CALGARY,
AB, March 24, 2022 /CNW/ - Stampede Drilling
Inc. ("Stampede" or the "Corporation") (TSXV: SDI) announces today
its financial and operational results for the three months and year
ended December 31, 2021.
The following should be read in conjunction with the
Corporation's consolidated financial statements and the notes
thereto for the year ended December 31,
2021, related management's discussion and analysis and
annual information form, which are available on SEDAR at
www.sedar.com.
All amounts or dollar figures are denominated in thousands of
Canadian dollars except for per share amounts, number of drilling
rigs, and operating days, or unless otherwise noted.
Estimates and forward-looking information are based on
assumptions of future events and actual results may vary from these
estimates. See "Forward-Looking Information" in this press release
for additional details.
FINANCIAL SUMMARY
|
Three months
ended
December 31,
|
Twelve months
ended
December 31,
|
|
|
|
|
(000's CAD $ except
per share amounts)
|
2021
|
2020
|
%
Change
|
2021
|
2020
|
%
Change
|
2019
|
|
|
|
Revenue
|
9,180
|
2,515
|
265%
|
32,163
|
14,394
|
123%
|
23,697
|
|
|
|
Direct operating
expenses
|
6,011
|
1,496
|
302%
|
20,135
|
9,529
|
111%
|
15,500
|
|
|
|
Gross margin
(1)
|
3,169
|
1,019
|
211%
|
12,028
|
4,865
|
147%
|
8,197
|
|
|
|
Net income
(loss)
|
372
|
(2,386)
|
116%
|
2,852
|
(4,042)
|
171%
|
(1,247)
|
|
|
|
Basic income (loss) per
share
|
0.00
|
(0.01)
|
nm
|
0.02
|
(0.03)
|
nm
|
(0.01)
|
|
|
|
Diluted income (loss)
per share
|
0.00
|
(0.01)
|
nm
|
0.02
|
(0.03)
|
nm
|
(0.01)
|
|
|
|
Adjusted EBITDA
(1)
|
1,949
|
479
|
(307%)
|
8,361
|
2,377
|
252%
|
4,126
|
|
|
|
Weighted average common
shares outstanding
|
132,171
|
132,046
|
0%
|
132,171
|
132,046
|
0%
|
131,851
|
|
|
|
Weighted average
diluted common shares outstanding
|
144,972
|
132,046
|
10%
|
144,972
|
132,046
|
10%
|
131,851
|
|
|
|
Capital
expenditures
|
2,667
|
4
|
nm
|
4,086
|
709
|
476%
|
9,580
|
|
|
|
Average active rig
count
|
10
|
10
|
nm
|
10
|
10
|
nm
|
10
|
|
|
|
Drilling rig
utilization(2)
|
47%
|
12%
|
292%
|
44%
|
19%
|
132%
|
34%
|
|
|
|
CAOEC industry average
utilization(3)
|
29%
|
16%
|
81%
|
25%
|
16%
|
56%
|
22%
|
|
|
|
nm - not meaningful
(1) Refer to "Non-GAAP Measures" for further
information.
(2) Drilling rig utilization is calculated based on
operating days (spud to rig release)
(3) Source: The Canadian Association of Energy
Contractors ("CAOEC") monthly Contractor Summary. The CAOEC
industry average is based on Operating Days divided by total
available drilling days.
|
|
|
|
|
|
|
|
|
|
As at December
31,
|
|
|
|
(000's CAD
$)
|
2021
|
2020
|
%
Change
|
|
|
|
Current
assets
|
7,651
|
4,197
|
82%
|
|
|
|
Total assets
|
50,755
|
47,784
|
6%
|
|
|
|
Total current
liabilities
|
10,129
|
10,008
|
1%
|
|
|
|
Total non-current
liabilities
|
4,447
|
5,005
|
(11%)
|
|
|
|
Shareholders'
equity
|
36,179
|
32,771
|
10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DESCRIPTION OF STAMPEDE'S BUSINESS
Stampede is an energy services company that provides premier
contract drilling services in Western
Canada. Stampede operates a fleet of 10 telescopic double
drilling rigs suited for most formations within the WCSB. The
Corporation's head office is located in Calgary, Alberta with operations based out of
Nisku, Alberta and Estevan, Saskatchewan. The Corporation's
shares trade on the TSX Venture Exchange under the symbol
"SDI".
In 2021, Stampede operated in the provinces of Alberta, Saskatchewan and Manitoba.
