This transaction makes the Metis Nation of Alberta Association the second significant Aboriginal shareholder of Western Lakota and the first significant Aboriginal unit holder of Akuna Drilling Trust, a subsidiary of Western Lakota which owns and operates seven Coal Bed Methane (CBM)/oilsands coring/pre-set drilling rigs.
"We are very pleased that the Metis Nation of Alberta is now an equity owner," said Elson McDougald, President and Chief Executive Officer of Western Lakota. "This decision speaks to the confidence that this partner has developed in our Corporation."
Western Lakota has also completed construction on two more rigs and they are now operating in the field. One of the rigs is a 3,600 meter ultra heavy telescoping double drilling rig and the other is a 1,200 meter CBM/oilsands coring/pre-set drilling rig.
One of Canada's fastest growing energy services providers, Western Lakota is currently operating 36 drilling rigs, including seven CBM/oilsands coring/pre-set rigs and has committed to build 23 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 throughout 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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