LDI Lithoquest Resources Inc

MONCTON, Aug. 29, 2011 /CNW/ -- MONCTON, Aug. 29, 2011 /CNW/ - Landdrill International Inc. (TSXV: LDI) ("Landdrill" or the "Company") has released results for their second quarter ended June 30, 2011.  The Company reports revenues of $15,501,000, which is an increase 105% from 2010's comparable amount of $7,567,000.  The Company also reports earnings before interest, taxes and depreciation ("EBITDA") of $1,079,000 and net earnings of $4,000, as compared to the prior year's amounts of $426,000 and $395,000 respectively.  On a year to date basis the Company reports revenues of $29,514,000 which is an increase of 115% from 2010's comparable amount of $13,750,000.  The Company also reports earnings before interest, taxes and depreciation ("EBITDA") of $2,967,000 and net earnings of $869,000, as compared to the prior year's amounts of $1,344,000 and $688,000 respectively. Ron Goguen Sr., the President and CEO of Landdrill said, "While I am pleased to report the increase to revenues, the lower than anticipated gross margins and increase to overheads had a negative effect to final results.  The Company's earnings were negatively affected by a combination of costs from the windup of a large contract in Russia, below average drilling performance in Canada, along with high overhead costs in Mexico.  After the March 31, 2011 acquisition in Mexico, Landdrill closed their pre-existing operations in Hermosilla while merging with the vendor's operation in Mazatlan, thereby incurring higher costs.  However the Company is currently deployed at record levels and revenues for the third quarter will set a new company high.  Furthermore management is actively engaged in resolving the difficulties recently experienced and it is expected that Landdrill will report improved results." Management plans to make themselves available to investors and analysts by hosting a conference call on Monday August 29, 2011, at 11:00AM EST.  The call-in numbers are:     Local and International - (416) 644-3426     North America - 1-800-731-5319 For a review of the Company's latest filed financial results, copies of Landdrill's financial statements along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com). About Landdrill Landdrill is a growth oriented international drilling company with a focus on the metals and minerals industry. The Company continues to explore opportunities for growth in key markets, either through establishment of new branch offices or through acquisitions as opportunities arise.  The Company now has 55 drills with full branch operations in Canada, Mexico, Mongolia and Russia. Landdrill is a forward looking company that has drilled in Canada, Mexico and Asia.  Our people have drilled at altitudes over 15,000 feet and in temperatures ranging from -50 degrees Celsius to +50 degrees Celsius. We view all our customers as partners in every venture because we know that their success ensures our future! We offer customized drilling programs to meet your every need and we always look forward to our next challenge. For detailed information on Landdrill International Inc., or to request a bid submission for your project, please visit our website at www.landdrill.com. Forward-looking information This press release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Landdrill International Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all terms of the contracts will be fulfilled in their entirety, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include commodity prices, availability of personnel, materials and equipment, actual performance of equipment and processes relative to specifications and expectations, unanticipated environmental impacts and continued availability of capital and financing and general economic, market or business conditions. These risks and uncertainties are discussed in the Company's regulatory filings available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances, except as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/August2011/29/c6843.html p Ronald Goguenbr/ President and Chief Executive Officerbr/ Landdrill International Inc.br/ (506) 388 - 8961 /p p bRenmark Financial Comm/bbunications Inc./bbr/ John Bodiman: a href="mailto:jboidman@renmarkfinancial.com"jboidman@renmarkfinancial.com/abr/ Peter Mahzari: a href="mailto:pmahzari@renmarkfinancial.com"pmahzari@renmarkfinancial.com/abr/ Tel.: (514) 939-3989 or (416) 644-2020br/ a href="http://www.renmarkfinancial.com"www.renmarkfinancial.com/a /p

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