2021 OPERATIONAL OVERVIEW
In 2021, Stampede recorded its highest ever annual adjusted
EBITDA of $8,361 and net income of
$2,852. These record numbers were
driven by revenue of $32,163, which
was an increase of 123% over 2020.
The turnaround in commodity prices that began in Q4 2020, and
continued through 2021, was driven by short–term production cuts by
Saudi Arabia and OPEC+ combined
with lower producer capital expenditures and a renewed optimism for
rising energy demand due to the successful roll-out of worldwide
COVID–19 vaccination programs.
While industry demand did recover slightly in 2021, Stampede's
utilization rate of 44% was 81% higher than the CAOEC industry
average utilization rate of 25% for the same corresponding period.
Stampede's superior utilization rates were a direct result of
continued successful expansion of its customer base.
The Corporation continued to maintain a strong focus on safety,
culture and performance. In addition to the usual industry
safety programs, Stampede proactively advanced new programs to
tackle the safety challenges associated with the COVID–19 pandemic
to ensure the health and safety of all its personnel. The
focus of the Corporation is safe, efficient and reliable operations
at each of its drilling sites and management is very pleased with
the results achieved to date.
OUTLOOK
Stampede's strong 2021 results continued into 2022, with all 10
of our marketable rigs being fully crewed and operational during
the first quarter, Stampede is anticipating that minimal
reactivation costs will offset expected inflationary increases in
operational costs. With crude hitting 7-year highs, producers
are seeing increased cash flows from their operations.
Stampede's 2022 outlook remains positive as our client's financial
positions continue to improve and the increasing forward curve for
commodities provides further confidence for capital expenditure
increases.
The Canadian market is tightening, and Stampede's customers are
looking to secure equipment and crews to ensure the success of
their 2022 capital programs. Availability of labour continues
to be a significant concern for all service providers, and we are
strongly focused on retaining existing staff and attracting new
talent.
As previously announced on January 4,
2022, Stampede entered into an agreement with a
well-established private Alberta
based company ("AlbertaCo") to combine Stampede's extensive
drilling operations experience with AlbertaCo's technology of
E-line coil tubing directional tools, tool deployment system,
integrated drilling control systems, pumping systems, automated
live wellbore modeling system, coil tubing injectors and reels.
Stampede believes the agreement will enhance the Corporation's
strategy in the provision of industry leading services for ESG
extraction of hydrocarbons from bypassed reserves, low pressure
reservoirs, and extend the reach of underbalanced short radius
wells using through-tubing re-entry drilling applications in the
future. Beta testing on the new underbalanced coil drilling rig and
related technology is expected to be completed by the end of the
second quarter in 2022.
The Corporation will continue to focus on maintaining financial
resiliency, in order to best position the Corporation for organic
and acquisition growth.
RESULTS FROM OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2021
|
Twelve months
ended
December 31,
|
|
(000's CAD $ except
operating days)
|
2021
|
2020
|
%
Change
|
|
Revenue
|
32,163
|
14,394
|
123%
|
|
Direct operating
expenses
|
20,135
|
9,529
|
111%
|
|
Gross margin
(1)
|
12,028
|
4,865
|
147%
|
|
Gross margin
%(1)
|
37%
|
34%
|
9%
|
|
Net income
(loss)
|
2,852
|
(4,042)
|
171%
|
|
General and
administrative expenses
|
4,503
|
3,101
|
45%
|
|
Adjusted EBITDA
(1)
|
8,361
|
2,377
|
252%
|
|
Drilling rig operating
days(2)
|
1,620
|
681
|
138%
|
|
Drilling rig revenue
per day(3)
|
19.8
|
21.1
|
(6%)
|
|
Drilling rig
utilization(4)
|
44%
|
19%
|
132%
|
|
CAOEC industry average
utilization(5)
|
25%
|
16%
|
56%
|
|
nm - not meaningful
(1) Refer to "Non-GAAP and Other Financial Measures" for
further information.
