Trinidad Drilling Ltd. reports solid first quarter 2013 results; stable operating margins and strong dayrates

Trinidad Drilling Ltd. reports solid first quarter 2013 results; stable 
operating margins and strong dayrates 
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION 
IN THE UNITED STATES/ 
TSX SYMBOL: TDG 
CALGARY, May 8, 2013 /CNW/ - Trinidad Drilling Ltd. ("Trinidad" or "the 
Company") reported solid first quarter 2013 results with stable operating 
margins and strong dayrates. "Trinidad's ability to generate solid results 
this quarter, despite weaker industry conditions, clearly demonstrates our 
high quality asset base, extensive contract coverage and ability to continue 
to meet our customers' needs," said Lyle Whitmarsh, Trinidad's Chief Executive 
Officer. "Industry conditions were weaker this quarter than the same time 
last year; however we are beginning to see signs that the second half of 2013 
could provide opportunities for growth, either through reactivating existing 
rigs or by adding new equipment. Trinidad's growing free cash flow and 
improved financial flexibility positions us well to take advantage of the 
opportunities as they arise." 
FINANCIAL HIGHLIGHTS 
Three months ended March 31,                                            
($ thousands except share and
per share data)                        2013           2012     % Change 
Revenue                             247,186        260,394        (5.1) 
Revenue, net of third party                                       (5.2)
costs                               227,377        239,870 
Operating income (1)                 98,359        104,422        (5.8) 
Operating income percentage (1)       39.8%          40.1%        (0.7) 
Operating income - net                                            (0.5)
percentage (1)                        43.3%          43.5% 
EBITDA (1)                           82,050         91,240       (10.1) 
Per share (diluted) (2)              0.68           0.75        (9.3) 
Adjusted EBITDA (1)                  84,836         91,951        (7.7) 
Per share (diluted) (2)              0.70           0.76        (7.9) 
Cash provided by operations          40,495         67,467       (40.0) 
Per share (basic / diluted)                         0.56       (39.3)
  (2)                                  0.34 
Funds provided by operations                                      (9.1)
(1)                                  64,943         71,456 
Per share (basic / diluted)                         0.59        (8.5)
  (2)                                  0.54 
Net earnings                         32,748         34,468        (5.0) 
Per share (basic / diluted)                         0.29        (6.9)
  (2)                                  0.27 
Adjusted net earnings (1)            35,534         42,698       (16.8) 
Per share (basic / diluted)                         0.35       (17.1)
  (2)                                  0.29 
Capital expenditures net of                                      (72.2)
dispositions                         16,876         60,651 
Dividends declared                    6,043          6,043            - 
Shares outstanding - diluted                                            
(weighted average) (2)        120,859,476    120,882,495            - 


                                                                       

As at                             March 31,   December 31,             

($ thousands except percentage                                % Change 
data)                                  2013           2012

Total assets                      1,572,052      1,541,294          2.0

Total long-term liabilities         584,930        585,629        (0.1)

(1) Readers are cautioned that Operating income, Operating income
    percentage, Operating income - net percentage, EBITDA, Adjusted
    EBITDA, Funds provided by operations, Adjusted net earnings and the
    related per share information do not have standardized meanings
    prescribed by IFRS - see "Non-GAAP Measures" and "Additional GAAP
    Measures".

(2) Basic shares include the weighted average number of shares
    outstanding over the period. Diluted shares include the weighted
    average number of shares outstanding over the period and the
    dilutive impact, if any, of the number of shares issuable pursuant
    to the Incentive Option Plan.
    OPERATING HIGHLIGHTS
    Three months ended March 31,                                           
                                               2013     2012   % Change

Land Drilling Market                                                   

Operating days (1)                                                     

  Canada                                      4,198    4,107        2.2

  United States and International             4,453    5,262     (15.4)

Rate per operating day (2, 3)                                          

  Canada (CDN$)                              25,401   24,206        4.9

  United States and International (CDN$)     22,416   21,935        2.2

  United States and International (US$)      22,487   21,698        3.6

Utilization rate - operating day (1, 4)                                

  Canada                                        79%      84%      (6.0)

  United States and International               72%      90%     (20.0)

Number of drilling rigs at quarter end                                 

  Canada                                         60       54       11.1

  United States and International                68       66        3.0

  Coring and surface casing rigs                 15       20     (25.0)

Barge Drilling Market                                                  

  Operating days (1)                            415      364       14.0

  Rate per operating day (CDN$) (2, 3)       29,097   25,448       14.3

  Rate per operating day (US$) (2, 3)        29,158   25,204       15.7

  Utilization rate - operating day (4)          92%      80%       15.0

  Number of barge drilling rigs at quarter        2        2          -
  end


     Number of barge drilling rigs under      3        3          -
  Bareboat Charter Agreements at quarter end 
                                                                    
(1) Operating days include drill days and move days. 
(2) Rate per operating day is based on operating revenue divided by 


    operating days.

(3) Operating revenue is presented net of third party costs.

(4) Utilization rate - operating day is based on operating days divided
                                               by total days available.
    OVERVIEW

Trinidad recorded solid first quarter results with growing dayrates and 
relatively stable operating profitability compared to the same period last 
year, despite softening industry conditions across North America. In Canada, 
operators were slower to get back to work after the holiday period and the 
average Canadian industry utilization in the quarter was 58%, down seven 
percentage points from the previous year. Trinidad was able to continue to 
outperform the industry with utilization of 15 percentage points above the 
Canadian industry average for the quarter. In the US, the industry average 
active rig count for the first quarter was 1,687 rigs, a decrease of 242 rigs 
from the same quarter last year; however, the downward trend in the US slowed 
in the first quarter and activity levels have begun to flatten.

Trinidad's Canadian operations reported stable revenue and strong operating 
margins in the current quarter as the impact of higher dayrates and the 
addition of new high specification rigs, offset lower utilization levels and a 
weaker contribution from the coring division. US and international operations 
were negatively impacted by the industry slowdown in the current quarter as 
producers high graded their equipment, causing the Company's less modern rigs 
to become less utilized. Operating income - net percentage in the US and 
international segment was lower year over year as Trinidad took the 
opportunity to perform repairs and maintenance work on US rigs that had been 
working consistently over the past several years.

Strengthening natural gas prices in the first quarter positively impacted 
producers' cash flows but have not yet reached a level that drives increased 
drilling for natural gas. However, relatively stable crude oil prices have 
continued to favor oil drilling over dry gas.

