CALGARY, March 21, 2012 /CNW/ - (TSX:AKT.A) (TSX:AKT.B) - AKITA Drilling Ltd. ("AKITA") announced today that it has been awarded a four year contract with a major independent operator for the provision of a new pad drilling rig ("Rig #25") in the Wood Buffalo Region of Alberta. Rig #25, which is scheduled to become available for use by spring of 2013, will be in addition to a pad rig that AKITA constructed in 2007 and continues to operate for the same customer. Rig #25's estimated cost is $18 Million. Construction of the rig will occur in Nisku and will be managed using AKITA's personnel and infrastructure. At the completion of construction, Rig #25 will be operated through its Joint Venture, Akita Wood Buffalo Drilling.
AKITA is an Alberta corporation engaged in the contract drilling business in Western Canada and is listed on the Toronto Stock Exchange under the symbols AKT.A and AKT.B.
For further information:
please contact Murray Roth, Vice-President, Finance and Chief Financial Officer, (403) 292-7950.