CALGARY, ALBERTA--(Marketwire - Dec. 4, 2012) - Xt
Post# of 28539
Posted On: 12/04/2012 6:30:05 PM
CALGARY, ALBERTA--(Marketwire - Dec. 4, 2012) - Xtreme Drilling and Coil Services (TSX:XDC) has entered into a purchase and sale agreement to sell one of its new build ultra-deep XSR units. The purchasing company will operate the unit in a Middle East country outside of Xtreme's core operating area of Saudi Arabia. The sales price is $9.8 million which includes an XSR rig and ancillary equipment. The company anticipates closing the transaction on or before December 31. The primary use of proceeds will be to reduce corporate indebtedness.
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