INDUSTRY STATISTICS
               2013    Full                       2012          Full                 2011
                    Year                                     Year
              Q1    2012      Q4      Q3      Q2       Q1    2011      Q4      Q3       Q2

Commodity                                                                                  
Prices

Aeco         3.03
natural gas
price (CDN$          2.26    3.03    2.18    1.81     2.01    3.45    3.03    3.48     3.69
per
gigajoule)

Henry Hub    3.47
natural gas          2.75    3.40    2.88    2.29     2.43    4.00    3.33    4.12     4.37
price (US$
per mmBtu)

Western          
Canada
Select                                                                                     
crude oil
price

  (CDN$ per 67.64   71.70   60.73   76.29   74.10    75.91   77.53   83.38   73.52    81.96
  barrel)

WTI crude   94.30
oil price           94.09   88.17   92.15   93.30   102.99   94.88   94.02   89.49   102.02
(US$ per
barrel)
                                                                                           

US Industry                                                                                
Activity

Average US  1,687
industry
active land         1,852   1,741   1,837   1,902    1,929   1,825   1,954   1,893    1,778
rig count
(1)

Average        49
Trinidad
active land            57      56      55      58       58      59      60      61       57
rig count
(2)
                                                                                           

Canadian         
Industry                                                                                   
Activity

Average       58%
Canadian
industry              39%     36%     42%     18%      65%     49%     54%     54%      23%
utilization
(3)

Average       73%
Trinidad              52%     51%     58%     24%      77%     62%     69%     69%      31%
utilization
(4)

(1) Baker Hughes rig counts (information obtained from
    Tudor Pickering Holt & Company weekly rig roundup
    report).

(2) Includes US and international rigs, excludes rigs
    that are idle but contracted.


Canadian Association of Oilwell drilling
(3) Contractors (CAODC) utilization, excludes move days 
and rigs that are idle but contracted. 
Based on drilling days (spud to rig release dates),
(4) excludes move days and rigs that are idle but 
contracted. 
Trinidad remains committed to its leverage reduction strategy and lowered the 
balance owing on its revolver by $17.6 million during the first quarter. The 
Company has reduced its Total Debt to EBITDA ratio from a peak of 3.60 times 
in 2008, to a current level on 1.92 times at March 31, 2013. In order to meet 
its debt reduction targets, Trinidad has carefully managed its cost structure 
and its capital spending program by selecting projects that allow the Company 
to grow its business and continue as an industry leader, while also reducing 
its debt balances and maintaining a stable dividend payment. Trinidad is 
moving towards a long-term leverage goal of Total Debt to EBITDA of 1.50 times. 
First quarter 2013 highlights 


    --  Trinidad generated revenue of $247.2 million in the first
        quarter of 2013, a decrease of 5.1% from the same quarter last
        year and an increase of 17.9% from the previous quarter.
        Revenue decreased year over year as a result of lower activity
        levels driven by softening industry conditions. This impact was
        partially offset by an increase in dayrates over the past year.
        Revenue increased from the fourth quarter largely as a result
        of the busy winter drilling season in Canada which drives
        higher activity levels.
    --  Operating income - net percentage was 43.3% in the current
        quarter, in line with the first quarter of 2012 and up from
        39.7% in the previous quarter. The impact of stronger
        profitability in the Canadian operations was largely offset by
        lower profitability in the US and international division,
        leaving operating income - net percentage relatively unchanged
        year over year. Operating profitability improved from the
        fourth quarter of 2012 due to a strong performance during the
        winter period in the Company's Canadian operations.
    --  Adjusted EBITDA was $84.8 million in the first quarter, down
        7.7% from the same quarter last year and up 34.0% from the
        previous quarter. Adjusted EBITDA decreased year over year
        largely as a result of lower operating income in the current
        quarter. Higher adjusted EBITDA from the previous quarter was
        driven by increased activity and profitability in the Canadian
        operations as a result of the typically busier winter drilling
        during the first quarter.
    --  Net earnings were $32.7 million ($0.27 per share (diluted)) in
        the first quarter of 2013, down 5.0% from the same quarter last
        year. Net earnings decreased in the current quarter largely due
        to lower revenue, which led to lower adjusted EBITDA, increased
        general and administrative expenses, higher depreciation and
        amortization costs, partially offset by the absence of an
        impairment charge, lower finance costs and lower income taxes.
    --  Trinidad continued to repay debt in the current quarter,
        repaying $17.6 million from its revolving facility. Total Debt
        to EBITDA was 1.92 times at the end of the quarter, compared to
        1.91 times at year-end 2012. The slight increase in leverage in
        the quarter was driven by the foreign exchange impact on the US
        dollar based Senior Notes rather than an increase in actual
        debt balances. Trinidad remains committed to lowering its
        leverage with a long-term target of 1.50 times.
    --  During the quarter, Trinidad added one newly built rig to its
        Canadian operations, under a five-year, take-or-pay contract.

RESULTS FROM OPERATIONS

Canadian Operations
    Three months ended March 31,  


($ thousands except percentage and                
operating data)                             2013      2012   % Change 
Operating revenue (1, 2)                 115,339   114,966        0.3 
Other revenue                                 44       126     (65.1) 
                                     115,383   115,092        0.3 
Operating costs (1, 2)                    59,549    63,387      (6.1) 
Operating income (8)                      55,834    51,705        8.0 
Operating income - net percentage (8)      48.4%     44.9%            
                                                                  
Drilling days                              3,864     3,784        2.1 
Operating days (3)                         4,198     4,107        2.2 
Rate per operating day (CDN$) (4)         25,401    24,206        4.9 
Utilization rate - operating day (5)         79%       84%      (6.0) 
Utilization rate - drilling day (6)          73%       77%      (5.2) 
CAODC industry average (7)                   58%       65%     (10.8) 


                                                                     

Number of drilling rigs at quarter end        60        54       11.1

Number of coring and surface rigs at          15        20     (25.0)
quarter end

(1) Inter-segment revenue and operating costs have been excluded of
    $0.2 million for the three months ended March 31, 2013, and $7.3
    million for the three months ended March 31, 2012. Each of these
    inter-segment revenue and operating costs relates to rig
    construction for the US operations.

(2) Operating revenue and operating costs exclude third party recovery
    and third party costs of $13.7 million for the three months ended
    March 31, 2013, and $15.2 million for the three months ended March
    31, 2012.

(3) Operating days include drill days and move days.

(4) Rate per operating day is based on operating revenue divided by
    operating days.

(5) Utilization rate - operating day is based on operating days divided
    by total days available.

(6) Utilization rate - drilling day is based on drilling days divided
    by total days available.

(7) CAODC industry average is based on drilling days divided by total
    days available.

(8) See Non-GAAP Measures Definition and Additional GAAP Measures
    Definition section of this document for further details.

