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Xtreme Builds-Up Debt Capacity To Finance Rigs

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July 17, 2012

Xtreme (TSX:XDC) has finalized an additional $10 million loan with HSBC Canada. The loan along with the existing facility increases the debt capacity of the company to $160 million. The additional financing will be used for general corporate purposes as well as to complete the remaining two XDR 500 drilling rigs that are in process and scheduled to deploy on three year term contracts in August and October.

At this time the company does not anticipate going forward with the previously announced debt instrument. After exploring the market, management determined ...

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