(2) Defined as contract drilling days, between spud to
rig release
(3) Drilling rig revenue per day is calculated by
revenue divided by drilling rig operating days
(4) Drilling rig utilization is calculated based on
operating days (spud to rig release)
(5) Source: The Canadian Association of Energy
Contractors ("CAOEC") monthly Contractor Summary.
|
- Revenue of $32,163 – an
increase of $17,769 (123%) as
compared to the corresponding 2020 period. The increase was
primarily due to increased customer activity levels, expansion of
the Corporation's customer base and related increased drilling
activity. Crude oil and liquids pricing reached historic lows in
the prior year comparative period, which resulted in production
shut-ins and minimal drilling activity. The Corporation had a total
of 1,620 operating days in 2021, an increase of 939 (138%) from 681
operating days in 2020. The Corporation's drilling rig utilization
for 2021 was 44%, which was a 132% increase from the corresponding
2020 period and 81% higher than the CAOEC industry average
utilization rate for 2021 of 25%. Revenue for the period was
partially offset due to lower revenue per day which was primarily
due to increased market pricing pressures earlier in the year as
compared to the corresponding 2020 period.
- Net income attributable to shareholders of $2,852 – an increase of $6,894 (171%) as compared to a net loss of
$4,042 in 2020. The higher net income
was primarily related to higher adjusted EBITDA for the year
described below and no further write down of assets in 2021.
- Adjusted EBITDA of $8,361
– an increase of $5,984 (252%) as
compared to $2,377 for the
corresponding 2020 period. The increase is primarily due to the
increase in drilling activity in 2021 as compared to 2020.
- Gross margin percentage of 37% - an increase of 11% as
compared to 34% for the corresponding 2020 period. The increase is
primarily due to the $2,056 (2020:
$451) of the Canada Emergency Wage Subsidy ("CEWS") funding
the Corporation qualified for during 2021 which was recorded
against cost of sales and partially offset by lower revenue per
day.
- General and administrative expenses of $4,503 – an increase of $1,402 (45%) compared to $3,101 for the corresponding 2020 period. The
increase is primarily related to the elimination of the
Corporation's 2020 salary roll backs for its employees and its
board of directors on April 1, 2021.
The Corporation also incurred increased overall administration
expenses due to the increased 2021 activity as compared to prior
year which included an increase in headcount. For the year ended
December 31, 2021, the Corporation
recorded $114 (2020 - $64) as a reduction of general and administrative
expenses related to the Canada
Emergency Rent Subsidy program.
RESULTS FROM OPERATIONS FOR THE THREE MONTH PERIOD ENDED
DECEMBER 31, 2021
|
Three months
ended
December 31,
|
|
(000's CAD $ except
per day amounts)
|
2021
|
2020
|
%
Change
|
|
Drilling rig
revenue
|
9,180
|
2,515
|
265%
|
|
Direct operating
expenses
|
6,011
|
1,496
|
302%
|
|
Gross margin
(1)
|
3,169
|
1,019
|
211%
|
|
Gross margin
%(1)
|
35%
|
41%
|
(15%)
|
|
Net income
(loss)
|
372
|
(2,386)
|
116%
|
|
General and
administrative expenses
|
1,488
|
653
|
128%
|
|
Adjusted EBITDA
(1)
|
1,949
|
479
|
(307%)
|
|
Drilling rig operating
days(2)
|
434
|
114
|
281%
|
|
Drilling rig revenue
per day(3)
|
21.2
|
22.0
|
(4%)
|
|
Drilling rig
utilization(4)
|
47%
|
12%
|
292%
|
|
CAOEC industry average
utilization(5)
|
29%
|
16%
|
81%
|
|
nm - not meaningful
(1) Refer to "Non-GAAP and Other Financial Measures" for
further information.
(2) Defined as contract drilling days, between spud to
rig release
(3) Drilling rig revenue per day is calculated by
revenue divided by drilling rig operating days
(4) Drilling rig utilization is calculated based on
operating days (spud to rig release)
(5) Source: The Canadian Association of Energy
Contractors ("CAOEC") monthly Contractor Summary.
|
- Revenue of $9,180 – an
increase of $6,665 (265%) as compared
to corresponding 2020 period. The increase was primarily due to
increased operating days and more customers drilling late December
in Q4 2021. The Corporation had a total of 434 operating days for
the three months ended December 31,
2021, an increase of 320 (281%) from 114 as compared to the
corresponding 2020 period. The Corporation's drilling rig
utilization for Q4 2021 was 47%, which was a 292% increase from the
corresponding 2020 period and 60% higher than the Q4 2021 CAOEC
industry average utilization rate of 29%.
- Net Income attributable to shareholders of $372 – an increase of $2,758 (116%) as compared to a net loss of
$2,386 for the corresponding 2020
period. The higher net income was primarily related to higher
adjusted EBITDA for the year described below and no further write
down of assets in 2021. The Corporation recorded a $720 write down of assets in Q4 2020.
