April 3 (Reuters) - Xtreme Drilling Corp XDC.TO -
* Announces additional strategic initiatives to deliver value to shareholders and increase competitiveness in us resource plays
* Intention to explore strategic options with respect to eight shallower capacity AC electric XDR 200 and 300 drilling rigs
* By end of 2017 xtreme will have 13 rigs that fit this category, ten XDR 500 and three 850XE rigs
* Commencement of substantial issuer bid to purchase Xtreme common shares
* Intends to undertake substantial issuer bid to purchase up to aggregate of $25 million in xtreme shares through a Dutch auction tender process
* Board of directors has appointed an independent committee of directors to set price and details around proposed issuer bid
* Company will continue to operate existing three rig XDR 200 operation in Canada while strategic options are evaluated
* Xtreme Drilling Corp - "Company is reviewing international opportunities to deploy rigs alongside potential for an outright sale"
* Xtreme anticipates an additional rig to be contracted in q2 for a q4 2017 delivery Source text for Eikon: ID:nCCN7qB0Ms Further company coverage: XDC.TO