COMMAND DRILLING RAISES C$31.05 MILLION IN ITS INITIAL PUBLIC OFFERING OF EQUITY

Command Drilling Corp. (TSE: CDZ) completed an initial public offering to Canadian investors of 15,525,000 units at C$2 per unit for C$31.05 million of total proceeds. Emerging Equities Inc. led the offering syndicate, which included National Bank Financial Inc. and Salman Brothers Inc. Each unit consists of one common share and one-half of one common share purchase warrant of the Calgary onshore drilling contractor. Each full warrant may be exercised to buy a Command Drilling common share for C$2.50 until June 29, 2001. Combined with C$20.5 million of debt financing that the company has obtained, Command has raised C$51.55 million to begin its operations as a publicly traded company. Command will use part of the proceeds from the IPO to complete its acquisition of two privately held Alberta drilling contractors, Command Drilling Inc. and Partner Rentals Ltd.