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Xtreme Drilling and Coil Services- Announces Record Quarterly Operating and Financial Results and Appointment of New Chairman of the Board of Directors

CALGARY, ALBERTA -- (Marketwire) -- 11/08/12 -- Xtreme Drilling and Coil Services (TSX:XDC) announce summary results for the three months ended September 30, 2012. It is anticipated that filing will take place on SEDAR of the interim Consolidated Financial Statements and Management's Discussion and Analysis on Friday, November 9, 2012.

Xtreme has scheduled a conference call on Thursday, November 8, 2012, beginning promptly at 10:00 am MDT (11:00am CDT; 12:00am EDT) to discuss the 2012 third quarter financial and operating results. Tom Wood, Interim Chief Executive Officer, will host the conference call with participation from Richard Havinga, President and COO and Matt Porter, Chief Financial Officer.

Conference operator dial-in numbers

To participate in the conference call, please dial in as follows approximately ten minutes before the start time in your time zone.

+1 888-789-9572 (North America Toll-Free) or +1 416-695-7806 (Alternate)

Participant Pass Code: 6514605

An audio replay of the call will be available until Thursday, November 15, 2012. To access the replay, call +1 800-408-3053 or +1 905-694-9451 and enter pass code 4156344.

Highlights - Q3 2012

--  Total revenue of $47.7 million - Up 23% from Q2 
    --  Drilling Segment revenue of $40.4 million 
    --  Coil Services Segment revenue of $7.3 million 
--  Total operating margin of $11.8 million - Up 21% from Q2 
    --  Drilling Segment operating margin of $12.5 million 
    --  Coil Services Segment operating loss of $0.7 million 
--  Total operating days of 1,742 - Up 17% from Q2 
    --  Drilling Segment operating days of 1,541 
    --  Coil Services Segment operating days of 201 
--  Net Debt of $119.8 million at quarter end - Down $24.2 million from Q2 
--  Adjusted EBITDA of $10.3 million - Up 43% from Q2 
--  Delivery of one new XDR 500 rig to the Niobrara on a three year term
--  Total Rig utilization of 69% 

New Chairman of the Board of Directors

Effective immediately Doug Dafoe will assume the role of Chairman of the Board at Xtreme replacing Tom Wood. This is based on Mr. Dafoe's strong financial and corporate governance background as well as the Board's desire to split the role of Chairman and CEO. Additionally, the Board has initiated a search for a permanent CEO. Mr. Wood will continue in his role as interim CEO and a member of the Board of Directors. His focus will be on improving operating performance and overall margin improvement. Additionally, Mr. Wood has taken an active role in the reorganization of the XSR business.

Mr. Dafoe was initially appointed to the Board of Directors in May of this year. In addition to his role with Xtreme he currently serves as President and Chief Executive Officer of Ember Resources, a Calgary based company focused on the exploration and production of coal bed methane. Mr. Dafoe is a Chartered Accountant (CA) with over 25 years industry experience. Prior to joining Ember, Mr. Dafoe was President and Chief Executive Officer of Thunder Energy Inc., a company he co-founded in mid-1996.

Mr. Dafoe is a Chartered Director (C.Dir.) (a designation received from The Directors College which is a joint venture of McMaster University and The Conference Board of Canada), has served on the Board of Governors of the Canadian Association of Petroleum Producers (CAPP) and has been a director of several TSX-listed companies including Thunder Energy Trust, Alberta Clipper Energy Inc. and Cyries Energy Inc.

Corporate Update

In the third quarter, Xtreme recognized significant revenue growth with all but one of the newbuild XDR 500 rigs completed and in operation. Revenue for the quarter was $47.7 million, up $8.8 million, or 23% from the second quarter of 2012. Correspondingly Adjusted EBITDA was $10.3 million, up $3.1 million, or 43%, from the previous period. Both of these represent the highest quarterly results the Company has ever achieved. Management is encouraged to see the quarter over quarter growth as it is evidence of a clear path to becoming free cash flow positive.


During the quarter, the Company took significant measures to improve liquidity. Xtreme had cash inflows of $29.5 million related to these efforts. They included an equity offering that netted $16.2 million and the settlement of litigation that netted $13.3 million. This cash was used to pay down the revolving credit facility by $9.1 million and hold $18.4 million in cash on the balance sheet. At the end of the third quarter, net debt was $119.8 million, or 24%, of the capital structure. This was down from the previous quarter when it represented $144 million, or 29%, of the capital structure. Xtreme forecasts being free cash flow positive in late Q4. At that point it is not anticipated that any new growth capital will be deployed, but rather cash will be allocated to aggressively reduce debt in 2013.

