CALGARY, Feb. 15, 2018 /CNW/ - Ensign Energy Services Inc. ("Ensign" or "the Company") is pleased to announce that on January 9, 2018, Ensign successfully drilled Canada's longest land-based well, to-date, with a measured depth of 7,770m. The well was drilled, in partnership with Shell Canada, in Fox Creek, Alberta, by an Ensign ADR 1500S super spec rig. Despite the well's record depth, the time from spud to rig-release was less than fourteen days.
This well marks the first well drilled by this rig after the deployment of Ensign's Edge Controls, a drilling performance technology system that optimizes rate of penetration, reduces downhole vibration and improves the smoothness of the curve. Ensign has seen similar performance gains from the Edge Controls system in other regions.
The results achieved reflect the incremental value that Ensign's best-in-class technology, equipment and processes can bring to a customer's well program. The Ensign Edge Controls technology system is proving to be an excellent addition to the Company's service portfolio, providing a strong competitive advantage in today's marketplace by maximizing performance and decreasing down-time.
Cautionary Statements on Forward-looking Information
Certain statements in this news release constitute forward-looking statements or information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements generally can be identified by the words "believe", "anticipate", "expect", "plan", "estimate", "target", "continue", "could", "intend", "may", "potential", "predict", "should", "will", "objective", "project", "forecast", "goal", "guidance", "outlook", "effort", "seeks", "schedule" or expressions of a similar nature suggesting future outcome or statements regarding an outlook.
In particular, forward looking statements include, but are not limited to, our planned capital expenditures for 2018, including the expected allocations of capital under our 2018 plan; anticipated activity levels in 2018 and our scheduled infrastructure projects; and our expected total capital expenditures for 2017.
The forward-looking statements are based on current expectations, estimates and projections about us and the industries in which we operate, which speak only as of the date hereof. They are subject to certain assumptions and analyses made by Ensign based upon our experience and our perception of current conditions, trends, expected future developments, known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and other factors we believe are appropriate under the circumstances.
Such assumptions and risk factors relate to and include, among others: general economic and business conditions which will, among other things, impact demand for and market prices of our services and the ability of our customers to pay accounts receivable balances; volatility of and assumptions regarding crude oil and natural gas commodity prices; fluctuations in currency and interest rates; economic conditions in the countries and regions in which we conduct business; political uncertainty and civil unrest; our ability to implement our business strategy; impact of competition; our defence of lawsuits; availability and cost of labour and other equipment, supplies and services; our ability to complete our capital programs; operating hazards and other difficulties inherent in the operation of our oilfield services equipment; availability and cost of financing and insurance; timing and success of integrating the business and operations of acquired companies; actions by governmental authorities; government regulations and the expenditures required to comply with them (including safety and environmental laws and regulations and the impact of climate change initiatives on capital and operating costs); the adequacy of our provision for taxes; and other circumstances affecting our business, revenues and expenses.
For additional information, refer to Ensign's Annual Information Form for the year ended December 31, 2016, available on SEDAR at www.sedar.com. Readers are cautioned that the list of important factors contained herein are not exhaustive. Unpredictable or unknown factors could also have material adverse effects on forward-looking statements. Ensign undertakes no obligation to update publicly or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law.
Ensign is a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. We are one of the world's top land-based drilling and well servicing contractors serving crude oil, natural gas and geothermal operators. Our premium services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services. Please visit our website at www.ensignenergy.com.
Ensign's Common Shares are publicly traded though the facilities of the Toronto Stock Exchange under the trading symbol ESI.
SOURCE Ensign Energy Services Inc.
For further information: Ensign Energy Services Inc., 400 - 5th Avenue S.W., Suite 1000, Calgary, Alberta, T2P 0L6, Canada, Michael Gray, Chief Financial Officer, (403) 262-1361