Landdrill International Inc - Second Quarter Financial Results

MONCTON, NB, Aug. 30 /CNW/ - Landdrill International Inc. (TSX.V:LDI) has released results for the second quarter ended June 30, 2010.  The Company reports revenues of $7,567,000 which is an increase of $4,501,000 (147%) from 2009's comparable amount of $3,066,000.   The Company generated pre-tax net income of $581,000 as compared to 2009's pre-tax loss of $1,372,000 and the net income was $331,000, as compared to a net loss of $1,063,000 for 2009's comparable period.   

On a year to date basis the Company reports revenues of $13,750,000 which is an increase of $6,422,000 (88%) from 2009's comparable amount of $7,328,000.  The Company generated pre-tax net income of $1,165,000 as compared to 2009's pre-tax loss of $1,973,000 and the net income was $555,000, as compared to a net loss of $1,693,000 for 2009's comparable six month period. 

Ron Goguen Sr., the President and CEO of Landdrill said, "I am pleased to report back to back quarters of profit after experiencing the negative effects of the 2009 global slowdown on Landdrill's financial results.  While the profit is modest it is a significant improvement over 2009's comparable period.  The Company has benefited from a turnaround in commodity prices and the financial markets, and management has made significant business development initiatives over the last year which has all combined to substantially increase the demand for Landdrills' services.  The Company has also successfully re-financed its more significant loans that were otherwise maturing, resulting in a significant improvement to the Company's working capital position.  The Company now has 23 of their 37 drills active on contracts with commitments to have another 5 drills deployed shortly.  We are confident that Landdrill will continue to report improving results for the rest of 2010."  

For a more complete review of the Company's results, copies of Landdrill's financial statements for the three and six months ended June 30, 2010, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).

About Landdrill

Landdrill is a growth oriented international drilling company with a focus on the metals and minerals industry. The Company continues to explore opportunities for growth in key markets, either through establishment of new branch offices or through acquisitions as opportunities arise.  The Company now has 37 drills with full branch operations in Canada, Mexico, Mongolia and Russia.

For detailed information on Landdrill International Inc., or to request a bid submission for your project worldwide, please visit our website at www.landdrill.com.

Caution Concerning Forward Looking Statements

This press release includes certain statements that would be deemed "forward-looking statements".  These statements are "forward-looking" because they are based on current expectations, estimates and assumptions about the markets the Company operates in, the world economic climate as it relates to the mining industry, the Canadian economic environment and the Company's ability to attract and retain customers and to manage its assets and costs.

Actual results could differ materially from expectations if known or unknown risks affect the business, or if estimates or assumptions turn out to be inaccurate.  The Company does not guarantee any forward-looking statement will materialize and, therefore, investors are cautioned not to place reliance on these forward looking statements.  The Company disclaims any intention to update or revise any statement of forward-looking information whether as a result of new information, future events or otherwise.

On behalf of the Board of Directors,

Ronald Goguen Sr.
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

Ronald Goguen Sr.
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961