Canadian operations performed strongly in the current quarter, recording 
stable revenue levels and increased profitability when compared to the same 
quarter last year. Increased dayrates and a slightly higher number of 
operating days in the first quarter of 2013 led to increased revenues in the 
Canadian drilling division. However, a weaker contribution from the Company's 
coring division in the current period caused total operating revenue to remain 
relatively unchanged.

In the first quarter of 2013, dayrates in Trinidad's Canadian operations 
increased by $1,195 per operating day when compared to the first quarter of 
the prior year. Over the past 12 months, Trinidad has added six new high 
performance rigs to its Canadian fleet which generate higher dayrates and 
operating margins for the division.

In the first quarter of 2013, operating days increased by 2.2% compared to the 
same quarter last year, while the utilization rate - operating day decreased 
by 6.0% over the same period. Operating days increased year over year as a 
result of the growing fleet in the Canadian operations; however, overall 
utilization levels decreased, reflecting softening industry activity levels 
for the Company's less modern equipment, carried over from the latter half of 
2012. While Trinidad's utilization level decreased compared to the previous 
year, the division outperformed the industry average utilization rate by 15 
percentage points. Additionally, Trinidad's utilization proved more resilient 
in the quarter when compared to the prior year, decreasing only four 
percentage points versus a decrease of seven percentage points in the 
industry. This is a reflection of the division's high performance equipment 
and strong contract base.

Trinidad's operating income - net percentage in the Canadian division 
increased in the current year when compared to the prior year. The higher 
operating income - net percentage was largely driven by increased dayrates 
resulting from the delivery of new high-specification rigs and a continued 
focus on cost containment. In addition, the division had lower repairs and 
maintenance expenses in the current quarter as a result of timing delays on 
rig recertification and maintenance work when compared to the same quarter 
last year.

In the current quarter, Trinidad's active rig fleet increased by six rigs when 
compared to the first quarter of 2012. All six rigs were constructed at the 
Company's in-house manufacturing division and were put into service under 
long-term, take-or-pay contracts. One rig was added in the second quarter of 
2012, two were added in each of the third and fourth quarters of 2012, and one 
more rig was added in the first quarter of 2013.

During the first quarter of 2013, Trinidad's manufacturing division was in the 
process of completing two rigs for the Canadian operations which were carried 
over from the 2012 new build program. During the first quarter of 2013, one of 
these rigs was completed and delivered into the Canadian operations, with the 
remaining rig expected to be completed by the end of second quarter of 2013. 
At this time, there have been no additional new build contracts signed for 
2013 as Trinidad continues to assess market demand. In comparison, by the end 
of the first quarter of 2012, the manufacturing division had completed 
construction of two rigs delivered into the Canadian operations and continued 
work on two additional new builds which were completed in mid-2012.

Due to the frozen ground conditions for a large part of the first three months 
of the year, the first quarter is typically the coring division's most active 
period. In the current year, the coring division recorded lower activity 
levels than the previous year as uncertainty in commodity prices resulted in 
customers curtailing their winter drilling programs in the current year. As 
well, in the fourth quarter of 2012, Trinidad sold five of its coring rigs, 
reducing the Company's total number of coring rigs to 15. The sale of these 
assets was in-line with the Company's strategy to dispose of underutilized 
assets.

First quarter 2013 versus fourth quarter 2012

When compared to the fourth quarter of 2012, revenue and operating income 
increased by $37.7 million and $25.4 million, respectively, in the current 
quarter due to higher activity levels reflecting a more active winter drilling 
season. Operating income - net percentage also increased in the current 
quarter to 48.4%, up from 39.1% in the fourth quarter of 2012, as a result of 
lower repairs and maintenance costs in the current quarter and a writedown of 
inventory in the manufacturing division that lowered margins in the fourth 
quarter. Dayrates lowered in the current quarter by $789 per operating day 
when compared to the previous quarter due to a change in the active rig mix. 
During the busier winter drilling season, Trinidad had additional shallow and 
less modern rigs working which typically generate lower dayrates and reduce 
the division's average dayrate for the quarter.
    United States and International Operations
    Three months ended March 31,  


($ thousands except percentage and            2013      2012   % Change
operating data) 
Operating revenue (1)                      111,972   124,774     (10.3) 
Other revenue                                   22         4      450.0 
                                       111,994   124,778     (10.2) 
Operating costs (1)                         69,469    72,061      (3.6) 
Operating income (6)                        42,525    52,717     (19.3) 
Operating income - net percentage (6)        38.0%     42.2%            
                                                                    
Land Drilling Rigs                                                    
Drilling days                                3,823     4,579     (16.5) 
Operating days (2)                           4,453     5,262     (15.4) 
Rate per operating day (CDN$) (3)           22,416    21,935        2.2 
Rate per operating day (US$) (3)            22,487    21,698        3.6 
Utilization rate - operating day (4)           72%       90%     (20.0) 
Utilization rate - drilling day (5)            62%       78%     (20.5) 
Number of drilling rigs at quarter end          68        66        3.0 


                                                                       

  Barge Drilling Rigs                                                  

Operating days (2)                             415       364       14.0

  Rate per operating day (CDN$) (3)         29,097    25,448       14.3

  Rate per operating day (US$) (3)          29,158    25,204       15.7

Utilization rate - operating day (4)           92%       80%       15.0

  Number of barge drilling rigs at               2         2          -
  quarter end 

  Number of barge drilling rigs under
  Bareboat Charter Agreements at quarter         3         3          -
  end

(1) Operating revenue and operating costs exclude third party recovery
    and third party costs of $6.1 million for the three months ended
    March 31, 2013, and $5.3 million for the three months ended March
    31, 2012.

(2) Operating days include drill days and move days.

(3) Rate per operating day is based on operating revenue divided by
    operating days.

(4) Utilization rate - operating day is based on operating days divided
    by total days available.

(5) Utilization rate - drilling day is based on drilling days divided
    by total days available.

(6) See Non-GAAP Measures Definition and Additional GAAP Measures
    Definition section of this document for further details.


