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.
About Geothermal Drilling
Geothermal energy revolves around the study of harnessing of
constant heat energy found just hundreds of meters below the
earth's crust. Harvesting this heating or cooling energy requires a
system which involves a loop, a geothermal heat pump, drilling of
the wells, and a distribution system. For larger residential or
commercial buildings, a passive geothermal system can mediate
temperature and create significant electrical savings. For more
information on geothermal systems please refer to our
website. The geothermal (passive and active) energy industry
was valued at over $34 billion in
2016 and set to grow to over $57
billion per annum by 2024. 3
About Energold Drilling Corp.
Energold Drilling Corp. is a leading global specialty drilling
company that services the mining, energy, infrastructure,
geothermal, water and manufacturing sectors in 25 countries.
Specializing in a socially and environmentally sensitive approach
to drilling, Energold provides a comprehensive range of drilling
services from early stage exploration to onsite operations as well
as manufacturing.
References:
1
https://www.capp.ca/canadian-oil-and-natural-gas/canadas-petroleum-resources
2
https://www.aer.ca/providing-information/data-and-reports/statistical-reports/executive-summary
3
https://globenewswire.com/news-release/2017/07/10/1041891/0/en/Geothermal-Energy-Market-worth-over-57-billion-by-2024-Global-Market-Insights-Inc.html
On behalf of the Directors of Energold Drilling Corp.,
"Frederick W. Davidson"
Frederick W. Davidson
President, CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements: Some statements in this news
release contain forward-looking information. These statements
include, but are not limited to, statements with respect to
proposed activities, work programs and future expenditures. These
statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such factors
include, among others, the effects of general economic conditions,
a reduction in the demand for the Company's drilling services, the
price of commodities, changing foreign exchange rates, actions by
government authorities, the failure to find economically viable
acquisition targets, title matters, environmental matters, reliance
on key personnel, the ability for operational and other reasons to
complete proposed activities and work programs, the need for
additional financing and the timing and amount of expenditures.
Energold Drilling Corp. does not assume the obligation to update
any forward-looking statement.
SOURCE Energold Drilling Group