New Oil Sands Drilling System Unveiled
Lexington Energy Services Inc. (OTCBB: LXES)
Small and Fast Unit Ideal for Oil Sands Exploration
CALGARY, Jan. 3 /PRNewswire-FirstCall/ – Lexcore Services Inc. concluded the fabrication of its exciting new oil sands coring system with the drilling of a test hole at its Calgary facility on December 28th.
“We can’t wait to get these rigs out into the field so they can strut their stuff,” said Lexcore President Brent Nimeck. “In the mean time, we couldn’t be happier with how our drilling rig performs. I’m confident people will be impressed.”
Designed in close consultation with industry leaders, Lexcore’s drilling/coring system is ideally suited for the exploration coring required for the massive amount of land poised for development in Alberta’s oil sands.
Stretching over an area the size of the state of Florida, Alberta’s oil sands have yet to produce even 3 per cent of their reserves and, even after the incredible scale of recent investment, only one quarter of its area is even under development.
“The demand for equipment to explore the vast oil sands is incredible and we believe the prospects for future growth are robust,” Mr. Nimeck said.
Lexcore’s advanced drilling/coring system is both dramatically smaller and faster than conventional rigs and is set apart from the crowd by utilizing a true top-drive, offering twice the drilling RPM to dramatically increase the rate of penetration.
Despite being produced for a fraction of the cost of conventional drilling rigs, Lexcore’s system can be manufactured in months, as opposed to the years it currently takes to build a traditional drilling rig in North America’s overheating oil industry.
Lexcore Services Inc. is a wholly owned subsidiary of Lexington Energy Services Inc. and its first two drilling/coring systems are currently under contract for 69 wells with Laricina Energy in the Athabasca oil sands.
CONTACT: Mark Procknow, Corporate Communications, Lexington Energy Services Inc., Calgary, AB, (403) 279-4550
Source: Lexington Energy Services Inc.
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