CALGARY, Jan. 19, 2018 /CNW/ - MATRRIX Energy Technologies Inc. ("MATRRIX" or the "Corporation") (TSXV: MXX) is pleased to announce that it has successfully completed its previously announced acquisition (the "Acquisition") of D2 Drilling Inc.
As a result of the closing of the Acquisition, MATRRIX has issued a total of 6,666,660 common shares, and there are now 129,744,940 MATTRIX common shares issued and outstanding.
MATRRIX is also pleased to announce that it has closed its previously announced acquisition of drilling rig components from Derek Simpson.
The Corporation commenced operations in 2011 as a pure play horizontal and directional competitor in Western Canada. MATRRIX grew its concurrent capacity of horizontal and directional drilling systems ("Systems") organically with the acquisition and assembly of 25 Systems as at the date of this press release.
MATRRIX has developed and implemented a proprietary software platform called D2ROXTM (pronounced DEE-ROCKS) enabling the Corporation and its oil and gas clients to drive predictable, repeatable, cost effective, safe drilling operations at the rig site for the Corporation's horizontal and directional drilling business.
In 2017, MATRRIX embarked on a strategy to expand into the land based contract drilling business. Consistent with that strategy, MATRRIX purchased 6 drilling rigs in 2 separate transactions in late 2017. With the closing of the Acquisition, Stampede has a fleet of 7 modern telescopic double drilling rigs serving clients in the S.E. Saskatchewan market. All rigs were purchased for between $2.0 and $3.0 million dollars each, consistent with the Corporation's strategy of responsible allocation of capital, with the stated intent of delivering industry leading returns.
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 MATRRIX Energy Technologies Inc.
For further information: Richard Ryan, President & Chief Executive Officer, MATRRIX Energy Technologies Inc., Tel: (403) 984-5062