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CanElson Drilling Announces Senior Management Change and Signs 5 Year Services Contract in Mexico

Jun 21 2013 12:00AM

Marketwire

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CALGARY, ALBERTA -- (Marketwired) -- 06/21/13 -- CanElson Drilling Inc. ("CanElson" or the "Company") (TSX: CDI) announced today a management addition and announces the execution of a 5 year services contract in Mexico.

Mr. Bill Kosich has joined CanElson as Chief Operating Officer to replace Mr. Ron Barmby who has resigned as Vice President and Chief Operating Officer to pursue exploration and production ("E&P") career opportunities. Bill began his career on the drilling rigs as a roughneck and after spending several years working on the rigs, he began a practical and technical oil and gas drilling career spanning more than 26 years working for several Canadian based industry leading E&P companies. Bill's leadership skills and extensive E&P based drilling experience will be a valuable asset to CanElson's long-term strategic plan.

We would like to take this opportunity to thank Mr. Barmby for his significant contributions during his service and wish him the best as he pursues new opportunities.

Mexico Contract

The Company is also pleased to announce that its Mexico Joint Venture, Diavaz CanElson de Mexico, S.A. de C.V. ("DCM") has signed a 5 year contract with its customer for drilling and services rigs in the Ebano block near Tampico, Mexico. The customer is a Grupo Diavaz joint venture that recently signed a 30 year production service agreement with PEMEX which contains a cost recovery for its drilling and completion expenditures, and a fee per barrel of oil produced. This is the same area where DCM has been drilling continuously for the same customer since late 2009. The number of drilling and service rigs required will be determined annually when the customer and PEMEX establish the annual work program for the following year. Currently, DCM has two drilling rigs and one service rig running in the Ebano block, including one of the recently refurbished drilling rigs and an existing subcontracted drilling rig.

About CanElson

The primary business of CanElson is operating land-based contract drilling rigs in Canada, the US and Mexico for oil and natural gas exploration and development companies. The Company also operates a compressed natural and raw gas transportation related services business through our wholly owned subsidiary, CanGas Solutions Inc.

More information on CanElson can be found on its website: www.canelsondrilling.com.



Contacts:
CanElson Drilling Inc.
Randy Hawkings
President and CEO
(403) 266-3922

CanElson Drilling Inc.
Robert Skilnick
Chief Financial Officer
(403) 266-3922
www.canelsondrilling.com





Source: Marketwire


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