Subsequent to quarter end, the Company amended its revolving credit facility to set the renewal date to January 1, 2013. It was set to renew on November 3, 2012; however, both the Company and the banking syndicate agreed to make the renewal correspond with the calendar year.

Capital expenditures were $16 million for the quarter and $96 million on a year to date basis. With the delivery of the last newbuild XDR 500 rig in October, the 18 month capital build program has come to an end. The Company now has 21 XDR drilling rigs which comprise one of the highest specification and youngest fleet of rigs in North America. In addition, the Company has 5 new XSR deep coil service rigs that are likely able to reach further than any coiled tubing unit in North America and 2 XSR coil service rigs setting performance records while drilling with coil in Saudi Arabia. Strategically the fleet is well positioned in major oil and liquids rich resources plays throughout North America and the Middle East. With that the current focus of management is on execution and margin improvement as the capital build program has come to an end.

Drilling Segment - XDR

Xtreme ended the quarter with 20 XDR rigs available to work. Of these rigs 15 were operating in the United States and 2 rigs were operating in Canada. In the US one rig currently not working is on daily termination payout from the operator which equates to a significant daily margin as the rig has minimal expenses. This rig is will receive daily termination payments through the end of 2013. The other rig not working in the US is in Wyoming. The Company's final newbuild and 21st XDR rig went to work in October in the Niobrara play of Colorado on a 3 year term contract.

Operating days were up 15% in the third quarter to 1,374 in the US drilling business. The Company experienced a slight increase in operating expenses in the US in the third quarter. This was based on higher mob expenses as two rigs were mobilized for initial deployment and three rigs were mobilized from Colorado or Wyoming to North Dakota. The Company anticipates mobilization expenses to decrease in Q4 as only one rig will be delivered and one operating rig is anticipated to move from North Dakota to Colorado in the quarter.

The Company anticipates that a rig that was up for renewal in October in North Dakota will have a slight gap in activity between its contracts. It will mobilize to the Niobrara in December where it is anticipated it will work on a long term contract for a new customer. The Company does not have any rigs up for renewal in the US until April of 2013. The average duration of the term contracts in the Company's portfolio is approximately 1.5 years and the total days under term contract are in excess of 9,700. This provides significant revenue clarity in the US XDR business over the next 24 months.

Canada continues to be slow evidenced by the fact that horizontal well permits are down 20% year over year as is the rig count. In the quarter, the Company had 164 operating days in Canada compared to 27 in the second quarter. It is anticipated that 2 of the 3 XDR rigs located in Canada will work for a majority of the fourth quarter, with the third rig going to work in late November.

Coil Service Segment -XSR

As discussed previously the US XSR division was scaled back to one operating unit in the third quarter. While this negatively impacted financial results, it was in the best interest of the long term performance of the business. This allowed management to restructure the operation and ultimately optimize it for the South Texas market. The current focus is on building operational competency which has led to significant improvements in reduction of non-productive time and overall performance. Crew training, while contributing to short term expenses, continues aggressively with results evident in the improving stability of operation. Due to these measures Xtreme has experienced an increase in repeat callouts to a core group of customers encouraged by the reliability and performance of the equipment and crews. Further changes in everything from coil string design to aggressive cost control will contribute to higher operating margins going forward.

For the third quarter, operating days were 49 down from 95 in the previous period. The operating reputation as the deep coil provider in South Texas continues to strengthen as 93 wells have had pre- or post-frac intervention work performed through October. This strong reputation along with the fact that October utilization was nearly 100% and the job turndown ratio has increased led to the decision in November to initiate operations with a second unit by the end of the month in the Eagle Ford.

In Saudi Arabia, XSR operating days decreased by 9% from the second quarter to 163. Operations continue to exceed expectations as the wells consistently come in under budget and on average take 14 days less to drill than forecast by the customer. Additional opportunity for work in Saudi is possible through an extension of the existing two rig contract which ends in July of 2013. This tendering process should begin in Q1 of 2013. The Saudi operation continues to set the pace for operating margin within the various divisions of the Company.

