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 $(GLND)$ ("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 Canada and emerging frontier regions. More information is available at www.stampededrilling.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws, including statements regarding the planned mobilization of the rig, the timing thereof, capital upgrades to the rig, the net capital required from the Corporation, the escrow of demobilization funds, the anticipated progress of the Greenland program, final Greenlandic Government approval, and the expected benefits of the Corporation's contract with Greenland Energy. Forward-looking information is based on assumptions and is subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. These risks include, among others, operational and environmental risks associated with remote Arctic operations, weather and seasonal access constraints, reliance on third parties, regulatory matters, commodity price volatility, and the risk that the Greenland program does not proceed as currently contemplated. Except as required by law, the Corporation undertakes no obligation to update forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information.
SOURCE Stampede Drilling Inc.
/CONTACT:
Copyright CNW Group 2026
(END) Dow Jones Newswires
June 30, 2026 08:30 ET
Comments