Innicor Subsurface Technologies

May 2008 Newsletter - 05/13/08

Obviously the main topic of interest for the last quarter, in terms of Innicor’s present and future, is the offer by BJ Services Company...

February 2008 Newsletter - 02/25/08

Industry conditions always dictate a good measure of the overall success enjoyed by Innicor.

August 2007 Newsletter - 08/22/07

The Industry

Negative general industry conditions resulted in an extremely poor second quarter financial result for Innicor.  Read Entire Newsletter (PDF)

May 2007 Newsletter - 06/07/07

The negative side of Canadian oil industry cyclicality continued to be harshly evident as the first quarter of 2007 ended and the breakup period began.  In the first quarter of 2007, Canadian drilling and completions activity showed a pronounced year over year decline that is a continuation of the slowdown which first set in before the midpoint of 2006.  Read Entire Newsletter (PDF)

February 2007 Newsletter - 02/12/07

Construction of a new building for Innicor to provide space for the currently tight squeeze is expected to be completed sometime in April. The building, kitty corner from the existing plant, will  primarily be used for completion equipment assembly distribution, and all inventory will be moved there. Read Entire Newsletter (PDF)

November 2006 Newsletter - 11/23/06

Most of you will be aware that, as outlined in the information supplied to employees on November 17 as well as by news release the same day, the Sondex offer to purchase Innicor has officially been terminated. The acquisition of Innicor by Sondex required the approval of Sondex shareholders at a special shareholders meeting that was held on November 16. At this meeting the shareholders of Sondex did not approve the proposed acquisition of Innicor, therefore the transaction will not proceed. The shareholder vote followed a recommendation several days earlier by the Sondex Board of Directors that shareholders not vote in favour of the deal. The primary reason given the Sondex Board was a decline in Innicor’s third quarter financial results below what they had expected. Read Entire Newsletter (PDF)

August 2006 Newsletter - 08/23/06

Innicor senior managers and staff at the Standard Shaped Charge Plant were treated to a celebration on August 2 at the unveiling of the new state-of-theart machinery that should almost double production once they are fully operational. Read Entire Newsletter (PDF)

May 2006 Newsletter - 05/23/06

Details of the financial results for the fi rst quarter of 2006 are included in later pages of this newsletter – but they need emphasis. Total revenue, for example, at an all time record $19.85 million was up 56 per cent over the same period in 2005, while EBITDA and Net Income were up 143 per cent and 188 per cent respectively. Perhaps most importantly, the growth in revenue exceeded the growth in wells drilled in Canada year over year, giving a favorable sign that Innicor gained a certain amount of market share in the period. Read Entire Newsletter (PDF)

February 2006 Newsletter - 02/23/06

Canadian exploration activity levels, and world activity levels in general, stayed high over the last quarter of 2005 and into 2006. Once again, continuing
a theme touched on in our previous newsletter, the debate over when, and if, high oil prices will begin to affect the growth rate of various key economies, leading to a slowing of consumption and a drawback in oil prices, continued. Various interpretations of events and statistics, as always, caused different observers to draw different conclusions. Read Entire Newsletter (PDF)

November 2005 Newsletter - 11/23/05

The third quarter of 2005 (and through October running up to print time for this newsletter) was full of events for the world in general, among them what seemed like a hurricane every week threatening or destroying Gulf of Mexico oil and gas production facilities, a giant earthquake bringing large scale destruction of life and infrastructure to Pakistan, and earlier a reawakening of awareness around the terrorist threat with the July bombings of London's transit system. Read Entire Newsletter (PDF)

August 2005 Newsletter - 08/23/05

The second quarter of 2005 was, as expected for the “break up” season, not as rewarding as the first quarter for Innicor from the financial results point of view. Compounding the normal seasonal adjustment was the wettest June in recorded history for much of Alberta, with flooding closing large parts of the basin to rig and service access for substantial periods of time. Read Entire Newsletter (PDF)

June 2005 Newsletter - 06/23/05

In the first quarter of 2005 Innicor, along with both the Canadian and international drilling and completions sectors, increased in size and activity. Innicor’s financial results (presented in more detail later in this newsletter) continued to improve markedly year over year.

By the end of the quarter, the worldwide drilling rig count stood at its highest level for nearly twenty years, with over 2,600 drilling rigs reported. Interestingly, at the height of the drilling boom in the early 1980s over 5,500 rigs were active worldwide. Read Entire Newsletter (PDF)