Xtreme Coil has announced the expansion of existing operations in Mexico following execution of a new drilling contract with a Weatherford International subsidiary.
Operations Grow in Mexico
We are now preparing to deploy two more Coil Over Top Drive® ("COTDTM") drilling rigs under a new long-term day rate contract between Weatherford de Mexico S.A. de C.V. and Xtreme Coil's wholly-owned subsidiary, Xtreme Coil Drilling Mexico, S.A. de C.V. This new commitment in Mexico requires two XTC 400 drilling rigs to operate in the Chicontepec oil development project near Poza Rica.
The XTC 400 is Xtreme Coil's largest rig, a triple, capable of drilling to 10,000 feet with 3-1/2 inch coiled tubing and to 14,000 feet with conventional jointed drill pipe. The rig is built with a 400,000 lb. AC drawworks, a large 200,000 lb. injector and an integral multi-well pad self-skidding system. The two XTC 400 rigs redeploying to Mexico recently completed operations in the Rocky Mountain region of the United States.
Since mid-2008, when Xtreme Coil initiated the company's first international project in Mexico with six newly-built COTDTM drilling rigs, we have now established a fully-staffed Mexico office as an operational base near Poza Rica. Our drilling operations personnel have achieved significant success during this commencement period by recording a very high rate of rig productive time at approximately 95 percent.
New Patent Issued
Xtreme Coil has received notice from the United States Patent and Trademark Office confirming issuance of a new patent. This is Xtreme Coil's fifth patent which protects proprietary design principles applicable to all current and future designs of our COTDTM drilling rigs." The patent, entitled "Coiled Tubing/Top Drive Rig and Method", features multiple methods of deploying coiled tubing on a top drive equipped drilling rig also capable of utilizing jointed pipe for crude oil and natural gas drilling applications. One aspect of this complex patent includes the utilization of a vertically travelling injector to accommodate longer bottom hole assemblies which can be deployed under pressure for efficient re-entry drilling projects.
In addition to issuance of this fifth patent, Xtreme Coil has more than 60 further patent applications still pending in the United States, Canada and other jurisdictions. These patent applications cover our coiled tubing drilling and transportation technology including equipment and methods for coiled tubing drilling to deeper geological horizons of 3,000 meters (10,000 feet) or more.
Xtreme Coil achieved approximately 950 operating days in total for 2008 4Q. At 2008 year-end, Xtreme Coil had nine rigs under long-term contract. With two rigs moving to Mexico, our drilling rigs under contract will increase to 11 of our current fleet of 16 COTDTM rigs. We are aggressively pursuing opportunities identified in a number of new international regions by providing detailed technical and operating information to illustrate the capability of our rigs to respond to conventional and re-entry drilling projects both in, and beyond, North America.
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