Based in Denver Swingle is a founder and director of Xtreme. Prior to this appointment, Swingle was responsible for Canadian operations. In his new capacity, he will oversee all Xtreme's operations throughout the United States and Canada and will directly liaise with Xtreme's exploration and production ("E&P") clients. A petroleum engineering graduate of the University of Wyoming, Swingle has more than 25 years of executive and managerial experience in the North American oil and natural gas drilling industry. In welcoming Swingle to this position Xtreme's board of directors acknowledges his past and current contributions to developing and advancing drilling technology for both coiled tubing and conventional applications.
First XTC 400 Rig Moves to Colorado
The XTC 400 is Xtreme's flagship coiled tubing drilling rig. We have completed construction and commissioning of Rig #6 and it is now moving to Colorado to drill in the Piceance Basin for a major E&P company. Designed to drill to 10,000 feet (3,000 meters) with 3-1/2 inch coiled tubing and 14,000 feet (4,200 meters) with conventional drill pipe, this rig establishes a new standard for coil drilling. A feature of the XTC 400 is safer operation through incorporation of Xtreme's leading edge, proprietary technologies as well as fully automated pipe handling systems. In top drive mode, Xtreme's XTC 400 is capable of tripping at the same rate as the most technologically advanced land rigs currently available while, at the same time, maintaining the advantage of drilling with coiled tubing to 10,000 feet. Our XTC 400 has two 1,600 horsepower mud pumps to provide maximum flow rates for directional drilling using rotary-steerable tools. Although we designed this rig specifically for Xtreme's United States operations in Colorado and Wyoming, we expect the XTC 400 will prove equally capable of operating in other basins throughout the world.
Xtreme develops and applies patented and patent-pending technology and designs to build and transport new Coil Over Top Drive ("COTD") drilling rigs. These innovative and efficient drilling rigs, developed for operation in both the United States and Canada, use larger coil to drill for hydrocarbons in deeper horizons. Xtreme's proprietary technology also features modular transportation units, larger injectors, larger drilling rigs and new methodologies to achieve deeper, faster and safer drilling.
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