Trading Symbol: "EGD: TSX.V"
VANCOUVER, March 21, 2018 /CNW/ - Energold Drilling Corp. (EGD: TSX.V) ("Energold" or "the Company" or "Energold Group"), a leading worldwide drilling operator and manufacturer, is pleased to announced that it has recently been awarded more than $10 million in new green drilling contracts in the United States.
Following up on the Company's announcement earlier this month, the Company is expecting higher than budgeted amounts of drilling work in certain markets throughout 2018. The recovery in the mineral, oil and gas and green drilling markets has helped contribute to a diverse revenue base with higher equipment utilization and improving margins. Over the last several years, the Company has sought to increase utilization of certain equipment that had been more seasonal in nature. In doing so, management has built a "second season" for its winter-focused oil and gas rigs in the green drilling market.
"The green drilling space is something our group has worked on for some time. Typically, these projects involve best-in-class partners in the infrastructure and government procurement arenas. As well, Energold now has opportunities for expanded projects and potential for longer-term green energy contracts moving forward. We are especially pleased to offer these drilling solutions to our clients in the United States with new technologies and our highly skilled labour force." said Fred Davidson, President & CEO, Energold Drilling Corp.
About Energold Drilling Corp.
Energold Drilling Corp. is a leading global specialty drilling company that services the mining, energy, infrastructure, geothermal, water and manufacturing sectors in 25 countries. Specializing in a socially and environmentally sensitive approach to drilling, Energold provides a comprehensive range of drilling services from early stage exploration to onsite operations as well as manufacturing.
On behalf of the Directors of Energold Drilling Corp.,
"Frederick W. Davidson"
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.
Forward-Looking and Cautionary Statements
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to proposed activities, work programs and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the effects of general economic conditions, a reduction in the demand for the Company's drilling services, the price of commodities, changing foreign exchange rates, actions by government authorities, the failure to find economically viable acquisition targets, title matters, environmental matters, reliance on key personnel, the ability for operational and other reasons to complete proposed activities and work programs, the need for additional financing and the timing and amount of expenditures. Energold Drilling Corp. does not assume the obligation to update any forward-looking statement.
SOURCE Energold Drilling Group
For further information: please contact: Steven Gold - Chief Financial Officer, (416) 275-4070 or via email at [email protected]; Or Jerry Huang - Director, Corporate Development & Investor Relations, (604) 681-9501 or via email at [email protected]; 1100 - 543 Granville St. Vancouver, BC V6C 1X8, www.energold.com, Telephone 604 681 9501, Facsimile 604 681 6813, [email protected]