MONCTON, NB, April 1 /CNW/ - Landdrill International Inc. (TSX.V:LDI) ("Landdrill" or the "Company") is pleased to report that it has acquired the drilling assets and
operations of HD Drilling, s. de r.l. de c.v. and Inflight S. de r.l.
de c.v. (jointly referred to as "HD Drilling"), of Mazatlan, Sinaloa, Mexico.
HD Drilling owned and operated 9 drill rigs, being RC, diamond and
manned portable drills and during 2010 had just over $11,000,000 in
revenues. The cost of the acquisition was $5,300,000 and this was
partially funded with a short-term promissory note that management
intends to replace with a long-term financing arrangement. The Company
plans to merge HD Drilling's operations with their current Mexican
branch, bringing their combined drill fleet to 20 rigs.
Ron Goguen Sr., the President and CEO of Landdrill said, "I am very pleased to announce the purchase of HD Drilling. Mike Clarke
and Bart Forsyth have built a very reputable operation and these assets
will represent a significant addition to Landdrill's Mexican operation,
effectively doubling its current capacity and anticipated revenues for
For a review of the Company's results, copies of Landdrill's financial
statements along with the management discussion and analysis (MD&A) can
be found on SEDAR (www.sedar.com).
Landdrill is a growth oriented international drilling company with a
focus on the metals and minerals industry. The Company continues to
explore opportunities for growth in key markets, either through
establishment of new branch offices or through acquisitions as
opportunities arise. The Company now has 49 drills with full branch
operations in Canada, Mexico, Mongolia and Russia.
Landdrill is a forward looking company that has drilled all over the
world. Our people have drilled at altitudes over 15,000 feet and in temperatures
ranging from -50 degrees Celsius to +50 degrees Celsius.
We view all our customers as partners in every venture because we know that their success ensures
We offer customized drilling programs to meet your every need and we always look forward to our next
For detailed information on Landdrill International Inc., or to request
a bid submission for your project worldwide, please visit our website
This press release may contain forward-looking statements (within the
meaning of applicable securities laws) relating to business of
Landdrill International Inc. (the "Company") and the environment in which it operates. Forward-looking statements
are identified by words such as "believe", "anticipate", "expect",
"intend", "plan", "will", "may" and other similar expressions. These
statements are based on the Company's expectations, estimates,
forecasts and projections. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, including, without limitation that all terms of
the contracts will be fulfilled in their entirety, such statements are
not guarantees of future performance and actual results may differ
materially from those in forward looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include commodity prices, availability of
personnel, materials and equipment, actual performance of equipment and
processes relative to specifications and expectations, unanticipated
environmental impacts and continued availability of capital and
financing and general economic, market or business conditions. These
risks and uncertainties are discussed in the Company's regulatory
filings available at www.sedar.com.
There can be no assurance that forward-looking statements will prove to
be accurate as actual outcomes and results may differ materially from
those expressed in these forward-looking statements. Readers,
therefore, should not place undue reliance on any such forward-looking
statements. Further, a forward-looking statement speaks only as of the
date on which such statement is made. The Company undertakes no
obligation to publicly update any such statement or to reflect new
information or the occurrence of future events or circumstances, except
as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE LANDDRILL INTERNATIONAL INC.
For further information:
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961
Renmark Financial Communications Inc.
John Bodiman: firstname.lastname@example.org
Peter Mahzari: email@example.com
Tel.: (514) 939-3989 or (416) 644-2020