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Matrrix Announces US Management and Administrative Services Agreement
Matrrix Announces US Management and Administrative Services Agreement Canada NewsW...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\n\n\nMatrrix Announces US Management and Administrative Services Agreement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 21, 2019\n\n\n\nCALGARY, 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.\nIn 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. \nThe 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.\nFORWARD-LOOKING INFORMATION\nCertain 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.\nThis pre...