|Xtreme Announces New Director and Updates Litigation|
CALGARY, ALBERTA--(Marketwire - May 28, 2012) - Xtreme Drilling and Coil Services (TSX:XDC) is pleased to announce the appointment of Mr. Douglas A. Dafoe to Xtreme's board of directors effective May 23, 2012.
Appointment of Douglas Dafoe to Board
Mr. Dafoe is a chartered accountant with a wealth of oil and gas experience. He currently serves as a director, and is president and chief executive officer of Ember Resources Inc., an Alberta company specializing in coal bed methane production. Previously, Mr. Dafoe was a director, and president and CEO, of Thunder Energy Inc., an Alberta and British Columbia exploration and production company. Mr. Dafoe has served as a director on the boards of numerous TSE and TSX listed companies over the past 17 years. He holds a Bachelor of Science degree in business administration from the University of North Dakota.
Mr. Dafoe joins Thomas Wood (Chairman), Saad Bargach, Randolph Charron, Lawrence Hibbard, Daniel Remenda, Peter Sharpe, Marc Staniloff, and Kyle Swingle, all of whom were re-elected to the Xtreme board by the shareholders at the Company's annual meeting on April 18, 2012 in Calgary.
On June 30, 2010, Xtreme filed suit to advance claims for breach of contract under ten service agreements to provide drilling rigs for work in Mexico. The lawsuit seeking payment for services rendered and other fees pursuant to the terms of the contracts was filed in the District Court of Harris County, Texas. On May 17, 2012, the court granted Weatherford de Mexico S.A. de C.V.'s and Weatherford International, Ltd.'s special appearances challenging personal jurisdiction in Harris County, Texas. The decision only applies to jurisdiction, not to the merits of the claim. Xtreme plans to appeal the ruling.
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.
This news release contains forward-looking statements ("FLS"). More particularly, this news release contains statements that may relate to any potential outcome relating to claims and litigation. 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.