Landdrill provides Default Status Report, Announces the Appointment of Directors and Adjournment of Comeback Hearing

MONCTON, NB, Sept. 17, 2012 /CNW/ - Landdrill International Inc. (TSXV: LDI) (the "Company" or "Landdrill"),provides its bi-weekly Default Status Report under Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").  As announced previously, the filing of its interim financial statements for the period ending June 30, 2012 (the "Financial Statements") has been delayed for an indefinite period.  The purpose of the delay is to ensure that Management and external advisors are able to continue with the strategic review process.

Further, as previously announced, each of IIROC and the TSXV have indefinitely halted trading in the Company's shares.  Such trading halts remain in effect and are anticipated to remain in effect for the immediate future while the Company is engaged in the process under the Companies' Creditors Arrangement Act (Canada).

Until the Financial Statements are filed, the Company intends to continue to satisfy the provisions of the Alternative Information Guidelines specified by NP 12-203 by issuing bi-weekly Default Status Reports in the form of news releases. The Company intends to file, if required, its next Default Status Report on or about October 1, 2012.

Landdrill also announces the appointment of Jacques Monette and William MacDonald to its Board of Directors effective today.

As previously announced, the Comeback Hearing for Landdrill was scheduled for today. At the hearing this morning, the Comeback Hearing was adjourned until September 27, 2012 with the consent of the Company's senior secured creditors. The purpose of the delay is to permit Clarus Securities sufficient time to engage in the strategic sales process prior to the Comeback Hearing.

Other than noted above, there have not been any material changes to the information contained in the press releases or any failure by Landdrill to fulfill its stated intentions and there are no subsequent additional defaults or anticipated defaults. Further, there have been no additional material changes respecting Landdrill and its affairs.

Landdrill operations continue during this process.

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

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LANDDRILL INTERNATIONAL INC.

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