The softening US market conditions that began in the second half of 2012 
carried forward into the first quarter of the current year, resulting in a 
19.3% reduction in operating income. The reduction in operating income was 
driven by lower activity levels which were partially offset by higher dayrates 
in the current period. 
Dayrates increased by US$789 and 3.6% in the first quarter of 2013 when 
compared to the first quarter of 2012 due to a change in the active rig mix. 
This was partially offset by lower dayrates on the Company's less modern 
equipment. Trinidad's conventional, less modern equipment was impacted more 
directly by the slowdown of industry activity than its higher performance, 
contracted equipment; as more modern equipment became available across the 
industry, operators chose to high grade their equipment. This change led to a 
higher proportion of the Company's top performance rigs operating and drove an 
increase in average dayrates in the current period. This increase was slightly 
offset by lower standby revenue in the current period of US$490 per operating 
day versus US$716 per operating day in the first quarter of the prior year. 
During the first quarter of 2013, revenue totaled $112.0 million, down 10.2% 
from the same quarter last year. The impact of higher dayrates in the current 
quarter was more than offset by lower activity levels as operators remained 
cautious due to the uncertainty of commodity pricing. Overall, these industry 
factors resulted in a decrease in utilization and operating days in the 
current period. Utilization per operating day of 72% decreased from 90% in the 
same quarter last year, and operating days were 4,453 in the current period, 
down from 5,262 days in the first quarter of 2012. 
Operating income - net percentage was 38.0% in the first quarter 2013, down 
from 42.2% in the same quarter last year. Operating income - net percentage 
was lower in the quarter due to lower revenue generation and a smaller 
relative reduction in operating costs. The current period operating costs were 
negatively impacted by repairs and maintenance and labor costs as the Company 
elected to take advantage of the current slowdown to complete necessary 
upgrades and repairs on rigs that will be deployed in the near future. A 
number of these rigs have been working consistently since their initial 
construction, making it difficult to complete this work at an earlier time. 
Trinidad has focused these repairs and upgrade initiatives on rigs that will 
be redeployed in the near term. 
Trinidad increased its number of land drilling rigs by two in the current 
period when compared to the prior year. Two rigs were delivered into the US 
operations in the second quarter of 2012; both of these rigs were purchased 
externally and retrofitted to meet the Company's specifications. Both rigs 
were delivered into the Niobrara shale area in Wyoming on three-year, 
take-or-pay contracts. Overall, the company's continued focus toward in demand 
high specification equipment, and long-term take or pay contracts, continues 
to minimize the impact of market uncertainty on the company's operations. 
The Company's barge drilling operations continued to perform well with an 
increase of US$3,954 in dayrates in the first quarter of 2013 when compared to 
the prior year, as well as an increase in operating days and utilization. 
Strong operations reflect the solid demand and limited supply of high quality 
equipment in this sector. 
First quarter 2013 versus fourth quarter 2012 
In the first quarter of 2013, revenue and operating income decreased by $6.4 
million and $4.8 million, respectively, when compared to the fourth quarter of 
2012. This decrease was mainly due to a slowdown in industry activity levels 
in the current period leading to a reduction in Trinidad's operating days of 
336 days and lower utilization by five percentage points. Operating income - 
net percentage also lowered in the current quarter to 38.0%, compared to 40.0% 
in the fourth quarter as the Company took advantage of the opportunity to 
perform repairs and maintenance work on rigs that had been working 
consistently for a number of years. Dayrates were relatively stable quarter 
over quarter, showing a reduction of US$102 per operating day. 
Activity levels in the Barge market increased to 92%, up from 84% in the prior 
quarter as demand for Trinidad's high quality equipment remained strong. 
Dayrates lowered by US$1,172 per operating day as a result of completion work 
done during the quarter which tends to generate lower dayrates. 
QUARTERLY ANALYSIS 
FINANCIAL HIGHLIGHTS - QUARTERLY ANALYSIS 
                2013                         2012                        2011 
($ millions
except per         Q1       Q4       Q3      Q2       Q1      Q4       Q3      Q2
share data and
operating data) 
Revenue          247.2    209.6    215.1   174.3    260.4   231.1    202.8   154.9 
Operating         98.4     77.8     80.6    66.4    104.4    89.0     81.7    52.9
income (1) 
Operating
income           39.8%    37.1%    37.5%   38.1%    40.1%   38.5%    40.3%   34.2%
percentage (1) 
Operating
income - net     43.3%    39.7%    40.0%   40.0%    43.5%   41.6%    43.0%   36.7%
percentage (1) 
                                                                               
Net earnings      32.7   (12.4)     20.0    12.9     34.5    25.3     30.2     5.0
(loss) 
Adjustments                                                                       
for: 
Depreciation
  and             29.9     29.2     30.4    25.8     28.1    29.1     28.6    25.4
  amortization  
Foreign            -    (1.4)      0.8   (0.7)      0.5     2.4    (6.1)   (1.2)
  exchange  
Loss (gain)
  on sale of         -   (11.5)        -   (0.5)      0.2   (0.6)    (0.1)   (5.3)
  property and
  equipment  
Impairment of
  property and       -     70.1      1.3       -      7.5       -        -     9.0
  equipment  
Finance         10.0     10.1     10.3    10.5     10.8    10.9     10.9    10.5
  costs  
Income taxes     9.4   (22.2)      2.7     4.4     10.2     4.8      6.4   (3.4) 
Other            2.8      1.4      2.9     1.0      0.1     2.5    (0.5)   (0.9) 
Income taxes   (1.3)    (2.0)    (1.1)   (0.7)    (0.7)       -    (4.5)   (0.9)
  paid  
Income taxes       -      0.7      3.9       -        -     0.8      1.5       -
  recovered  
Interest      (18.6)    (1.1)   (19.5)   (1.5)   (19.8)   (1.6)   (21.4)   (3.3)
  paid  
Funds provided
by operations     64.9     60.9     51.7    51.2     71.4    73.6     45.0    34.9
(1) 
Net earnings
(loss) per        0.27   (0.10)     0.17    0.11     0.29    0.21     0.25    0.04
share (diluted) 
Funds provided
by operations     0.54     0.50     0.43    0.42     0.59    0.61     0.37    0.29
per share
(diluted) 
(1)  See the Non-GAAP Measures Definitions and Additional GAAP Measures 
          Definitions section of this document for further details. 
NON-GAAP MEASURES HIGHLIGHTS - QUARTERLY ANALYSIS 
            2013                          2012                        2011 
($ millions
except per
share data     Q1       Q4       Q3       Q2       Q1       Q4       Q3       Q2
and
operating
data)  
EBITDA (1)  82,050   63,323   64,715   53,081   91,240   69,545   76,016   41,164 
Per share
  (diluted)   0.68     0.52     0.54     0.44     0.75     0.58     0.63     0.34
  (2) 
Adjusted    84,836   63,332   68,388   53,344   91,951   74,401   69,382   39,069
EBITDA (1) 
Per share
  (diluted)   0.70     0.52     0.57     0.44     0.76     0.62     0.57     0.32
  (2) 
Adjusted
net         35,534   57,807   24,913   13,129   42,698   30,174   23,535   11,903
earnings
(1) 
Per share
  (diluted)   0.29     0.48     0.21     0.11     0.35     0.25     0.19     0.10
  (2) 
(1) See the Non-GAAP Measures Definitions and Additional GAAP Measures 


    Definitions section of this document for further details.

