Akita Drilling Ltd. (TSX:AKT.A)

Industrial

Akita Drilling Ltd, founded in January 1993, provides drilling services on a contract basis across North America.

It provide drilling equipment, pad drilling, and custom designed drilling rigs to its customers in the United States and Canada. The drilling company claims to leverage its partnership and joint ventures with First Nations, Inuit, and Metis groups.

Previously, the company was owned by ATCO Drilling Ltd. In 2000, the drilling services firm re-established its operations in northern territories of Canada.

In 2018, Akita Drilling merged Xtreme Drilling Corp to and reportedly became a leading land drilling contractor in North America. In addition, it claims to focus on the growth through its joint venture partnerships.

The Canadian firm and its partners reportedly benefit from joint equity in rigs. In addition, it claims to provide several employment opportunities, training programs and support to the businesses.

As of 2021, First Nation, Inuit and Metis groups reportedly have an ownership interest in the Akita’s eight rigs. In each joint venture, the partners are reportedly entitled to an ownership interest of 5 to 50 per cent per rig.

The company’s joint ventures include:

• AKITA EQUTAK Drilling Ltd: It is a merger between Akita and Inuvialuit Development Corporation, established in 1983. Inuvialuit Development Corporation owns interests in three drilling rigs with Akita Drilling.

• AKITA KASKA Drilling: Under this merger between Akita and Kaska Drilling Ltd, established in 2001, Kaska presently holds no ownership interest in any rig operated by Akita. However, earlier it held ownership interest in one such rig.

• Akita Mistiyapew Aski Drilling Ltd: It is a equal joint venture partnership between Sauteau First Nations and the company. Established in 2018, the joint venture gives 10 per cent ownership interest to Sautea First Nations in the Rig 56 of Akita.

• AKITA Sahcho Drilling Ltd: AKITA Drilling entered a joint venture with ADK petroleum Ltd in 1998. Its offices are located in Fort Liard, North-Western Territory. Earlier, the partner had an ownership interest in one rig of Akita Drilling, but presently holds no claims.

• AKITA WOOD Buffalo drilling Ltd: The joint venture arrangement between Akita Drilling and various First Nation and Metis groups was signed in 2004. The shareholders own ownership interests in four rigs.

• AKITA SAHTU Drilling Ltd: Under this joint venture, Sahtu Oil Inc holds ownership interest in one rig.

Contact Information

company address 1000, 333 – 7th Ave SW Calgary, Alberta, T2P 2Z1

company phone403) 292-7979

company email[email protected]

company websitehttps://www.akita-drilling.com/

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