Reader Advisory

This news release, or documents incorporated herein, contains forward-looking statements ("FLS"). More particularly, this news release contains statements that may relate to contracting, marketing, financing, construction, modifications, deployment, operation, utilization of drilling rigs in the Company's current and future fleet, and any potential outcome relating to claims and litigation. Further, the FLS herein may relate to trade credit insurance carried by the Company to mitigate receivables collection risk. Although Xtreme believes expectations reflected in these FLS are reasonable, readers should not place undue reliance on them because Xtreme can give no assurance they will prove to be correct. There are many factors that could cause FLS not to be correct, including risks and uncertainties inherent in the Company's business.

These statements are based on certain factors and assumptions including, but not limited to: the assessment of current and projected future operations; ongoing and future strategic business alliances, negotiations and opportunities to enter new, extend or complete existing contracts; the availability and cost of financing; foreign currency exchange rates; timing and magnitude of capital expenditures; expenses and other variables affecting rig operation, modification and construction; the ability and commitment of vendors to provide rig component equipment, services and supplies, including labor, in a cost-effective and timely manner; the issuance of applied-for patents; changes in tax rates; and government regulations. Although Xtreme considers the assumptions used to prepare this news release reasonable, based on information available to management as of November 7, 2012, ultimately the assumptions may prove to be incorrect.

Forward-looking statements are also subject to certain factors, including risks and uncertainties, which could cause actual results to differ materially from management's current expectations. These factors include, but are not limited to: the cyclical nature of drilling market demand, foreign currency exchange rates, and commodity prices; access to credit and to equity markets; the availability of qualified personnel; vendor-provided rig components; and, competition for customers.

Management's assumptions considered the following: compliance with the terms of the Company's current and proposed new credit facility; ongoing access to key supplies and components required to continue operating and maintaining equipment, including fuel; continued successful performance of drilling and related equipment; expectations regarding gross margin; recruitment and retention of qualified personnel; continuation or extension of existing long-term or multi-well contracts; revenue expectations related to shorter-term drilling opportunities; willingness and ability of customers to remit amounts owing to Xtreme in accordance with normal industry practices; and management of accounts receivable in direct relation to revenue generation.

In preparing this news release, management considered the following risk factors: fluctuations in crude oil and natural gas prices, supply and demand; fluctuation in foreign currency exchange and interest rates; financial stability of Xtreme's customers; current and future applications for Xtreme's proprietary technology; competition from other drilling contractors; regulatory and economic conditions in regions where Xtreme operates; environmental constraints; changes to government legislation; international trade barriers or restrictions; and, where appropriate, global political and military events.

Financial outlook information contained in this news release about prospective results of operations, financial position or cash provided by operating activities is based on assumptions about future events, including economic conditions and proposed courses of action, and on management's assessment of relevant information currently available. Readers are cautioned such financial outlook information contained in this news release is not appropriate for purposes other than for which it is disclosed here. Readers should not place undue importance on FLS and should not rely on this information as of any other date. Except as required pursuant to applicable securities laws, Xtreme disclaims any intention, and assumes no obligation, to update publicly or revise FLS to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such FLS or otherwise.

About Xtreme Coil

Xtreme Drilling and Coil Services Corp. ("XDC" on the Toronto Stock Exchange) designs, builds, and operates a fleet of high specification drilling rigs and coiled tubing well service units featuring leading-edge proprietary technology including AC high capacity coil injectors, deep re-entry drilling capability, modular transportation systems and continuous integration of in-house advances in methodologies.

Currently Xtreme operates two service lines: Drilling Services (XDR) and Coil Services (XSR) under contracts with oil and natural gas exploration and production companies and integrated oilfield service providers in Canada, the United States and Saudi Arabia. For more information about the Company, please visit www.xtremecoil.com.

