Stampede Drilling Announces 2022 Financial Results and the Appointment of New Directors

CALGARY, ALBERTA – Stampede Drilling Inc. (“Stampede” or the “Corporation”) (TSX-V: SDI) announces today its consolidated financial and operational results for the three month and year ended December 31, 2022. 

The following should be read in conjunction with the Corporation’s consolidated financial statements and the notes thereto for the year ended December 31, 2022, related management’s discussion and analysis and annual information form, which are available on SEDAR at 

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. 


For the three months ended December 31, 2022, the Corporation achieved record quarterly revenue, adjusted EBITDA and net income. 

• Revenue for the three month period ended December 31, 2022 was $23,238, up $14,058 (153%) compared to $9,180 for the corresponding 2021 period. 

• Adjusted EBITDA for the three months ended December 31, 2022 was $5,737, up $3,788 (194%) from $1,949 in the corresponding 2021 period. 

• Net income for the three months ended December 31, 2022 was $3,483, up $3,111 (836%) from a net income of $372 from the corresponding 2021 period. 

The Corporation’s record quarterly results were driven by strong utilization rates. The Corporation’s drilling rig utilization for the fourth quarter of 2022 was 61%, which was a 30% increase from the corresponding 2021 period and 22% higher than the CAOEC industry average utilization rate of 39% for the fourth quarter of 2022. The Corporation had a total of 867 operating days in the fourth quarter of 2022, an increase of 433 operating days (100%) from the 434 operating days in the corresponding 2021 period. 

The Corporation had total capital expenditures of $4,520 in the fourth quarter of 2022 primarily related to capital upgrades on the drilling rigs acquired during 2022. 


For the year ended December 31, 2022, the Corporation achieved record annual revenue, adjusted EBITDA and net income. 

• Revenue for the year ended December 31, 2022 was $66,879, up $34,716 (108%) compared to $32,163 for the corresponding 2021 period. 

• Adjusted EBITDA for the year ended December 31, 2022 was $15,305, up $6,944 (83%) from $8,361 in the corresponding 2021 period. 

• Net income for the year ended December 31, 2022 was $8,210, up $5,358 (188%) from a net income of $2,852 from the corresponding 2021 period. 

During 2022, the Corporation completed two separate rig acquisitions (“Asset Acquisition”), increasing its rig fleet by 90%, from 10 to 19 rigs. In April 2022, Stampede announced the acquisition of three telescopic double drilling rigs, two top drives and ancillary equipment for the purchase price of $5,000, paid in cash. In August 2022, Stampede announced the acquisition of six drilling rigs (comprised of two “doubles”, three “heavy doubles” and one “super spec triple”) and related assets from a private company for a purchase price of approximately $21,500. The purchase price was funded by proceeds from the Corporation’s concurrent public offering (“Offering”) of common shares at a price of $0.32 per common share, for aggregate gross proceeds of $26,600. Pursuant to the Offering, the Corporation issued 83,202 common shares, including 5,077 common shares issued pursuant to the exercise of the over-allotment option granted to the agents. 

The Corporation also entered into an amending agreement with HSBC Bank of Canada to increase the aggregate credit capacity under its credit facility (the “Credit Facility”). Under the Credit Facility, which has a term of five years, the Corporation has an available limit of $22,500 pursuant to a revolving facility (the “Demand Facility”) and $10,000 under a term loan (the “Term Loan”). The proceeds of the Term Loan were used to help finance the Asset Acquisition in the third quarter and corresponding portion of the capital expenditures of the newly acquired rigs. 

The Corporation had a total capital spend of $41,122 in 2022 primarily related to the six and three rig Asset Acquisitions during 2022. 


Throughout 2022 and into the first quarter of 2023, Stampede’s customers have continued to strengthen their balance sheets and remain disciplined on spending while growing production within their operating cash flows. While macroeconomic factors such as such as the war in Ukraine, worldwide inflationary pressures, possible near-term recession and overall demand globally will continue to create ongoing uncertainty for energy markets, Stampede anticipates the current commodity price environment will continue to drive producer cash flows and increased drilling activity in Western Canadian Canada throughout 2023. 

The Corporation is on pace with another strong start to the year with 17 out of its 19 rig fleet operational and fully crewed in the first quarter of 2023. Access to qualified field labour will continue to be an industry wide challenge in 2023, however management has proven their ability to crew underutilized assets since Stampede’s inception. The Corporation will continue to assess additional acquisition opportunities as they arise, as well as making focused capital expenditures to further enhance customer desirability of its current fleet in 2023 while maintaining our strong balance sheet and debt facility. 


