CALGARY, Jan. 20 /CNW/ - Winalta Inc. ("Winalta" or the "Company") is
pleased to announce that it has signed an agreement with Nabors
Drilling, a division of Nabors Canada ("Nabors") to begin marketing and
operating all Nabors' non-contracted drilling camps. The three year
agreement became effective January 19, 2011 and includes an option to renew for an additional three years to be
mutually agreed on by both parties.
As part of the agreement, Winalta will provide camp marketing, contract
negotiation, billing, logistic and operational support, setup, and
mobilization and demobilization for Nabors' camps. Winalta and Nabors
will share in the camp rental profit generated from the drilling camps
as Winalta is successful in putting those camps to work.
With a current fleet of 10 drilling camps, Winalta was unable to meet
demand for drilling camps from its existing customers, for the 2010/11
winter drilling season. This agreement allows Winalta to meet the
growing demand for drilling camps by its current customers and gives
the Company an opportunity to expand its customer base.
"We are fully utilized for both Wellsites and camps this drilling
season, with a substantial amount of third party rental equipment
secured to meet current needs. We see this strategic agreement as an
ideal way to meet the demand we are experiencing for this summer and
next drilling season. We are proud to do business with a company as
reputable as Nabors and we see this as a truly mutually beneficial
arrangement," commented Artie T. Kos, Winalta Inc. President and CEO.
Winalta Inc., operating under the trade name, Winalta Oilfield Rentals,
is an oilfield service provider that specializes in portable industrial
rental accommodations, remote offices and Dedicated Geo Labs; servicing
the Western Canadian Oil and Gas Industry.
Nabors Industries Ltd. and its subsidiaries, including Nabors Canada,
comprise the world's largest provider of land and platform drilling
Neither 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.
Certain information set forth in this press release, including
management's assessment of the benefits of the agreement with Nabors
Drilling and future demand for Wellsite and camps in subsequent
drilling seasons, contains forward-looking statements. By their nature,
forward-looking statements are subject to numerous risks and
uncertainties, some of which, including market conditions, are beyond
our control. Readers are cautioned not to place undue reliance on the
forward-looking statements as the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and actual results, performance
or outcomes could materially differ from those expressed or implied in
such forward-looking statements and accordingly, no assurance can be
given that any of the events anticipated by forward-looking statements
will transpire or occur, or if any of them do so, what benefit Winalta
will derive there from. The Corporation does not assume the obligation
to revise or update this forward-looking information after the date of
this release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under applicable
SOURCE Winalta Inc.
For further information:
Austin Fraser, Senior Vice President
Phone: (780) 960-6900
Ron Ford, Vice President
Phone: (780) 960-6900