Western Lakota Completes Financing for an Additional $49 Million
Western Lakota Energy Services Inc. (TSX:WLE) has completed the previously announced financing with GE Energy Financial Services (GE). The additional $49 million of credit facilities, of which $20 million is subject to syndication by GE, will be used for the Company's 2006 rig construction program.
The Company also announces that it has completed construction of its second Texas rig which is part of the previously announced contract signed with a U.S. oil and gas customer for work in the Permian Basin of West Texas. The 3,600 meter ultra-heavy duty telescoping double drilling rig has arrived in Texas for final rig up and will move to the field in about two week's time.
One of Canada's fastest growing energy services providers, Western Lakota is currently operating 41 drilling rigs, including nine CBM/oil sands coring/pre-set rigs and has committed to build an additional 18 rigs as part of its 2006 Construction Plan which remains on schedule to be completed on or about the end of 2006. The Company also operates five coil tubing service units with an additional three scheduled to be completed throughout 2006. Western Lakota continues to provide one of the newest fleets of safe and efficient drilling rigs and coil tubing service units in Canada while delivering strong results for shareholders, customers and Aboriginal partners.
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