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AKITA Drilling Ltd T.AKT.A

Alternate Symbol(s):  AKTAF | T.AKT.B

AKITA Drilling Ltd. provides contract drilling services, primarily to the oil and gas industry, in Canada and the United States. The Company is an oil and gas drilling contractor with a fleet of about 32 drilling rigs. Its United States fleet is supported out of its operations base in Midland, Texas and consists of 13 high specification AC triple rigs, one high specification AC double rig and one DC triple rig, all serving the Permian Basin. With a fleet of 17 rigs, its Canadian division operates in Alberta, British Columbia, Saskatchewan, and as market conditions dictate, the Yukon and the Northwest Territories. The Canadian division operates both wholly owned rigs and rigs. Its Canadian division primarily operates in the oil sands, heavy oil regions and in the Montney deep gas basin. In addition, the Canadian division plays a role in drilling potash and other energy transition targets, including carbon capture wells, hydrogen storage wells and geothermal wells.


TSX:AKT.A - Post by User

Comment by blindpigon May 16, 2024 3:32am
123 Views
Post# 36042678

RE:Annual meeting

RE:Annual meetingAkita has always been a well managed company that is why I made my first investment in it during the financial crisis. Yes 15 years ago. My only saving grace was buying piles of shares for $0.30 during Covid to get my cost average down to about break even today.  Even if they do marginally better in the 2nd half, as they likely will, it won't make much difference in the stock price. Maybe it'll get us to $1.70 range.  Akita is just too small and in an industry nobody cares about anymore.  The best way to improve shareholder returns is a merger with a like minded company.  I wouldn't be happy to see either Ensign or Precision Drilling get Akita, but there are others.  What really is a suprising is how few deals have been done in the service industry in Canada.  You'd think that there would have been a major consolidation of companies after the hell of the last 8 years.
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