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AKITA Drilling Ltd | Q1 2011 Results | | Page 1 of 11 | September 11, 2026

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Commencing with this quarterly report, all financial information is reported in accordance with IFRS including for comparative periods except where noted. AKITA Drilling Ltd.’s net earnings for the three months ended March 31, 2011 were $7,952,000 ($0.44 per share) on revenue of $57,444,000 compared to $720,000 ($0.04 per share) on revenue of $43,965,000 for the corresponding period in 2010. Funds flow from operations for the quarter ended March 31, 2011 was $13,712,000 compared to $7,644,000 in the corresponding quarter in 2010. Marketing conditions continued to develop in a positive manner, and the recovery that began in 2010 continued during the first quarter of this year. In addition to increased activity levels, day rates improved compared to last year. Operating statistics for the first three months of 2011 and 2010 are as follows: Number of Rigs Operating Days Gross Net Year to Date Canada 2011 36 33.225 2,017 2010 37 34.225 1,701 United States 2011 0 0.0 0 2010 2 1.0 0 Total 2011 36 33.225 2,017 2010 39 35.225 1,701 Due to slow market conditions, during the first quarter of 2011 the Company exchanged with a joint venture partner in Alaska, thereby taking possession of one complete rig and relocating it into Canada. This rig, a heavy capacity double, is being retrofitted to make it competitive in a non-arctic market. The Company anticipates having this rig, as well as a pad rig currently under construction, working prior to the end of the second quarter. With improved market conditions, prospects for most categories of rigs are now strong or improving; with the sole exception of rigs in excess of 5,000 metre capacity. Demand for this class of rigs is more closely tied to natural gas prices, which remained weak throughout the quarter. Management is optimistic, however, that the Company’s deepest capacity rigs will begin to see more activity as the year progresses. On behalf of the Board of Directors, Linda A. Heathcott Karl A. Ruud Chairman of the Board President and Chief Executive Officer To the Shareowners Q 1 Interim report for 3 months ended March 31, 2011 DRILLING LTD.