CALGARY, May 21, 2019 /CNW/ - Matrrix Energy Technologies
Inc. ("Matrrix") is pleased to announce that its wholly owned
subsidiary, Stampede Drilling (US) Inc., has entered into a
management and administrative services agreement (the "Services
Agreement") with a private U.S. based drilling company (the
"Drilling Company") to operate 17 drilling rigs in the Permian
basin of the United States.
In addition to providing recovery of overhead costs, management
believes the Services Agreement will provide it with first-hand
exposure to activity in the Permian basin and assist management in
the development and implementation of Matrrix's US drilling
business growth strategy. Matrrix's mandate under the Services
Agreement includes the expansion of the Drilling Company's current
geographical footprint as well as the provision of experienced
crews and operational performance. Matrrix will rely on its
team's experience in managing large geographically dispersed
drilling operations in providing the services.
The term of the Services Agreement is for a minimum of six
months and a maximum of 18 months, subject to extension of the term
by mutual agreement of the parties. After six months either party
can cancel the agreement on 30 days notice.
FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute
forward-looking statements or forward-looking information
(collectively, "forward-looking information"). Forward-looking
information relates to future events or the Corporation's future
performance. All information other than statements of historical
fact is forward-looking information. The use of any of the words
"anticipate", "plan", "contemplate", "continue", "estimate",
"expect", "intend", "propose", "might", "may", "will", "could",
"believe", "predict", and "forecast" are intended to identify
forward-looking information.
This press release contains forward-looking information
pertaining to, among other things: the benefits of the Services
Agreement to Matrrix and its growth strategy and the Matrrix team's
experience.
This forward-looking information involves material assumptions
and known and unknown risks and uncertainties, certain of which are
beyond Matrrix's control. Actual results, performance or
achievements could differ materially from those expressed in, or
implied by, this forward-looking information and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits Matrrix will derive therefrom.
Statements, including forward-looking information, are made as
of the date of this press release and the Corporation does not
undertake any obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement.
Neither the 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.
SOURCE MATRRIX Energy Technologies Inc.