(2) Diluted shares include the weighted average number of shares
    outstanding over the period and the dilutive impact, if any, of the
    number of shares issuable pursuant to the Incentive Option Plan.

OPERATING HIGHLIGHTS - QUARTERLY ANALYSIS
                    2013                         2012                          2011
                   Q1       Q4       Q3       Q2       Q1       Q4       Q3       Q2

Land Drilling                                                                        
Market 

Operating days                                                                       
(1)

  Canada         4,198    2,915    3,233    1,288    4,107    3,665    3,675    1,646

  United States
  and            4,453    4,789    5,038    5,289    5,262    5,547    5,579    5,170
  International

Rate per
operating day                                                                        
(2,3)

  Canada (CDN$) 25,401   26,190   23,501   25,343   24,206   23,652   20,315   20,796

  United States
  and           22,416   22,305   22,518   22,586   21,935   20,710   18,600   18,470
  International
  (CDN$)

  United States
  and           22,487   22,589   22,263   22,616   21,698   20,387   19,143   19,095
  International
  (US$)

Utilization
rate -                                                                               
operating day
(4)

  Canada           79%      56%      62%      26%      84%      74%      74%      34%

  United States
  and              72%      77%      81%      86%      90%      92%      92%      89%
  International

  Utilization
  rate for           -        -        -        -        -        -        -      34%
  service rigs
  (5)

Number of
drilling rigs                                                                        
at quarter end

  Canada            60       59       57       55       54       54       54       54

  United States
  and               68       68       68       68       66       64       66       65
  International

  Coring and
  surface           15       15       20       20       20       20       20       20
  casing rigs
                                                                                     

Barge Drilling                                                                       
Market 

  Operating        415      386      376      429      364      373      454      436
  days (1)

  Rate per
  operating day 29,097   29,954   30,008   29,072   25,448   25,835   24,833   22,680
  (CDN$) (2,3)

  Rate per
  operating day 29,158   30,330   29,583   29,106   25,204   25,455   25,547   23,441
  (US$) (2,3)

  Utilization
  rate -           92%      84%      82%      94%      80%      81%      99%      96%
  operating day
  (4)

  Number of
  barge
  drilling rigs      2        2        2        2        2        2        2        2
  at quarter
  end 

  Number of
  barge
  drilling rigs
  under                                                                       
  Bareboat
  Charter at
  quarter end        3        3        3        3        3        3        3        3

(1) Operating days include drill days and move days.

(2) Rate per operating day is based on operating revenue divided by
    operating days.

(3) Operating revenue is presented net of third party costs.

(4) Utilization rate - operating day is based on operating days divided
    by total days available.

(5) In the second quarter of 2011, Trinidad disposed of its 22 well
    servicing rigs and related equipment.
    FINANCIAL SUMMARY
                                                           

As at                              March 31, December 31,           

($ thousands)                           2013         2012  $ Change 

Working capital (1)                  136,829      109,412     27,417
                                                                    

Building loans                         5,601        5,754      (153)

Senior Notes                         445,997      436,109      9,888

Credit facility                       50,359       67,969   (17,610)

Total long-term debt (2)             501,957      509,832    (7,875)

Total long-term debt as a              31.9%        33.1%           
percentage of assets
                                                                    

Total assets                       1,572,052    1,541,294     30,758

Total long-term liabilities          584,930      585,629      (699)

Total long-term liabilities as a       37.2%        38.0%           
percentage of assets
                                                                    

Shareholders' equity                 897,407      863,849     33,558

Total long-term debt to                55.9%        59.0%           
shareholders' equity
                                                                    

(1) See Non-GAAP Measures Definition section of this document for
    further details.

(2) Total long-term debt includes current portion of long-term debt and
    long-term debt.


For the three months ended March 31, 2013, working capital increased by $27.4 
million when compared to the first quarter of 2012 due to an increase in 
current assets of $25.3 million and a decrease in current liabilities of $2.1 
million. The increase in current assets was mainly a result of an increase of 
receivables and cash in the current period as a result of higher activity 
levels in the first quarter of 2013 versus the fourth quarter of 2012 due to 
seasonality factors in the Canadian operations. In addition, current assets 
decreased due to lower inventory reflecting a decrease in the level of rig 
construction, lower prepaid expenses due to amortization, as well as a 
decrease in assets held for sale as these assets were re-classified to 
property and equipment during the period.

The reduction in current liabilities during the period was mainly a result of 
a decrease in payables due to timing of cash settlements as well as a decrease 
in deferred revenue due to fewer rigs receiving delay and early termination 
revenues in the current period. These factors were slightly offset by an 
increase in the current portion of long-term debt due to a building mortgage 
becoming current as of March 31, 2013 as it is due January of 2014.

Trinidad's total long-term debt balance declined by $7.9 million during the 
current period when compared to the year ended December 31, 2012. The 
reduction in debt was due to a decrease in the revolving debt balances in the 
current period offset by an increase in the Senior Notes at quarter end. The 
decline in debt is in line with the Company's core objective of sustainable 
growth, in conjunction with leverage reduction.

Trinidad's revolving debt facilities decreased by $17.6 million in the current 
period as a result of payments made during the period. At March 31, 2013, 
Trinidad had $44.0 million outstanding on its Canadian revolving credit 
facility and US$8.0 million on its US revolving credit facility, leaving 
$156.0 million and US$92.0 million unutilized in the facilities, 
respectively. The Canadian and US revolving facility requires quarterly 
interest payments that are based on Bankers Acceptance and LIBOR rates and 
incorporate a tiered interest rate, which varies depending on the results of 
the Consolidated Total Debt to Consolidated EBITDA ratio (see table below). 
The facility matures on December 16, 2016, and is subject to annual extensions 
of an additional year on each anniversary.

The value of the Senior Notes increased by $9.9 million as a result of the 
change in the US dollar foreign exchange rate at March 31, 2013 versus 
December 31, 2012. The Senior Notes are translated at each quarter end, as 
such their value will fluctuate quarterly with variations in exchange rates. 
The Senior Notes are due January 2019 and interest is payable semi-annually in 
arrears on January 15 and July 15.

A total of $17.3 million of capital expenditures were spent during the three 
months ended March 31, 2013, compared to $61.8 million for the same period in 
the prior year. Capital expenditures were substantially related to the 
Company's rig build program as the Company delivered one new rig into service 
in the Canadian operations in March of 2013 and continued work on one more rig 
expected to be completed in the second quarter of 2013.

