STAMPEDE DRILLING INC. ANNOUNCES UPFRONT CAPITAL FUNDING AND RIG MOBILIZATION FOR GREENLAND OPERATIONS

About this update from Stampede Drilling Inc.

CALGARY, AB, June 30, 2026 /CNW/ - Stampede Drilling Inc. ("Stampede" or the "Corporation") (TSXV: SDI) is pleased to announce that it has received upfront capital from its customer, Greenland Energy Company (NASDAQ: GLND) ("Greenland Energy"), in support of its drilling program in East Greenland's Jameson Land Basin. The funding will be applied to capital upgrades to Stampede's rig in preparation for Arctic operations under the Corporation's 5-year term contract. The upfront capital will fund modifications and enhancements required to ready the rig for the Arctic environment and drilling conditions. As a result of the funds received, the net capital required from Stampede to complete the upgrade is not expected to be material. Stampede plans to mobilize the rig from Nisku, Alberta, in the third quarter of 2026. Prior to the rig departing Nisku, demobilization funds will be held in escrow on terms agreed upon by both parties, providing the Corporation with financial assurance for the demobilization and return of the rig to Nisku. The Greenland project continues to advance as planned, under which plans call for initially drilling up to two exploration wells in the Jameson Land Basin. Stampede notes that the drilling contract with Greenland Energy is conditional upon final Greenlandic Government approval. "We are very excited about this opportunity and the continued support of our customer," said Lyle Whitmarsh, President and Chief Executive Officer of Stampede. "Receiving capital upfront on a program of this scale is a significant accomplishment, and one that is rarely seen in today's market. It reflects the confidence and commitment Greenland Energy has in Stampede's ability to deliver, and we remain optimistic about the opportunities this frontier program represents for the Corporation and its shareholders." The Corporation believes the arrangement underscores the strength of its relationship with Greenland Energy and reflects Stampede's reputation for safety, efficiency, and operational performance in demanding environments. About Stampede Drilling Inc. Stampede Drilling Inc. (TSXV: SDI) is an energy services company based in Calgary, Alberta, providing premier contract drilling services with a fleet of high-quality rigs and experienced field staff. Focused on safety, efficiency, and value, Stampede serves the oil and natural gas industry in Western Can...

View stock analysis, news, and events for Stampede Drilling Inc.