Precision Drilling Corporation Announces the Acquisition of Canadian Based Directional Drilling Company
12 September 2011 - 12:00PM
Marketwired
Precision Drilling Corporation ("Precision") announced the closing
of the acquisition of Axis Energy Services Holdings Inc. ("Axis")
on Friday, September 9th. Axis provides directional drilling and
MWD services, primarily in Western Canada and has a 30 job
capacity. Axis was formed in 2006 and has approximately 70
employees.
"The Axis acquisition represents an important step in our
strategy to integrate directional drilling services with our High
Performance, High value drilling rigs", stated Kevin Neveu,
President and Chief Executive Officer of Precision. "We are
thrilled to welcome the Axis employees to the Precision family.
They are well known for their high quality service to their
customers and will enhance Precision's directional drilling
capabilities. The Axis acquisition, combined with our existing
directional drilling operations and equipment on order, is expected
to bring our total North American capacity to approximately 70 jobs
by the end of the year".
Cautionary Statement Regarding Forward-Looking Information and
Statements
Certain statements contained in this news release, including
statements that contain words such as "expect", "believe", and
similar expressions and statements relating to matters that are not
historical facts constitute "forward looking information" within
the meaning of applicable Canadian securities legislation and
"forward looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 (collectively, "forward looking
information and statements").
About Precision
Precision is a leading provider of safe and High Performance,
High Value services to the North American oil and gas industry.
Precision provides customers with access to an extensive fleet of
contract drilling rigs, service rigs, directional drilling
services, camps, snubbing units, water treatment units and rental
equipment backed by a comprehensive mix of technical support
services and skilled, experienced personnel.
Precision is headquartered in Calgary, Alberta, Canada.
Precision is listed on the Toronto Stock Exchange under the trading
symbol "PD" and on the New York Stock Exchange under the trading
symbol "PDS".
Contacts: Precision Drilling Corporation Carey Ford Vice
President, Finance and Investor Relations 403.716.4575 403.716.4755
(FAX) Precision Drilling Corporation 4200, 150 - 6th Avenue S.W.
Calgary, Alberta, Canada T2P 3Y7 www.precisiondrilling.com
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