Trinidad expects cash provided by operations and the Company's various sources 
of financing to be sufficient to meet its debt repayments, future obligations 
and to fund planned capital expenditures. Trinidad's 2013 capital program is 
expected to total between $70 million and $80 million. The capital program 
includes the completion of two contracted rigs for the Canadian operations 
carried over from the 2012 capital program, maintenance capital and select 
upgrade capital to improve the efficiency and marketability of specific 
existing equipment.

Current financial performance is well in excess of the financial ratio 
covenants under the revolving credit facility as reflected in the table below 
under IFRS:
    RATIO                      March 31,   December 31,   THRESHOLD
                                2013           2012                   
                                                                      

Consolidated Senior Debt
to Consolidated EBITDA       0.21:1         0.27:1     3.00:1 maximum 
(1)

Consolidated Total Debt
to Consolidated EBITDA       1.92:1         1.91:1     4.00:1 maximum 
(1)

Consolidated EBITDA to
Consolidated Cash            6.74:1         6.76:1     2.75:1 minimum 
Interest Expense (1)
    

(1) Please see the Non-GAAP Measures Definition section of this
                                  document for further details.

Readers are cautioned that the ratios noted above do not have standardized 
meanings prescribed in IFRS.

OUTLOOK

To date in 2013, industry activity levels have been lower than at the same 
time last year; however, indications are becoming more positive for the second 
half of the year and beyond. Improving natural gas prices add cash flow for 
producers, and while prices have not risen high enough to generate a rush back 
to dry natural gas drilling, a continued increase could see additional gas 
drilling in 2013. Trinidad views improving natural gas prices as a positive 
for the industry but believes that stable oil prices at the current level are 
enough to drive reasonable activity levels, particularly for modern, 
technically advanced equipment.

Trinidad completed one new rig in the first quarter that has been delivered to 
the Duvernay Shale under a long-term contract and has one additional rig that 
it expects to complete construction on by the end of the second quarter. At 
this time the Company has not signed any additional new build contracts; 
however, growing demand for deep capacity, high performance rigs could provide 
growth opportunities for the near future.

Trinidad's ability to produce solid results in the first quarter of 2013 
despite lower overall industry activity is a direct result of the Company's 
high quality fleet and its extensive long-term contract base. Approximately 
three-quarters of Trinidad's fleet are considered high performance; these rigs 
have demonstrated their ability to continue to meet customers' needs by 
achieving high activity levels and strong dayrates. Trinidad currently has 
approximately 55% of its fleet under long-term, take-or-pay contracts with an 
average term remaining of approximately 1.5 years, providing the Company with 
significant revenue stability.

Trinidad has made important progress on its debt reduction strategy and as the 
Company nears its target of 1.5 times for Total debt to EBITDA; its improved 
financial flexibility and growing cash flow provide the Company with a number 
of opportunities to add value. These opportunities may take the form of growth 
in existing operations, new areas of development or international expansion 
opportunities. Looking further out, the Company sees added upside potential if 
some of the liquefied natural gas plants planned for the west coast of Canada 
are built or if natural gas prices strengthen. In addition, Trinidad will 
continue to review other opportunities for its growing level of cash flow, 
including new capital projects and alternative avenues for adding shareholder 
value.

Trinidad expects that industry conditions will remain relatively stable in 
2013 with producers adjusting capital spending programs in relation to 
commodity price levels. The Company expects that its modern, high performance 
equipment will continue to be in demand, but that unless commodity prices 
increase there will be limited demand for less modern equipment.

With a high level of in-demand equipment and long-term contracts, a more 
diversified customer base and growing financial flexibility, Trinidad is well 
positioned to perform strongly and capitalize on opportunities for growth for 
the remainder of 2013 and beyond.

CONFERENCE CALL

A conference call and webcast to discuss the results will be held for the 
investment community on Thursday May 9(th), 2013 beginning at 9:00 a.m. MT 
(11:00 a.m. ET). To participate, please dial (888) 231-8191 (toll-free in 
North America) or (647) 427-7450 approximately 10 minutes prior to the 
conference call. An archived recording of the call will be available from 
approximately 2:00 p.m. ET on May 9(th), 2013 until midnight May 16(th), 2013 
by dialing (855) 859 2056 or (416) 849-0833 and entering replay access code 
53235010.

A live audio webcast of the conference call will also be available via the 
Investor Relations page of Trinidad's website.

TRINIDAD DRILLING LTD.

Trinidad is a corporation focused on sustainable growth that trades on the 
Toronto Stock Exchange under the symbol TDG. Trinidad's divisions operate in 
the drilling, coring and barge-drilling sectors of the North American oil and 
natural gas industry with operations in Canada, the United States and Mexico. 
Trinidad is focused on providing modern, reliable, expertly designed equipment 
operated by well-trained and experienced personnel. Trinidad's drilling fleet 
is one of the most adaptable, technologically advanced and competitive in the 
industry.
    CONSOLIDATED STATEMENTS OF FINANCIAL POSITION    
    As at                                       March 31,   December 31,

($ thousands) - unaudited                        2013           2012
                                                                    

Assets                                                              

Current Assets                                                      

Cash and cash equivalents                      11,792          4,933

Accounts receivable                           202,077        182,071

Inventory                                       8,353          8,600

Prepaid expenses                                4,322          4,808

Assets held for sale                                -            816
                                              226,544        201,228
                                                                    

Property and equipment                      1,257,633      1,253,921

Intangible assets and goodwill                 87,875         86,145
                                            1,572,052      1,541,294
                                                                    

Liabilities                                                         

Current Liabilities                                                 

Accounts payable and accrued liabilities       76,995         82,265

Dividends payable                               6,043          6,043

Deferred revenue                                1,076          2,891

Current portion of long-term debt               5,601            617
                                               89,715         91,816
                                                                    

Long-term debt                                496,356        509,215

Deferred income taxes                          88,574         76,414
                                              674,645        677,445
                                                                    

Shareholders' Equity                                                

Common shares                                 952,043        952,043

Contributed surplus                            50,415         50,245

Accumulated other comprehensive loss         (27,720)       (34,403)

Deficit                                      (77,331)      (104,036)
                                              897,407        863,849
                                            1,572,052      1,541,294


    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME 

Three months ended March 31,  

($ thousands except per share data) - unaudited        2013      2012
                                                                     

Revenue                                                              

Oilfield service revenue                            247,120   260,264

Other revenue                                            66       130
                                                    247,186   260,394

Expenses                                                             

Operating expense                                   148,827   155,972

General and administrative                           16,314    12,566

Depreciation and amortization                        29,859    28,130

Foreign exchange                                        (5)       616

Loss on sale of property and equipment                   36       170

Impairment of property and equipment                      -     7,519
                                                    195,031   204,973

Finance costs                                         9,970    10,802

Earnings before income taxes                         42,185    44,619

Income taxes                                                         

Current                                               1,071      (55)

