Akita to Build New Rig for Work in Western Canada

Akita Drilling will construct a new heavy oil pad rig for use in Western Canada. The rig design incorporates specialty equipment including a self-moving system and will enhance Akita's ability to service the heavy oil drilling market niche. Construction of the rig will begin immediately at a planned cost of $7.5 Million. The rig will become available for use upon completion, which is scheduled for the second half of 2003. Akita has entered into a multi-year contract to provide drilling services with the new rig to a senior oil and gas producer.