Xtreme Drilling and Coil Services announced the company finalized a new $150.0 million credit facility with a syndicate of banks led by Wells Fargo. The new arrangement is three years in term and includes the ability to increase the line to $175.0 million should the company need the additional capacity. It is anticipated that the 2014 capital budget will be funded entirely through operating cash flow; however, this facility will provide additional liquidity as required.

Xtreme also entered into a letter agreement for two XDR 300 drilling rigs on a multi-year drilling contract in an international market. Additional details will be disclosed upon final execution of the customer contract. The operation is expected to begin in the third quarter of 2014 and the modification expenses for the two rigs are included in the 2014 capital budget.

Xtreme Drilling and Coil Services Corp. designs, builds, and operates a fleet of high specification drilling rigs and coiled tubing well service units featuring leading-edge proprietary technology including AC high capacity coil injectors, deep re-entry drilling capability, modular transportation systems and continuous integration of in-house advances in methodologies.

Currently Xtreme operates two service lines: Drilling Services and Coil Services under contracts with oil and natural gas exploration and production companies and integrated oilfield service providers in Canada, the United States and Saudi Arabia.