Xtreme Drilling and Coil Services Corp.                                     
Formerly known as Xtreme Coil Drilling Corp.                                
Condensed Consolidated Statement of Financial Position                      
(in thousands of Canadian dollars)                                          
                                     Sep 30, 2012 Dec 31, 2011  Jan 1, 2011 
                                     ------------ ------------ ------------ 
                                     ------------ ------------ ------------ 
Current assets                                                              
 Cash and cash equivalents                 18,397        5,892        2,994 
 Accounts receivable                       39,730       45,353       37,083 
 Other receivables                          2,877        1,906        2,200 
 Prepaid expenses and other                 2,670        2,090        2,551 
 Income tax recoverable                       818          934        1,967 
 Inventory                                  6,956        5,863        5,402 
                                     ------------ ------------ ------------ 
                                           71,448       62,038       52,197 
Non-current assets                                                          
Deferred tax asset                          7,573        7,566        4,265 
Property and equipment                    418,628      341,198      233,193 
Intangible assets                           4,296        4,523        4,793 
                                     ------------ ------------ ------------ 
Total Assets                              501,945      415,325      294,448 
                                     ------------ ------------ ------------ 
                                     ------------ ------------ ------------ 
Liabilities and Shareholders' Equity                                        
Current liabilities                                                         
 Bank indebtedness                              -            -        8,317 
 Accounts payable and accrued                                               
  liabilities                              47,759       26,175       10,097 
 Current portion of long-term debt         26,023          500       12,224 
                                     ------------ ------------ ------------ 
                                           73,782       26,675       30,638 
Long-term liabilities                                                       
Long-term debt                            112,133       80,937       18,952 
                                     ------------ ------------ ------------ 
Total Liabilities                         185,915      107,612       49,590 
                                     ------------ ------------ ------------ 
Shareholders' equity                                                        
Share capital                             327,234      310,296      253,765 
Share option reserve                       11,500       10,338        8,585 
Accumulated deficit                        (9,741)      (4,325)      (4,496)
Foreign currency translation reserve      (12,963)      (8,596)     (12,996)
                                     ------------ ------------ ------------ 
Total Shareholders' Equity                316,030      307,713      244,858 
                                     ------------ ------------ ------------ 
Total Liabilities and Shareholders'                                         
 Equity                                   501,945      415,325      294,448 
                                     ------------ ------------ ------------ 
                                     ------------ ------------ ------------ 
Xtreme Drilling and Coil Services Corp.                                     
Formerly known as Xtreme Coil Drilling Corp.                                
Condensed Consolidated Statements of Income                                 
For the three and nine months ended September 30, 2012 and 2011             
(in thousands of Canadian dollars, except share and per share data)         
                               Three months ended         Nine months ended 
                        Sep 30, 2012 Sep 30, 2011 Sep 30, 2012 Sep 30, 2011 
Revenue                       47,658       25,299      123,774       72,737 
Operating expenses            35,869       17,927       91,809       50,430 
General and                                                                 
 administrative expenses       1,530        1,857        7,002        7,027 
Impairment of accounts                                                      
 receivable                    6,235            -        6,235            - 
Depreciation of property                                                    
 and equipment                 6,539        2,910       17,000        8,337 
Amortization of                                                             
 intangibles                      76           75          228          227 
Stock-based compensation         138          466        1,159        1,548 
Foreign exchange (gain)                                                     
 loss                         (3,104)       3,231       (2,727)       2,943 
Loss (gain) on sale of                                                      
 equipment                       135           (4)         143          (53)
Loss on damage of                                                           
 equipment                       538            -          538            - 
Other expenses                    34            -          103            - 
Interest expense               2,513          518        5,511        1,527 
(Loss) income before tax                                                    
 for the period               (2,845)      (1,681)      (3,227)         751 
Tax expense (recovery)                                                      
Current                          569          416        1,952          585 
Deferred                         330       (1,437)         237       (1,097)
Total tax expense                                                           
 (recovery)                      899       (1,021)       2,189         (512)
Net (loss) income for                                                       
 the period                   (3,744)        (660)      (5,416)       1,263 
Net (loss) income per                                                       
 common share                                                               
- basic                        (0.06)       (0.01)       (0.08)        0.02 
- diluted                      (0.06)       (0.01)       (0.08)        0.02 
Weighted average number                                                     
 of common shares                                                           
- basic                   66,114,690   65,589,407   65,867,322   58,750,250 
- diluted                 66,114,690   66,223,356   65,984,904   59,710,081 
Xtreme Drilling and Coil Services Corp.                                     
Formerly known as Xtreme Coil Drilling Corp.                                
Condensed Consolidated Statements of Comprehensive Income (Loss)            
For the three and nine months ended September 30, 2012 and 2011             
(in thousands of Canadian dollars)                                          
                              Three months ended           Nine months ended
                      Sep 30, 2012  Sep 30, 2011  Sep 30, 2012  Sep 30, 2011
Net (loss) income for                                                       
 the period                 (3,744)         (660)       (5,416)        1,263
Other comprehensive                                                         
 (loss) income                                                              
Unrealized (loss) gain                                                      
 on translating                                                             
 financial statements                                                       
 of foreign operations      (6,710)       19,793        (4,367)       12,972
Comprehensive (loss)                                                        
 income for the period     (10,454)       19,133        (9,783)       14,235

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