SERVICE SECTOR / ICE Drilling Enterprises Acquires Percussion
Drilling Services & Announces Chief Operating Officer
ICE DRILLING ENTERPRISES INC.
ASE SYMBOL: IDF
JANUARY 26, 1998
ICE Drilling Acquires Percussion Drilling Services Ltd.
CALGARY, ALBERTA--Mr. James Todd, President and Chief Executive
Officer is pleased to announce the acquisition of Percussion
Drilling Services Ltd. Percussion Drilling is a contract service
company providing percussion hammer services, foam drilling, and
engineering services to the oil industry.
Percussion hammer drilling operations use engineered, field proven
technology to dramatically increase drilling rate-of-penetration
and reduce costly deviation problems.
The president of Percussion Drilling, Mr. Matthew Swartout,
P.Eng., is joining ICE Drilling Enterprises Inc. as Executive
Vice-President and Chief Operating Officer effective immediately.
It is anticipated that Percussion will contribute $750,000 in net
income before taxes to ICE Drilling over the next twelve months
with expected ongoing growth.
The acquisition will be completed by share exchange with ICE
Drilling issuing 1,500,000 common shares from treasury and 500,000
common share warrants exercisable at $0.90 in exchange for all the
outstanding shares of Percussion Drilling Services Ltd. Effective
date for accounting purposes is January 1, 1998.
The acquisition of Percussion allows ICE to further serve our
customers by providing foaming agents, chemicals, and associated
engineering that will expand the existing service that consists of
surface control equipment and on-site nitrogen services.
The use of foam in Underbalanced Drilling operations reduces down
hole problems, increases rates-of-penetration, and lowers cost in
certain geological formations that are currently being drilled in
Western Canada.
ICE Drilling Enterprises Inc. is engaged in the operation and
development of specialized drilling systems for underbalanced
drilling operations.
ALSO
JANUARY 26, 1998
ICE Drilling Announces Appointment of Matthew K. Swartout
to the Position of Chief Operating Officer of ICE
Drilling Enterprises Inc.
CALGARY, ALBERTA--Mr. James Todd, President and Chief Executive
Officer is pleased to announce the appointment of Mr. Matthew K.
Swartout, P. Eng., to the position of Executive Vice-President and
Chief Operating Officer.
Mr. Swartout has an extensive petroleum engineering background in
areas of data acquisition, foam and air drilling, on-site
nitrogen generation, and technical field engineering services
relating to underbalanced drilling.
Mr. Swartout will assume responsibility for overseeing day-to-day
field operations, engineering services relating to UBD drilling
operations, equipment planning and procurement, and strategic
planning with respect to engineering services and equipment
innovation.
Mr. Swartout's extensive UBD drilling background and substantial
related industry connections will allow ICE Drilling to grow the
core business of UBD drilling services.
ICE Drilling Enterprises is engaged in the operation and
development of specialized drilling systems for underbalanced
drilling operations.
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