Deferred                                              8,366    10,206
                                                      9,437    10,151

Net earnings                                         32,748    34,468
                                                                     

Other comprehensive income (loss)                                    

  Foreign currency translation adjustment, net of     6,683   (6,781)
                                       income tax
                                                      6,683   (6,781)

Total comprehensive income                           39,431    27,687
                                                                     

Earnings per share                                                   

Net earnings                                                         

  Basic / Diluted                                      0.27      0.29


    CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three months ended March 31, 2013 and 2012  
                                      Accumulated                        
                                           other      Retained           
              Common    Contributed   comprehensive   earnings     Total

($ thousands) shares       surplus    income (loss)   (deficit)   equity
- unaudited                                (1)
                                                                         

Balance at
December 31,  952,043        50,245        (34,403)   (104,036)   863,849
2012

Share-based         -           170               -           -       170
payments

Total
comprehensive       -             -           6,683      32,748    39,431
income (loss)

Dividends           -             -               -     (6,043)   (6,043)

Balance at
March 31,     952,043        50,415        (27,720)    (77,331)   897,407
2013
                                                                         

Balance at
January 1,    952,043        49,462        (25,377)   (134,902)   841,226
2012

Share-based         -            85               -           -        85
payments

Total
comprehensive       -             -         (6,781)      34,468    27,687
income (loss)

Dividends           -             -               -     (6,043)   (6,043)

Balance at
March 31,     952,043        49,547        (32,158)   (106,477)   862,955
2012



(1) Accumulated other comprehensive income (loss) consisted of foreign
                                      currency translation adjustment.
    CONSOLIDATED STATEMENTS OF CASH FLOWS

For three months ended March 31,

($ thousands) - unaudited                               2013       2012
                                                                       

Cash provided by (used in)                                             

Operating activities                                                   

Net earnings                                          32,748     34,468

Adjustments for:                                                       

  Depreciation and amortization                       29,859     28,130

  Foreign exchange                                       (5)        616

  Loss on sale of property and equipment                  36        170

  Impairment of property and equipment                     -      7,519

  Finance costs                                        9,970     10,802

  Income taxes                                         9,437     10,151

  Other                                                2,788         91

  Income taxes paid                                  (1,314)      (702)

  Income taxes recovered                                   -          -

  Interest paid                                     (18,579)   (19,793)

  Interest received                                        3          4

Funds provided by operations                          64,943     71,456

Change in non-cash operating working capital        (24,448)    (3,989)

Cash provided by operations                           40,495     67,467
                                                                       

Investing activities                                                   

Purchase of property and equipment                  (17,337)   (61,805)

Proceeds from disposition of property and equipment      461      1,154

Change in non-cash working capital                     7,275    (7,146)

Cash used by investing                               (9,601)   (67,797)
                                                                       

Financing activities                                                   

Proceeds from long-term debt                          10,949     20,000

Repayments of long-term debt                        (29,138)   (18,137)

Dividends paid                                       (6,043)    (6,043)

Cash used by financing                              (24,232)    (4,180)
                                                                       

Cash flow from operating, investing and financing      6,662    (4,510)
activities

Effect of translation of foreign currency cash           197      (302)

Increase (decrease) in cash for the period             6,859    (4,812)
                                                                       

Cash and cash equivalents (bank indebtedness) -        4,933    (4,600)
beginning of period

Cash and cash equivalents (bank indebtedness) - end   11,792    (9,412)
of period



SEGMENTED INFORMATION

The following presents the result of Trinidad's operating segments:

Three months                 United States       Inter-                        
ended                              /

March 31, 2013   Canadian    International      segment                        

($ thousands)   Operations     Operations    Eliminations   Corporate    Total

Operating          115,339         111,972              -           -   227,311
revenue 

Other revenue           44              22              -           -        66

Third party         13,701           6,108              -           -    19,809
recovery 

Inter-segment          174               -          (174)           -         -
revenue 
                   129,258         118,102          (174)           -   247,186

Operating           59,549          69,469              -           -   129,018
costs 

Third party         13,701           6,108              -           -    19,809
costs 

Inter-segment          174               -          (174)           -         -
operating 

Operating           55,834          42,525              -           -    98,359
income 

Depreciation
and                 11,882          17,977              -           -    29,859
amortization 

Loss (gain) on
sale of                141           (105)              -           -        36
property and
equipment 

Impairment of
property and             -               -              -           -         -
equipment 
                    12,023          17,872              -           -    29,895

Segmented           43,811          24,653              -           -    68,464
income 

General and              -               -              -      16,314    16,314
administrative 

Foreign                  -               -              -         (5)       (5)
exchange 

Finance costs            -               -              -       9,970     9,970

Income taxes             -               -              -       9,437     9,437

Net earnings        43,811          24,653              -    (35,716)    32,748
(loss) 
                                                                               

Purchase of
property and        16,910             427              -           -    17,337
equipment 



Three months                United States       Inter-                        
ended                             /

March 31, 2012  Canadian    International      segment                        

($ thousands)  Operations     Operations    Eliminations   Corporate    Total

Operating         114,966         124,774              -           -   239,740
revenue

Other revenue         126               4              -           -       130

Third party        15,238           5,286              -           -    20,524
recovery

Inter-segment       7,296               -        (7,296)           -         -
revenue
                  137,626         130,064        (7,296)           -   260,394

Operating          63,387          72,061              -           -   135,448
costs

Third party        15,238           5,286              -           -    20,524
costs

Inter-segment       7,296               -        (7,296)           -         -
operating

Operating          51,705          52,717              -           -   104,422
income

Depreciation
and                 9,362          18,768              -           -    28,130
amortization

Loss (gain) on
sale of                31             139              -           -       170
property and
equipment

Impairment of
property and        5,957           1,562              -           -     7,519
equipment
                   15,350          20,469              -           -    35,819

Segmented          36,355          32,248              -           -    68,603
income

General and             -               -              -      12,566    12,566
administrative

Foreign                 -               -              -         616       616
exchange

Finance costs           -               -              -      10,802    10,802

Income taxes            -               -              -      10,151    10,151

Net earnings       36,355          32,248              -    (34,135)    34,468
(loss)
                                                                              

Purchase of
property and       25,232          36,573              -           -    61,805
equipment



ADVISORY

NON-GAAP MEASURES DEFINITIONS

This document contains references to certain financial measures and associated 
per share data that do not have any standardized meaning prescribed by IFRS 
and may not be comparable to similar measures presented by other companies. 
These financial measures are computed on a consistent basis for each reporting 
period and include EBITDA, Adjusted EBITDA, Adjusted net earnings, working 
capital, Senior Debt to EBITDA, Total Debt to EBITDA, EBITDA to Cash Interest 
Expense, drilling days, operating days, utilization rate - drilling day, 
utilization rate - operating day, and rate per operating day. These non-GAAP 
measures are identified and defined as follows:

"EBITDA" is a measure of the Company's operating profitability. EBITDA 
provides an indication of the results generated by the Company's principal 
business activities prior to how these activities are financed, assets are 
depreciated, amortized and impaired, or how the results are taxed in various 
jurisdictions.

