Trinidad Drilling Ltd. announces closing of bought deal equity financing including exercise in full of over-allotment option

Trinidad Drilling Ltd. announces closing of bought deal equity financing 
including exercise in full of over-allotment option 
CALGARY, Dec. 16, 2013 /CNW/ - Trinidad Drilling Ltd. ("Trinidad" or the 
"Corporation") is pleased to announce the closing of its previously announced 
bought deal equity financing (the "Offering"). At closing, a total of 
17,250,000 common shares were issued at a price of $10.00 per common share for 
gross proceeds of $172.5 million. This amount included the full exercise by 
the underwriters of their over-allotment option to purchase up to an 
additional 2,250,000 common shares. The Offering was underwritten by a 
syndicate of underwriters led by Raymond James Ltd. and including RBC Dominion 
Securities Inc., FirstEnergy Capital Corp., Scotia Capital Inc., TD Securities 
Inc., Canaccord Genuity Corp., CIBC World Markets Inc., Cormark Securities 
Inc., Paradigm Capital Inc. and Peters & Co. Limited (the "Underwriters"). 
The net proceeds raised from the Offering are expected to be used to fund 
upcoming capital expenditures on new and existing assets, as well as for 
potential growth initiatives and general corporate purposes. These capital 
expenditures are expected to primarily include: (i) the construction and 
upgrade of drilling rigs and related assets for sale to Trinidad Drilling 
International Luxembourg S.à.r.l., Trinidad's international joint venture 
with an affiliate of Halliburton Company (the "Joint Venture"); (ii) the 
construction of a 3,000 horsepower, 1.25 million pound hookload AC rig 
destined for the Liard Basin in northern Canada where it is anticipated to be 
drilling liquefied natural gas ("LNG")-related wells under a take-or-pay 
arrangement with a large North American oil and gas company; and (iii) 
upgrades to existing rigs to improve their efficiency and marketability. 
Trinidad is a corporation focused on sustainable growth that trades on the 
Toronto Stock Exchange (TSX) under the symbol TDG. Trinidad's divisions 
operate in the drilling and barge-drilling sectors of the North American oil 
and natural gas industry with operations in Canada, the United States and 
Mexico. In addition, through the Joint Venture, Trinidad has the opportunity 
to operate drilling rigs in other international markets such as Saudi Arabia. 
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 
Advisory Respecting Forward-Looking Information 
Certain statements contained in this news release constitute forward-looking 
information and statements within the meaning of applicable Canadian 
securities laws (collectively, "forward-looking information"). The use of 
any of the words "expect", "anticipate", "may", "will", "intends" and similar 
expressions are intended to identify forward-looking information. In 
particular, but without limiting the foregoing, this news release contains 
forward-looking information pertaining to the following: (i) the Corporation's 
intended use of the net proceeds of the Offering; (ii) anticipated growth 
opportunities in the North American and international markets, including Saudi 
Arabia; and (iii) other expectations, beliefs, plans, goals, objectives, 
assumptions, information and statements about possible future events, 
conditions, results of operations or performance. 
Various material factors, expectations and assumptions were used in drawing 
the conclusions or making the forecasts and projections contained in the 
forward-looking information throughout this news release including, without 
limitation, expectations and assumptions relating to: (i) oil and gas industry 
conditions and production levels; (ii) future industry and economic conditions 
and areas for growth and development; (iii) commodity prices, foreign currency 
exchange rates and interest rates; (iv) capital expenditure programs and other 
expenditures; (v) supply and demand for oil and gas; (vi) schedules and timing 
of certain projects and Trinidad's and the Joint Venture's strategy for 
growth; (vii) Trinidad's and the Joint Venture's future operating and 
financial results; and (viii) treatment under governmental regulatory regimes 
and tax, environmental and other laws. 
The forward-looking information included in this news release is not a 
guarantee of future performance and should not be unduly relied upon. Such 
information involves 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 including, without limitation: 
(i) volatility in market prices for oil, natural gas and LNG; (ii) volatility 
in exchange rates for the Canadian dollar relative to other world currencies; 
(iii) liabilities and risks inherent in the drilling and manufacturing 
industries, including technical problems; (iv) competition for, among other 
things, capital, the ability to secure manufacturers (other than Trinidad 
Design and Manufacturing, if necessary) for rig construction and skilled 
personnel; (v) the ability and desire of Trinidad's customers to honour their 
take-or-pay contracts with Trinidad; (vi) changes in general economic, market 
and business conditions in Canada, the United States, Mexico, Saudi Arabia and 
worldwide; (vii) actions by governmental or regulatory authorities (both 
domestic and foreign), including changes in tax laws and the risk of 
nationalization and expropriation of assets; (viii) the ability for the 
customers of Trinidad, its subsidiaries and the Joint Venture to raise capital 
and to continue with their drilling programs; (ix) the impact of adverse 
weather on the operations of Trinidad, its subsidiaries and the Joint Venture; 
and * increases and overruns in construction costs. While Trinidad intends to 
use the net proceeds from the Offering in the manner stated above, there may 
be circumstances that are not known at this time where a reallocation of the 
net proceeds may be advisable for business reasons that management believes 
are in Trinidad's best interests. 
Trinidad cautions that the foregoing list of assumptions, risks and 
uncertainties is not exhaustive. Additional information on these and other 
factors which could affect operations or financial results are included under 
the heading "Risk Factors" in the Corporation's annual information form for 
the year ended December 31, 2012. Additional information may also be found 
in Trinidad's other reports on file with the Canadian securities regulatory 
authorities. The forward-looking information contained in this news release 
is expressly qualified by this cautionary statement. Neither Trinidad nor 
any of the Underwriters undertake any obligation to publicly update or revise 
any forward-looking information except as expressly required by applicable 
securities laws. 
This news release shall not constitute an offer to sell or the solicitation of 
an offer to buy the shares in any jurisdiction. The shares offered will not be 
and have not been registered under the United States Securities Act of 1933 
and may not be offered or sold in the United States or to a United States 
person, absent registration, or an applicable exemption therefrom.

SOURCE  Trinidad Drilling Ltd. 
Lyle Whitmarsh Chief Executive Officer 
Brent Conway President 
Lisa Ciulka Vice President, Investor Relations (403) 294-4401 
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CO: Trinidad Drilling Ltd.
ST: Alberta
-0- Dec/16/2013 14:16 GMT
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