Energold Drilling Corp EGDFF

Metals & Mining Industrial Metals & Minerals

Energold Drilling Corp provides drilling services. The company's reportable segments are Minerals, Energy, and Manufacturing. Minerals segment provides drilling services in the minerals industry for parties principally in North America, Mexico, the Caribbean, Central America, South America, Africa and Europe. Energy segment provides drilling and other services to the energy sector in Canada, the U.S. and South America, and Manufacturing segment is engaged in designing, and manufacturing of equipment for water well, mineral exploration and geotechnical drilling companies. It generates a majority of its revenue from the Minerals segment.

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Energold Drilling Corp

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Post by jdunlopon Feb 05, 2019 7:42pm

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Post# 29323572

New contracts

Energold Announces New Contracts for $21 Million Combined - Oil/Gas and Green Energy Divisions

NEWS PROVIDED BY

Energold Drilling Group

Feb 05, 2019, 16:30 ET

Trading Symbols: "EGD:TSX.V | EGDFF:US"

VANCOUVER, Feb. 5, 2019 /CNW/ - Energold Drilling Corp. (EGD: TSX.V / EGDFF: US) ("Energold" or "the Company" or "Energold Group") is pleased to announce it has been awarded contracts for $14 million in the Canadian oil sands in 2019 and a further $7.0 million in sustainable energy programs in the United States.

The mineral sands drilling programs for the 2018/2019 winter season conducted by Energold's Canadian subsidiary, Bertram Drilling Corp. is working on a backlog of contracts from two major oil sands clients valued at over $14 million CAD. This represents a 75% increase over the 2017/2018 season and a continuation of an upward trajectory from 2016 lows. Comparatively at full capacity the oil sands division generated over $30 million CAD in revenues in 2012.

Traditionally, oil sands activity in Canada primarily occurs between November and work wraps up by April. Management's efforts to diversify the energy drill fleet have been successful in adding a second season in both hydro carbons and sustainable energy across North America. Sustainable drilling activity by Q3 2018 reached 217,800 meters compared to 94,000 meters in 2017, representing a 231% increase year over year.

Bertram Drilling Inc., Energold's US subsidiary, the group's leader in ground loop geothermal programs now has 5 rigs in the field working on a total of approximately $7 million in confirmed projects. This is a dramatic increase over the first quarter in 2018 where only one rig was committed. The Company believes this is indicative of the growing revolution in sustainable energy in the United States, and tentatively looks to a fully committed geo-thermal fleet for the balance of the year.

About Oil Sands Canada

Canada has the third-largest oil reserves in the world. With 170 billion barrels of oil that can be recovered economically with today's technology, 164 billion barrels, or 96 per cent of Canada's oil reserves are located in the oil sands.1 Oil sands mining have been conducted for almost five decades. Oil sands are recovered using two main methods: drilling (in situ) and mining. The method used depends on how deep the reserves are deposited. Despite lower energy prices, 2018 oil sands expenditures totaled $12.6 billion with forecasts relatively flat until 20212. Energold's energy division (Bertram Drilling Corp.) has been servicing the oil sands since 1962 and holds an industry leading record of safety and performance.