Xtreme Coil Establishes Middle East Presence
CALGARY,
ALBERTA–(Marketwire – Mar 14, 2010) – Xtreme Coil Drilling Corp. (TSX:XDC)
and the affiliates (“Xtreme Coil”, the “Company”) make known a partnership between
Xtreme Coil and Suhayl Abdul Mohsin Al Shoaibi & Sons Holding Company
Limited and the affiliates (“Shoaibi Group”) associated to building brand brand brand brand brand brand new business
in the Middle East and North Africa (“MENA”).
This
business partnership will beam the origination of corner try companies to
promote and yield sure Xtreme Coil stipulate training services and products
through Shoaibi Group’s clever operations and marketplace imagination in the Kingdom
of Saudi Arabia (“Saudi Arabia”) and Algeria targeting inhabitant oil companies
and their tellurian affiliates as good as to alternative companies doing in Saudi
Arabia, Bahrain and Algeria. Xtreme Coil will own 80 percent and Shoaibi Group
will own twenty percent of the brand brand brand brand brand brand new companies.
Xtreme
Coil and Shoaibi Group form Joint Venture
Xtreme
Coil and Shoaibi Group make known the arrangement of the initial corner venture, Xtreme Coil
Drilling Saudi Arabia Ltd. The parties to the corner try determine to work on an disdainful basement to provide
mutual good by introducing and enchanting Xtreme Coil’s stipulate drilling
services to feat stream and destiny opportunities with apply oneself to oil and
natural gas growth projects in Saudi Arabia. The corner try addresses a
number of beliefs per make up of the brand brand brand brand brand brand new companies, appropriation and
accounting, governance, shift of control, record licensing, services
related to training equipment, intensity training contracts and performance
criteria, timetables, confidentiality, and compliance,
among alternative commercial operation matters.
Commenting
on the arrangement of this corner venture, Faisal Al Shoaibi, Director of Shoaibi
Group, said, “Shoaibi Group is unapproachable to partner with Xtreme Coil in this
venture. We hold this partnership is in undiluted synergy with Shoaibi Group’s
strategy to yield proven innovative record to the MENA region.”
Xtreme
Coil’s commercial operation plan to enhance activities in Saudi Arabia will good from
the attribute right away formalised with the Shoaibi Group and the Company expects
to aspire to a operation of brand brand brand brand brand brand new opportunities by this corner venture.
Both parties to the joint
venture have concluded to yield their proportional share of appropriation on a
project-by-project basement and
Xtreme Coil Drilling Saudi Arabia Ltd. is substantiating an bureau in Saudi
Arabia to await supply mobilization and ongoing operations in which country. Pre-existing
joint try arrangements involving Xtreme Coil will not be influenced by the
terms of this joint
venture.
Corporate
Profile – Xtreme Coil
Xtreme
Coil develops and relates leading-edge law and patent-related technology
and designs to build, transport, and work brand brand brand brand brand brand new COTD™ training rigs. In addition
to contracts in the United States of America and the United Mexican States,
Xtreme Coil markets proprietary, dual-purpose training rigs to existing
customers and to alternative general doing regions. Xtreme Coil drills with
larger curl and compulsory cavalcade siren to strech hydrocarbons in deeper
horizons. Including the many brand new re-entry supply design, the XTC 200DTRPLUS,
Xtreme Coil’s fit-for-purpose rigs underline tall genius injectors as good as
innovative doing of compulsory siren and coiled tubing, modular
transportation systems and doing methods for achieving deeper, faster and
safer drilling. Xtreme Coil’s usual shares traffic on the TSX underneath the symbol
“XDC”.
Corporate
Profile – Shoaibi Group
Headquartered
in Saudi Arabia, with operations in Bahrain, Algeria, and Egypt the Shoaibi
Group of companies functions with internal and general partners, predominately
in the oil, gas and petrochemicals industry, to deliver innovative proven
technology to the MENA region. The Group comprises over 100 subsidiaries, local
and general corner ventures and group representations in the fields of
exploration, production, and await services to the oil and gas industry, as
well as oil refining, gas estimate chemicals, petrochemicals, maritime
services, polished products and distribution. In recognising the need for oil
operators to carry out costs by apropos some-more fit in find and recovery
processes, Shoaibi Group has turn a personality in partnering, developing, and
investing in slicing corner oil and gas record companies with the objective
of addressing the needs of the MENA region’s reservoirs.
Reader
Advisory
This
news recover contains forward-looking statements. More particularly, this news
release contains statements connected with the expected contracting, marketing,
financing, deployment, operation, and function of rigs in the Company’s
current and destiny swift of training rigs as good as corporate structure
changes and processes dictated to strengthen exclusive egghead property.
Although Xtreme Coil believes the expectations reflected in these
forward-looking statements have been reasonable, readers should not place undue
reliance on them since Xtreme Coil can give no declaration they will infer to
be correct. Since forward-looking statements residence destiny events and
conditions, by their really inlet they engage fundamental risks and uncertainties.
The
forward-looking statements contained in this headlines recover have been done as of the
date hereof and Xtreme Coil undertakes no requisite to refurbish publicly or
revise any forward-looking statements, either as a outcome of brand brand brand brand brand brand new information,
future events or otherwise, unless so compulsory by germane bonds laws.