- Adjusted EBITDA of $1,949
– an increase of $1,470 (307%) as
compared to $479 for the
corresponding 2020 period. The increase is primarily due to the
increase in drilling activity and corresponding operating days in
Q4 2021 as compared to 2020.
- Gross margin of 35% - a decrease of 6% as compared to
41% for the corresponding 2020 period. The increase is primarily
due to the cancellation of the CEWS program early in Q4 2021. The
Corporation recorded $55 as a
reduction in operating costs for the three months ended
December 2021 as compared to
$336 for the corresponding 2020
period.
- General and administrative expenses of $1,488 – an increase of $835 (128%) compared to $653 for the corresponding 2020 period. The
increase is primarily related to the elimination of the
Corporation's 2020 salary roll backs for its employees and its
board of directors on April 1, 2021,
and increased headcount. For the year ended December 31, 2021, the Corporation recorded
$9 (2020 - $129) as a reduction of general and
administrative expenses related to the Canada Emergency Rent Subsidy program.
- Revenue of $9,180 –
an increase of $6,665 (265%) as
compared to corresponding 2020 period. The increase was primarily
due to increased operating days and more customers drilling late
December in Q4 2021. The Corporation had a total of 434 operating
days for the three months ended December 31,
2021, an increase of 320 (281%) from 114 as compared to the
corresponding 2020 period. The Corporation's drilling rig
utilization for Q4 2021 was 47%, which was a 292% increase from the
corresponding 2020 period and 60% higher than the Q4 2021
CAOEC industry average utilization rate of 29%.
- Net Income attributable to shareholders of $372 – an increase of $2,758 (116%) as compared to a net loss of
$2,386 for the corresponding 2020
period. The higher net income was primarily related to higher
adjusted EBITDA for the year described below and no
further write down of assets in 2021. The Corporation recorded a
$720 write down of assets in Q4
2020.
- Adjusted EBITDA of $1,949
– an increase of $1,470 (307%)
as compared to $479 for the
corresponding 2020 period. The increase is primarily due to the
increase in drilling activity and corresponding operating days in
Q4 2021 as compared to 2020.
- Gross margin of 35% - a decrease of 6% as compared
to 41% for the corresponding 2020 period. The increase is primarily
due to the cancellation of the CEWS program early in
Q4 2021. The Corporation recorded $55
as a reduction in operating costs for the three months ended
December 2021 as compared to
$336 for the corresponding 2020
period.
- General and administrative expenses of $1,488 – an increase of $835 (128%) compared to $653 for the corresponding 2020 period. The
increase is primarily related to the elimination of the
Corporation's 2020 salary roll backs for its employees and its
board of directors on April 1, 2021,
and increased headcount. For the year ended
December 31, 2021, the Corporation
recorded $9 (2020 - $129) as a reduction of general and
administrative expenses related to the Canada Emergency Rent Subsidy
program.
NON-GAAP AND OTHER FINANCIAL MEASURES
This MD&A contains references to (i) Adjusted EBITDA, (ii)
Gross margin (iii) Gross margin percentage and Working capital
(excluding debt). These financial measures are not measures that
have any standardized meaning prescribed by IFRS and are therefore
referred to as non-GAAP (Generally Accepted Accounting Principles)
measures. The non-GAAP measures used by the Corporation may not be
comparable to similar measures used by other companies.
|
(i)
|
Adjusted
EBITDA - is defined as "income (loss) from
operations before interest income, interest expense, taxes,
transaction costs, depreciation and amortization, share-based
compensation expense, gains on asset disposals, impairment
expenses, other income, foreign exchange, non-recurring
restructuring charges, finance costs, accretion of debentures and
other income/expenses, and any other items that the Corporation
considers appropriate to adjust given the irregular nature and
relevance to comparable operations." Management believes that in
addition to net income (loss), Adjusted EBITDA is a useful
supplemental measure as it provides an indication of the results
generated by the Corporation's principal business activities prior
to consideration of how these activities are financed, how assets
are depreciated, amortized and impaired, the impact of foreign
exchange, or how the results are affected by the accounting
standards associated with the Corporation's stock-based
compensation plan. Investors should be cautioned, however, that
Adjusted EBITDA should not be construed as an alternative to net
income (loss) and comprehensive income (loss) determined in
accordance with IFRS as an indicator of the Corporation's
performance. The Corporation's method of calculating Adjusted
EBITDA may differ from that of other organizations and,
accordingly, its Adjusted EBITDA may not be comparable to that of
other companies.
