April 3, 2017 / 10:02 PM / 5 months ago

BRIEF-Xtreme Drilling announces additional strategic initiatives

April 3 (Reuters) - Xtreme Drilling Corp -

* Announces additional strategic initiatives to deliver value to shareholders and increase competitiveness in us resource plays

* Intention to explore strategic options with respect to eight shallower capacity AC electric XDR 200 and 300 drilling rigs

* By end of 2017 xtreme will have 13 rigs that fit this category, ten XDR 500 and three 850XE rigs

* Commencement of substantial issuer bid to purchase Xtreme common shares

* Intends to undertake substantial issuer bid to purchase up to aggregate of $25 million in xtreme shares through a Dutch auction tender process

* Board of directors has appointed an independent committee of directors to set price and details around proposed issuer bid

* Company will continue to operate existing three rig XDR 200 operation in Canada while strategic options are evaluated

* Xtreme Drilling Corp - "Company is reviewing international opportunities to deploy rigs alongside potential for an outright sale"

* Xtreme anticipates an additional rig to be contracted in q2 for a q4 2017 delivery Source text for Eikon: Further company coverage:

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