AKITA Announces Construction of New Rig and Multi-Year Drilling Contract

T.AKT.A, T.AKT.B

CALGARY, July 30, 2013 /CNW/ - AKITA Drilling Ltd. announced today that it has entered into a multi-year contract with a senior multinational oil and gas producer to construct a new ultra-deep capacity pad rig and provide drilling services in Western Canada.  Construction of the rig will begin immediately at a planned cost of approximately twice the amount of recent new pad rigs built by AKITA for oil sands projects.  Once completed, the rig is scheduled to become available for use by the second half of 2014.

AKITA is an Alberta corporation engaged in the contract drilling business in Western Canada and the North and is listed on the Toronto Stock Exchange under the symbol AKT.

Forward-Looking Information: Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. In particular, there can be no assurance that a transaction will be completed. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.


SOURCE: AKITA Drilling Ltd.

Murray Roth
Vice-President, Finance and Chief Financial Officer
(403) 292-7950
Web site: http://www.akita-drilling.com

Copyright CNW Group 2013

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