"Adjusted EBITDA" is used by management and investors to analyze EBITDA (as 
defined above) prior to the effect of foreign exchange and share-based payment 
expense, and is not intended to represent net earnings as calculated in 
accordance with IFRS.

"Adjusted net earnings" is used by management and the investment community to 
analyze net earnings prior to the effect of foreign exchange, share-based 
payment expense and impairment charges and is not intended to represent net 
earnings as calculated in accordance with IFRS.

"Working capital" is used by management and the investment community to 
analyze the operating liquidity available to the Company.

"Senior Debt to EBITDA" is defined as the consolidated balance of the 
revolving facility and other debt secured by a lien at quarter end to 
consolidated EBITDA for the trailing 12 months (TTM). Consolidated EBITDA 
used in this financial ratio is calculated as EBITDA plus share-based payment 
expense and unrealized foreign exchange.

"Total Debt to EBITDA" is defined as the consolidated balance of long-term 
debt, which includes the Senior Debt, Senior Notes Payable and dividends 
payable at quarter end, to consolidated EBITDA for the TTM. Consolidated 
EBITDA used in this financial ratio is calculated as EBITDA plus share-based 
payment expense and unrealized foreign exchange.

"EBITDA to Cash Interest Expense" is defined as the consolidated EBITDA for 
TTM to the cash interest expense on all debt balances for TTM. Consolidated 
EBITDA used in this financial ratio is calculated as EBITDA plus share-based 
payment expense and unrealized foreign exchange.

"Drilling days" is defined as rig days between spud to rig release.

"Operating days" is defined as moving days (move in, rig up and tear out) plus 
drilling days (spud to rig release).

"Utilization rate - drilling day" is defined as drilling days divided by total 
available rig days.

"Utilization rate - operating day" is defined as operating days (drilling days 
plus moving days) divided by total available rig days.

"Rate per operating day" is defined as operating revenue (net of third party 
costs) divided by operating days (drilling days plus moving days).

ADDITIONAL GAAP MEASURES DEFINITIONS

The Company uses certain additional GAAP financial measures within the 
financial statements and this document that are not defined terms under IFRS 
to assess performance. Management believes that these measures provide useful 
supplemental information to investors. These financial measures are computed 
on a consistent basis for each reporting period and include Funds provided by 
operations, Operating income, Operating income percentage and Operating income 
- net percentage. These additional GAAP measures are identified and defined as 
follows:

"Funds provided by operations" is used by management and investors to analyze 
the funds generated by Trinidad's principal business activities prior to 
consideration of working capital. This balance is reported in the Consolidated 
Statements of Cash Flows included in the cash provided by operating activities 
section.

"Operating income" is used by management and investors to analyze overall and 
segmented operating performance. Operating income is not intended to 
represent an alternative to net earnings or other measures of financial 
performance calculated in accordance with IFRS. Operating income is 
calculated from the consolidated statements of operations and comprehensive 
income (loss) and from the segmented information contained in the notes to the 
consolidated financial statements. Operating income is defined as revenue less 
operating expenses.

"Operating income percentage" is used by management and investors to analyze 
overall and segmented operating performance. Operating income percentage is 
calculated from the consolidated statements of operations and comprehensive 
income (loss) and from the segmented information in the notes to the 
consolidated financial statements. Operating income percentage is defined as 
operating income divided by revenue.

"Operating income - net percentage" is used by management and investors to 
analyze overall and segmented operating performance. Operating income - net 
percentage is calculated from the consolidated statements of operations and 
comprehensive income (loss) and from the segmented information in the notes to 
the consolidated financial statements. Operating income - net percentage is 
defined as operating income divided by revenue net of third party costs.

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking statements relating to 
Trinidad's plans, strategies, objectives, expectations and intentions. The 
use of any of the words "expect", "anticipate", "continue", "estimate", 
"objective", "ongoing", "may", "will", "project", "should", "believe", 
"plans", "intends", "confident", "might" and similar expressions are intended 
to identify forward-looking information or statements. Various assumptions 
were used in drawing the conclusions or making the projections contained in 
the forward-looking statements throughout this document. The forward-looking 
information and statements included in this document are not guarantees of 
future performance and should not be unduly relied upon. Forward-looking 
statements are based on current expectations, estimates and projections that 
involve a number of risks and uncertainties, which could cause actual results 
to differ materially from those anticipated and described in the 
forward-looking statements. Such information and statements involve known and 
unknown risks, uncertainties and other factors that may cause actual results 
or events to differ materially from those anticipated in such forward-looking 
information or statements. In particular, but without limiting the foregoing, 
this document may contain forward-looking information and statements 
pertaining to the completion of announced rig construction programs on a 
timely basis and economical terms; the assumption that Trinidad's customers 
will honour their take-or-pay contracts; fluctuations in the demand for 
Trinidad's services; the ability for Trinidad to attract and retain qualified 
personnel, in particular field staff to crew the Company's rigs; the existence 
of competitors, technological changes and developments in the oilfield 
services industry; the existence of operating risks inherent in the oilfield 
services industry; assumptions respecting capital expenditure programs and 
other expenditures by oil and gas exploration and production companies; 
assumptions regarding commodity prices, in particular oil and natural gas; 
assumptions respecting supply and demand for commodities, in particular oil 
and natural gas; assumptions regarding foreign currency exchange rates and 
interest rates; the existence of regulatory and legislative uncertainties; the 
possibility of changes in tax laws; and general economic conditions including 
the capital and credit markets. Trinidad cautions that the foregoing list of 
assumptions, risks and uncertainties is not exhaustive. The forward-looking 
information and statements contained in this document speak only as of the 
date of this document and Trinidad assumes no obligation to publicly update or 
revise them to reflect new events or circumstances, except as may be required 
pursuant to applicable securities laws.



















Lyle Whitmarsh, Chief Executive Officer

Brent Conway, President

Lisa Ciulka, Vice President, Investor Relations (403) 294-4401 
email:lciulka@trinidaddrilling.com

SOURCE: Trinidad Drilling Ltd.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/May2013/08/c2660.html

CO: Trinidad Drilling Ltd.
ST: Alberta
NI: OIL ERN CONF 

-0- May/08/2013 21:30 GMT


 
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