CALGARY, July 30, 2013 /CNW/ - AKITA Drilling Ltd. announced today that
it has entered into a multi-year contract with a senior multinational
oil and gas producer to construct a new ultra-deep capacity pad rig and
provide drilling services in Western Canada. Construction of the rig
will begin immediately at a planned cost of approximately twice the
amount of recent new pad rigs built by AKITA for oil sands projects.
Once completed, the rig is scheduled to become available for use by the
second half of 2014.
AKITA is an Alberta corporation engaged in the contract drilling
business in Western Canada and the North and is listed on the Toronto
Stock Exchange under the symbol AKT.
Forward-Looking Information: Certain statements contained in this news
release may constitute forward-looking information. Forward-looking
information is often, but not always, identified by the use of words
such as "anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions. Forward-looking
information involves known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking information. The Company
believes that the expectations reflected in the forward-looking
information are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking
information should not be unduly relied upon. In particular, there can
be no assurance that a transaction will be completed. Any
forward-looking information contained in this news release represents
the Company's expectations as of the date hereof, and is subject to
change after such date. The Company disclaims any intention or
obligation to update or revise any forward-looking information whether
as a result of new information, future events or otherwise, except as
required by applicable securities legislation.
SOURCE: AKITA Drilling Ltd.
For further information:
Vice-President, Finance and Chief Financial Officer
Web site: http://www.akita-drilling.com