Mr. Whitmarsh is pleased to announce that, effective today, Tim Beatty, Kerri Beuk and Andrew Ross have joined Stampede’s Board of Directors. Over the past several months, largely as a result of Stampede’s continued rapid growth and expansion, the Corporate Governance and Compensation Committee had been undertaking a formal director recruitment process. The goal of the process was to further augment the already strong depth and breadth of skills possessed by Stampede’s Directors, as well as providing additional members for the Board Committees. The three new Directors are independent, and are not nominees of any of Stampede’s stakeholders. 

Mr. Whitmarsh commented, “We are fortunate to have added three new talented Directors with diverse skillsets to our already robust Board. These Directors will work with the existing Directors to help oversee our strategic plans for the coming years. I am pleased to welcome them on behalf of the Board and Management.” 

The following are brief biographies for each of the new Directors: 

Drew Ross 

Mr. Ross has over 27 years of investment banking experience primarily focused in the Canadian and international energy sector. He was a Managing Director of Scotiabank Global Markets, the investment banking division of Scotiabank, from 2007 to 2021, and prior thereto worked at Genuity Capital Markets (2005-2007), Merrill Lynch Canada (2000-2005) and RBC Capital Markets (1994-2000). Before working in investment banking, Mr. Ross was a professional Geophysicist with Chevron Canada Resources from 1987-1992. Mr. Ross holds a Bachelor of Engineering Honours (Geophysics) from Queen’s University and a Master of Business Administration from the University of British Columbia. 

Tim A. Beatty P.Eng.,ICD.D 

Mr. Beatty holds a BSc in Petroleum Engineering from Montana Tech University and is a Professional Engineer member with APEGA. Mr. Beatty has over 30 years of oil and gas experience in both the E&P and service sectors and more than 20 years directly related to the drilling industry. Mr. Beatty has obtained his ICD.D designation and is President & CEO/Board of Director at Aral Resources Ltd. Mr. Beatty gained strong banking/financing knowledge when he sat on the Board of Bow Valley Credit Union and has been responsible for annual drilling budgets of $1 billion. Mr. Beatty has successfully created several unique partnerships within the Indigenous communities where his organizations have conducted operations. 

Kerri Beuk 

Mrs. Beuk is an executive business leader with 30 years of experience in the energy services industry. Mrs. Beuk is the Founder and Principal Consultant of Eleven Street Ventures, a Canadian-based business management firm focused on assisting startups/scale-ups in achieving growth and development through the provision of personalized financial solutions, business development strategies and other bespoke corporate services. Previously, Mrs. Beuk worked at PTW Energy Services Ltd. as Chief Operating Officer, where she was responsible for North American operations totalling a half billion in revenue and over 1,800 employees. Prior thereto, Mrs. Beuk held various positions throughout a decades-long career with AECOM (formerly Flint Energy Services Ltd./URS Corp.) progressively advancing to her final role of VP of Operations where she led the division’s largest region that served more than 30 high-value clients throughout Western Canada. Mrs. Beuk earned her Haskayne Executive MBA degree in 2011 from the University of Calgary. 


                                                                                                                      Three months ended December 31,              Twelve months ended December 31, 

(000’s CAD $ except per share amounts)                                                   2022             2021            % Change                  2022           2021           % Change 

Revenue                                                                                                         23,238            9,180             153%                       66,879        32,163             108% 

Direct operating expenses                                                                         15,068            6,011             151%                       44,564        20,135              121% 

Gross margin (1)                                                                                             8,170            3,169             158%                       22,315        12,028                86% 

Net income (loss)                                                                                            3,483               372             836%                        8,210           2,852              188% 

Basic and diluted income (loss) per share                                                   0.02               0.00              nm                             0.05             0.02              150% 

Adjusted EBITDA (1)                                                                                       5,737             1,949             194%                      15,305           8,361                83% 

Funds from operating activities                                                                  5,713             1,827             213%                       14,659          8,203                79% 

Weighted average common shares outstanding                                 192,297        132,171               45%                      162,505     132,171                23% 

Weighted average diluted common shares outstanding                   207,205        144,972               43%                       176,899     144,972               22% 

Capital expenditures                                                                                     4,520             2,667               69%                         41,122          4,086               nm 

Number of marketed rigs                                                                                  19                  10                90%                                19               10               90% 

Drilling rig utilization(3)                                                                                   61%               47%                30%                             60%            44%              36% 

CAOEC industry average utilization(3)                                                          39%               29%                34%                             35%            25%              40% 

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. 


Stampede is an energy services company that provides premier contract drilling services in Western Canada. Stampede operates a fleet of 18 telescopic double drilling rigs and 1 high spec triple drilling rig suited for most formations within the Western Canadian Sedimentary Basin (“WCSB”). The Corporation’s head office is located in Calgary, Alberta with operations based out of Nisku, Alberta and Estevan, Saskatchewan. The Corporation’s common shares trade on the TSX Venture Exchange under the symbol “SDI”.

We Provide the safest, most efficient, and highest value drilling services

Get our combined 150 years of experience working for you. Let’s talk.

Scroll to Top