Western Lakota Completes Two Rigs and Revised 2006 Rig Construction Plan
Western Lakota Energy Services reports that its sixth and seventh 3,600 meter ultra-heavy telescoping double drilling rigs have been completed and have moved to their first drilling locations. The addition of these two drilling rigs brings the total fleet to 34 rigs.
The Company also announces that due to customer requests, the company will be revising its 2006 rig construction plan. In addition to completing its 2005 construction program, the company will start construction on a different mix of equipment during the year than was previously announced. The plan will now include nine telescoping double drilling rigs, eight CBM/coring/pre-set rigs and other related property and equipment.
The above rig construction plan replaces the previously announced plan which included, two telescoping double drilling rigs, six triple electric drilling rigs, eight CBM/coring/pre-set rigs, and other related property and equipment.
The telescoping double rigs are about two-thirds of the cost of the triple rigs. As a result the Company is currently finalizing three year commitments with several operators instead of the previously announced five year commitments and will not require the $1,000,000 advance on each rig.
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 23 more drilling rigs that are scheduled to be completed throughout 2006 and early 2007. The Company also operates two coil service units with an additional three scheduled to be completed in early 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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