CALGARY, Jan. 19, 2018 /CNW/ - MATRRIX Energy
Technologies Inc. ("MATRRIX" or the "Corporation") (TSXV: MXX) is
pleased to announce that it has successfully completed its
previously announced acquisition (the "Acquisition") of D2 Drilling
Inc.
As a result of the closing of the Acquisition, MATRRIX has
issued a total of 6,666,660 common shares, and there are now
129,744,940 MATTRIX common shares issued and outstanding.
MATRRIX is also pleased to announce that it has closed its
previously announced acquisition of drilling rig components from
Derek Simpson.
About MATRRIX
The Corporation commenced operations in 2011 as a pure play
horizontal and directional competitor in Western Canada. MATRRIX grew its concurrent
capacity of horizontal and directional drilling systems ("Systems")
organically with the acquisition and assembly of 25 Systems as at
the date of this press release.
MATRRIX has developed and implemented a proprietary software
platform called D2ROXTM (pronounced
DEE-ROCKS) enabling the Corporation and its oil and gas clients to
drive predictable, repeatable, cost effective, safe drilling
operations at the rig site for the Corporation's horizontal and
directional drilling business.
In 2017, MATRRIX embarked on a strategy to expand into the land
based contract drilling business. Consistent with that strategy,
MATRRIX purchased 6 drilling rigs in 2 separate transactions in
late 2017. With the closing of the Acquisition, Stampede has a
fleet of 7 modern telescopic double drilling rigs serving clients
in the S.E. Saskatchewan market.
All rigs were purchased for between $2.0 and $3.0 million
dollars each, consistent with the Corporation's strategy of
responsible allocation of capital, with the stated intent of
delivering industry leading returns.
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.