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AKITA Drilling Ltd | Q2 2011 Results | | Page 1 of 11 | September 11, 2026

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Commencing with the first quarterly report earlier this year, all financial information is reported for the Company in accordance with IFRS including for comparative periods except where noted. AKITA Drilling Ltd.’s net income for the three months ended June 30, 2011 was $1,498,000 ($0.08 per share) on revenue of $31,651,000 compared to a net loss of $319,000 ($0.02 per share) on revenue of $25,288,000 for the corresponding period in 2010. Funds flow from operations for the quarter ended June 30, 2011 was $3,239,000 compared to $5,120,000 in the corresponding quarter in 2010 and included a one-time tax impact of $2,432,000, related to the repatriation earlier this year of one of the Company’s rigs from Alaska into Canada. Net income for the six months ended June 30, 2011 was $9,450,000 ($0.52 per share) on revenue of $89,095,000. Comparative figures for 2010 were net income of $398,000 ($0.02 per share) on revenue of $69,253,000. Funds flow from operations for the January to June period in 2011 was $16,952,000 compared to $12,764,000 for the comparative period in 2010. Although the positive impact of the second quarter results was somewhat muted by a late break-up coupled with an unseasonably wet June in many locations, overall market conditions continued to develop in an encouraging manner. This was evidenced both through increased activity levels and improved day rates compared to the corresponding period last year. Operating statistics for the first six months of 2011 and 2010 are as follows: Number of Rigs Operating Days Gross Net Year to Date Canada 2011 37 34.075 3,002 2010 37 34.225 2,556 United States 2011 0 0.0 0 2010 2 1.0 18 Total 2011 37 34.075 3,002 2010 39 35.225 2,574 During the second quarter, the Company completed construction of its newest pad rig and deployed it into the Wood Buffalo region of north-eastern Alberta where it is drilling for heavy oil under a multi-year contract. As well, AKITA completed the retrofit of the rig redeployed from Alaska in the first quarter of 2011. Wet weather delayed the initial redeployment of this rig into northern Alberta until July. This second rig is also working under a multi-year contract. Demand is now strong for most categories of drilling rigs in Canada. The most notable exception is for rigs having capacities in excess of 5,000 metres, since the demand for this class of rigs is more closely associated with demand for natural gas. Even so, the Company is now starting to see a moderate pick-up in demand for these deep capacity rigs under conventional configurations and has also recently signed a contract to convert one of its deep capacity rigs into a pad configuration. 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 2 DRILLING LTD. Interim report for 6 months ended June 30, 2011