Technicoil Expands Rig Fleet

Technicoil's Board of Directors has approved an expanded capital expenditure program to construct an additional six coil tubing fracturing rigs expected to be delivered in the second half of 2006. Once completed, this construction program, combined with the current 2005 expansion program that is already underway, will increase the size of Technicoil's coil tubing fracturing and drilling fleet to a total of 30 rigs. This expansion in capacity is being undertaken in anticipation of continuing strong industry demand for shallow gas and coal bed methane exploration and development. The estimated cost for the six new coil tubing fracturing rigs is $15,000,000 and will be financed through a combination of operating cash flow and bank debt.
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