Xtreme Coil Drilling to List on the Toronto Stock Exchange
Xtreme Coil Drilling Corp. (TSX: XDC) says that the Toronto Stock Exchange has issued a bulletin confirming the company's application has been granted for listing of Xtreme's outstanding common shares on the TSX. Commencing at market opening on Tuesday, September 5, 2006, Xtreme's common shares will begin trading on the TSX under the symbol "XDC". On commencement of TSX trading, Xtreme's shares will be de-listed from, and cease trading on, the TSX Venture Exchange ("TSX-V").
Xtreme is a drilling contractor with new patent-pending coiled tubing drilling rig designs and technologies. Xtreme has designed five different models of Coil Over Top Drive drilling rigs. In addition to their coil capabilities, Xtreme's rigs can drill with conventional jointed drill pipe. We have agreements with several third parties to build Xtreme's drilling rigs. For 2006, we have ten drilling rigs on order and currently, we have at least seven drilling rigs at various stages of construction. Upon completion, we contract Xtreme's drilling rigs to oil and gas exploration and production companies. Our activities currently focus on both the United States and western Canada, with the majority of Xtreme's operations planned for the United States. In July 2006, Xtreme delivered the first Coil Over Top Drive drilling rig (patent-pending) to begin drilling in an Alberta field location for a major Canadian E&P company. Featuring the new design, Xtreme's XTC 200ST is fast moving, quick to rig up, and ranks among the deepest capacity of coil drilling rigs now operating in North America.
On May 1, 2006, Xtreme amalgamated with Norquay Capital Ltd. ("Norquay"), a capital pool company, Norquay's "qualifying transaction" for the purposes of Policy 2.4 of the TSX-V and, on May 4, 2006, Xtreme's common shares began trading on the TSX-V. On August 10, 2006, the TSX-V issued a bulletin announcing that Xtreme was approved for reclassification to a Tier 1 issuer.
- Xtreme Coil Secures 8 Rig Contracts (May 10)
- Shoaibi Group, Xtreme Coil Drilling Forge New JV (Apr 01)
- Xtreme Coil Inks Contract with Weatherford, Adds 2 Rigs in Mexico (Mar 02)