These rigs are scheduled to be completed during the summer of 2006 and will be operating in the Permian Basin in West Texas. Western Lakota has signed a guaranteed 730-day (except for extreme weather) two-year term contract on a footage basis for each rig with a US oil and gas company. Aboriginal partnerships are under consideration for these two rigs.
Western Lakota also announces that it has appointed Gordon Wills as the General Manager of its West Texas operations. Mr. Wills has over 40 years of drilling experience including Operations Manager with Laredo Drilling, Comanche Drilling and Cantex Drilling, the last of which he owned and operated in West Texas. He has extensive experience drilling in the Permian Basin as well as throughout North America.
"I have had the pleasure of working with Gordon Wills at Laredo Drilling and am very pleased to have him join Western Lakota to head up our West Texas operations" said Elson McDougald, President and CEO of Western Lakota. "The Company is also very fortunate to have the talent and capability, led by Randy Hawkings, P.Eng., Vice President and Chief Operating Officer, to evaluate and access these footage contracts which have the potential for higher margins than daywork contracts."
One of Canada's fastest-growing energy services providers, Western Lakota is currently operating 34 drilling rigs, including six CBM/coring/pre-set rigs and has committed to build 25 more drilling rigs that are scheduled to be completed throughout 2006 and early 2007. The Company also operates three coil service units with an additional five scheduled to be completed in 2006. Western Lakota continues to provide one of the newest fleets of safe and efficient drilling rigs and coil service units in Canada while delivering strong results for shareholders, customers and Aboriginal partners.
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