|
|
|
The following table reconciles the Corporation's net income
(loss), being the most directly comparable financial measure
disclosed in the Corporation's Annual Financial Statements, to
adjusted EBITDA:
|
Three months
ended
December 31,
|
|
Twelve months
ended
December 31,
|
|
(000's CAD
$)
|
2021
|
2020
|
%
Change
|
|
2021
|
2020
|
%
Change
|
2019
|
|
Net income
(loss)
|
372
|
(2,386)
|
116%
|
|
2,852
|
(4,042)
|
171%
|
(1,247)
|
|
Depreciation
|
1,122
|
1,922
|
(42%)
|
|
4,486
|
4,838
|
(7%)
|
4,274
|
|
Write-down of property
and equipment
|
-
|
720
|
(100%)
|
|
-
|
720
|
(100%)
|
-
|
|
Finance
costs
|
161
|
143
|
13%
|
|
670
|
687
|
(2%)
|
684
|
|
Other income
|
(93)
|
(4)
|
2,225%
|
|
(101)
|
(56)
|
80%
|
(123)
|
|
Gain on asset
disposals
|
-
|
-
|
nm
|
|
(301)
|
-
|
nm
|
(27)
|
|
Share-based
payments
|
187
|
19
|
884%
|
|
515
|
214
|
141%
|
428
|
|
Transaction
costs
|
210
|
41
|
nm
|
|
210
|
76
|
176%
|
156
|
|
Foreign exchange gain
(loss)
|
(10)
|
24
|
(142%)
|
|
30
|
24
|
nm
|
(19)
|
|
Gain on extinguishment
of convertible debenture
|
-
|
-
|
nm
|
|
-
|
(84)
|
nm
|
-
|
|
Adjusted
EBITDA
|
1,949
|
479
|
(307%)
|
|
8,361
|
2,377
|
252%
|
4,126
|
|
nm - not
meaningful
|
|
|
|
|
|
|
|
|
|
(ii)
|
Gross margin -
is defined as "gross profit from services revenue from operations
before depreciation". Gross margin is a measure that provides
shareholders and potential investors additional information
regarding the Corporation's cash generating and operating
performance. Management utilizes this measure to assess the
Corporation's operating performance. Investors should be
cautioned, however, that gross margin should not be construed as an
alternative to net income (loss) determined in accordance with IFRS
as an indicator of the Corporation's performance. The Corporation's
method of calculating gross margin may differ from that of other
organizations and, accordingly, its gross margin may not be
comparable to that of other companies.
|
|
|
|
(iii)
|
Gross margin
percentage - is calculated as gross margin divided by
revenue. The Corporation believes gross margin as a percentage of
revenue is an important measure to determine how the Corporation is
managing its revenues and corresponding cost of sales.
|
The following table reconciles the Corporation's net income
(loss) from operations, being the most directly comparable
financial measure disclosed in the Corporation's Annual Financial
Statements, to gross margin:
|
Three months
ended
December 31,
|
|
Twelve months
ended
December 31,
|
|
(000's CAD
$)
|
2021
|
2020
|
%
Change
|
|
2021
|
2020
|
%
Change
|
2019
|
|
Income (loss) from
operations
|
2,128
|
(89)
|
nm
|
|
7,863
|
426
|
1,746%
|
4,206
|
|
Depreciation of
property and equipment
|
1,041
|
1,108
|
(6%)
|
|
4,165
|
4,439
|
(6%)
|
3,991
|
|
Gross margin
|
3,169
|
1,019
|
211%
|
|
12,028
|
4,865
|
147%
|
8,197
|
|
Gross margin
%
|
35%
|
41%
|
(15%)
|
|
37%
|
34%
|
9%
|
35%
|
|
nm - not
meaningful
|
|
|
|
|
|
|
|
|
|
(iv)
|
Working capital
(excluding debt) - is calculated based on total current
assets less total current liabilities excluding current debt. The
Corporation monitors working capital and its liquidity position on
an ongoing basis and manages liquidity risk by regularly evaluating
capital and operating budgets, forecasting cash flows and
maintaining a sufficient credit facility to meet financing
requirements.
