, on a bought deal basis, 13,045,000 common shares of Xtreme at a price of $1.15 per Common Share for aggregate gross proceeds of $15,001,750. As part of the offering and as a condition thereof, certain insiders, directors and officers of the Corporation will subscribe for a minimum of $3.0 million and up to a maximum of $5.0 million Common Shares at $1.15 per Common Share. The Underwriter will have the option to purchase up to an additional 15% of the total issue of Common Shares, exercisable in whole or in part at the sole discretion of the Underwriter up to 30 days after the closing date, at the same issue price, to cover over allotments, if any. If such option is exercised in full, the aggregate gross proceeds of the offering will be $17,252,012. The Common Shares will be offered in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario by way of a short form prospectus. Net proceeds of the offering will be used in part or whole to reduce indebtedness and for general corporate purposes. Full Article
Xtreme Coil Drilling Corp Announces Appointment Of President
Xtreme Coil Drilling Corp announced that the Board of Directors (Board) has appointed Richard D. Havinga to the position of President and Chief Operating Officer. Full Article
Xtreme Coil Drilling Corp Announces Management Change
Xtreme Coil Drilling Corp announced that the Board of Directors has approved the appointment of Thomas D. Wood to the position of Chairman and Chief Executive Officer (CEO) for an interim period after receiving notice from Rodney J. Uchytil of his intention to resign his position as Chief Executive Officer of the Company effective in mid-December. As a result, Mr. Wood will step down from his current position as Executive Chairman and Mr. Uchytil has agreed to continue providing his services to Xtreme for the next few weeks to assist with an orderly transition. The Board will begin a recruitment process to identify candidates to assume the role of Chief Executive Officer. Full Article
Xtreme Coil Drilling Corp Appoints Chief Financial Officer
Xtreme Coil Drilling Corp announced the appointment of Matthew S. Porter to the executive management team as Chief Financial Officer. Effective August 25, 2011, Xtreme Coil's Board Of Directors welcomes the appointment of Matthew S. (Matt) Porter as Chief Financial Officer based in Houston, Full Article
Xtreme Coil Drilling Corp Announces Chief Financial Officer Resignation
Xtreme Coil Drilling Corp announced the resignation of Dale W. Wilhelm as Chief Financial Officer, effective August 12, 2011. In the interim, Martin Ramirez, Corporate Controller, will assume the responsibilities of principal financial officer of the Company. He will oversee Xtreme Coil's financial obligations until a new Chief Financial Officer is appointed. Full Article
Xtreme Coil Drilling Corp Secures Contract
Xtreme Coil Drilling Corp announced the award of long-term contracts by a large exploration and production (E&P) company to build and operate four new XDR 500 drilling rigs with commencement of operations staged throughout 2012. In total, the current value of the four new drilling contracts is more than $100 million and each rig will operate under a three-year contract. Initially, the Company anticipates these four new drilling rigs will operate in the Niobrara resource play in the Rocky Mountain region of the United States. Delivery of the first new rig is planned for the first quarter of 2012, with one rig planned for delivery in each of the following three quarters. Full Article
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