August 23, 2011 / 1:12 PM / in 7 years

REFILE-UPDATE 1-Xtreme Coil Drilling names new CFO

(Refiles to add dropped word in paragraph 1)

Aug 23 (Reuters) - Canada’s Xtreme Coil Drilling Corp named Matthew Porter as its new chief financial officer and said it will have most of its rigs on long-term contracts by the end of the year.

The company, which expects to have 18 of its 31 drilling and coiled tubing service rigs on long-term contracts by year-end, said Porter joins from a land drilling and well servicing company that was acquired in June 2011.

Porter takes over from Martin Ramirez, who was overseeing the company’s financial obligations on an interim basis after former CFO Dale Wilhelm resigned earlier this month.

Xtreme Coil, which makes and operates drill rigs across North America, also got a multi-year contract to construct and operate a new rig in North Dakota’s oil-rich Bakken resource play.

With the new rig, Xtreme Coil will have four rigs working in this region. The company said it currently has 12 rigs on long-term contracts.

The company’s shares closed at C$2.95 on Monday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Viraj Nair)

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