AKITA Drilling has reached substantial completion on the construction of a new drilling rig which has been custom designed for use in northern applications. The total planned
cost for the rig is $13.2 Million. AKITA anticipates that this rig will be
operated under one of its existing joint ventures and that the Company will
maintain a 50% ownership position once operations commence. AKITA is currently
in negotiations with a senior oil and gas producer for a term contract for
AKITA is an Alberta corporation engaged in the contract drilling and well
servicing business in Western and Northern Canada and in Alaska and is listed
on the Toronto Stock Exchange under the symbol AKT.