Landdrill International Inc - Year-end Financial Results

MONCTON, NB, May 2 /CNW/ - Landdrill International Inc. (TSXV: LDI) ("Landdrill" or the"Company") has released results for the year-ended December 31, 2010.  The Company reports revenue of $34,677,000 which is an increase of $19,720,000 (132%) from 2009's comparable amount of $14,957,000.  A net loss of $216,000 was incurred in 2010, compared to the prior years' net loss of $4,487,000.

Ron Goguen Sr., the President and CEO of Landdrill said, "On an overall basis the 2010 year was a significant turnaround from 2009, however the final year-end results were disappointing as the fourth quarter margins were well below expectations and our historical average.  While disappointed with the fourth quarter margins, on a year to date basis the 2009 year resulted in overall gross margins of 26%, which is still in excess of many of our competitors.  The 2010 revenues exceeded the prior year on a quarter over quarter basis and we are seeing a continued increase in the demand for our services.  Our revenues for the first quarter of 2011 will establish a company high and when considering this demand and our extra capacity from the acquisition in Mexico and other organic drill additions - we believe that 2011 will produce significantly improved financial results."

For a more complete review of the Company's year-end results, copies of Landdrill's financial statements for the year ended December 31, 2010, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).

About Landdrill

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 in Canada, Mexico and Asia.  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 our future!

We offer customized drilling programs to meet your every need and we always look forward to our next challenge.

For detailed information on Landdrill International Inc., or to request a bid submission for your project, please visit our website at www.landdrill.com.

Forward-looking information

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:

Ronald Goguen
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961

Renmark Financial Communications Inc.
John Bodiman: jboidman@renmarkfinancial.com
Peter Mahzari: pmahzari@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com

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LANDDRILL INTERNATIONAL INC.

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