Newspaper article The Canadian Press

Akita Drilling Buying U.S.-Focused Xtreme Drilling in $209-Million Deal

Newspaper article The Canadian Press

Akita Drilling Buying U.S.-Focused Xtreme Drilling in $209-Million Deal

Article excerpt

Akita Drilling buying U.S.-focused rival

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CALGARY - Akita Drilling Ltd. is buying U.S.-focused rival Xtreme Drilling Corp. in a $209-million cash-and-shares deal designed to gain greater access to the more active U.S. oil and gas exploration market.

The Calgary-based companies say the resulting medium-sized drilling firm will have a total of 44 rigs in major resource basins in Canada and the United States.

Akita, which has been focused on drilling in Western and Northern Canada, announced in January it would make its initial entry into the U.S. market by moving a rig from Canada to Texas to take advantage of greater demand from oil and gas producers there.

It now has two of its 28 rigs in the U.S. All 16 of Xtreme's rigs are working south of the border.

Xtreme shareholders are to receive 0. …

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