|
|
Three months
ended
December 31,
|
|
Twelve months
ended
December 31,
|
|
(000's CAD
$)
|
2021
|
2020
|
%
Change
|
|
2021
|
2020
|
%
Change
|
2019
|
|
Income (loss) from
operations
|
2,128
|
(89)
|
nm
|
|
7,863
|
426
|
1,746%
|
4,206
|
|
Depreciation of
property and equipment
|
1,041
|
1,108
|
(6%)
|
|
4,165
|
4,439
|
(6%)
|
3,991
|
|
Gross margin
|
3,169
|
1,019
|
211%
|
|
12,028
|
4,865
|
147%
|
8,197
|
|
Gross margin
%
|
35%
|
41%
|
(15%)
|
|
37%
|
34%
|
9%
|
35%
|
|
nm - not
meaningful
|
|
|
|
|
|
|
|
|
FORWARD-LOOKING INFORMATION
Certain statements contained in this New 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.
This News Release contains forward-looking information
pertaining to, among other things: expectations associated with the
Corporation's outlook, including among other things, anticipated
reactivation costs, improvements in the financial positions of the
Corporation's customers, expectations about industry activities,
the forecasted increase in the capital expenditure of the
Corporation's customers, the anticipated benefits of the
Corporation's agreement with AlbertaCo and the expected timing for
the completion of beta testing of equipment connected therewith;
and the Corporation's continued evaluation of ESG
opportunities.
Forward-looking information is based on certain assumptions that
Stampede has made in respect thereof as at the date of this News
Release regarding, among other things: the Corporation's
anticipation that it will have the ability to adjust its capital
structure by issuing new equity or debt, disposing of assets and
making adjustments to its operating expenditures and capital
expenditure program; that the Corporation's principal sources of
liquidity will be sufficient to fund its operations and other
strategic opportunities; that the Corporation has adequate access
to its demand loan facility to provide the necessary liquidity
needed to manage fluctuations in the timing of receipt and/or
disbursement of operating cash flows; that the Corporation's
financial risk management policies will ensure that all payables
are paid within the pre-agreed credit terms; the belief that
Adjusted EBITDA is a useful supplemental financial measure; the
condition of the global economy, including trade, public health
(including the impact of the COVID-19 pandemic) and other
geopolitical risks; the stability of the economic and political
environment in which the Corporation operates; the effect the
stabilization of global crude prices will have on drilling and
completion activities in Western
Canada; the creditworthiness of the Corporation's customers;
the ability of the Corporation to retain qualified staff; the
ability of the Corporation to obtain financing on acceptable terms;
the ability to protect and maintain the Corporation's intellectual
property; and the regulatory framework regarding taxes and
environmental matters in the jurisdictions in which the Corporation
operates.
Forward-looking information is presented in this News Release
for the purpose of assisting investors and others in understanding
certain key elements of the Corporation's financial results and
business plan, as well as the objectives, strategic priorities and
business outlook of the Corporation, and in obtaining a better
understanding of the Corporation's anticipated operating
environment. Readers are cautioned that such forward-looking
information may not be appropriate for other purposes.
While Stampede believes the expectations and material factors
and assumptions reflected in the forward-looking information is
reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be
correct. Forward-looking information is not a guarantee of future
performance and actual results or events could differ materially
from the expectations of the Corporation expressed in or implied by
such forward-looking information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking information is subject to a number of known and
unknown risks and uncertainties including, but not limited to:
public health concerns (including the impact of the COVID-19
pandemic) and other geopolitical risks; the condition of the global
economy and, specifically, the condition of the crude oil and
natural gas industry and related commodity prices; other commodity
prices; the ongoing significant volatility in world markets and the
resulting impact on drilling and completions programs; the impact
of increasing competition; fluctuations in operating results;
currency, exchange and interest rates; labour and material
shortages; cyber security risks; natural catastrophes; and certain
other risks and uncertainties detailed in Stampede's Annual
Information Form and Management Discussion and Analysis, each dated
March 24, 2022, for the year ended
December 31, 2021 and from time to
time in Stampede's public disclosure documents available at
www.sedar.com.
This list of risk factors should not be construed as exhaustive.
Readers are cautioned that events or circumstances could cause
actual results to differ materially from those predicted,
forecasted, or projected. Statements, including forward-looking
information, are made as of the date of this News Release and the
Corporation does not undertake any obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws. The forward-looking information
contained in this News Release is expressly qualified by this
cautionary statement.
SOURCE Stampede Drilling Inc.
