Major Drilling Reports Record Third Quarter Revenue and Profits and Increases Dividend16:00 EST Monday, March 05, 2012MONCTON, NB, March 5, 2012 /CNW/ - Major Drilling Group International Inc. (TSX: MDI) today reported results for its third quarter of fiscal 2012, ended January 31, 2012.Highlights                 In millions of Canadian dollars (except earnings per share) Q3-12 Q3-11 YTD-12 YTD-11         Revenue $182.2 $107.7 $560.2 $345.0Gross profit 47.1 23.9 172.7 85.5 As percentage of sales 25.9% 22.2% 30.8% 24.8%EBITDA(1) 27.0 10.8 117.4 50.5 As percentage of sales 14.8% 10.0% 21.0% 14.6%Net earnings 9.6 1.7 59.0 18.1Earnings per share 0.12 0.02 0.79 0.25 (1) Earnings before interest, taxes, depreciation and amortization (see "non-gaap measures")Major Drilling posted quarterly revenue of $182.2 million, up nearly 70% from the $107.7 million recorded for the same quarter last year. This represents the highest level of third quarter revenue in the Company's history.Gross margin percentage for the quarter was 25.9% compared to 22.2% for the corresponding period last year.EBITDA increased 150% to $27.0 million compared to the corresponding period last year.Record third quarter earnings were reported at $9.6 million or $0.12 per share for the quarter, compared to earnings of $1.7 million or $0.02 per share for the prior year quarter.The Company has increased its semi-annual dividend by 12.5% to $0.09 per share to be paid on May 2, 2012."The Company achieved the highest third quarter revenue and profits in its history. Demand for drilling services continues to increase and customers remain anxious to secure rigs and crews," said Francis McGuire, President and CEO of Major Drilling. "The third quarter is always seasonally the weakest quarter of our fiscal year, as mining and exploration companies shut down, often for extended periods over the holiday season. Nevertheless, we recorded the highest ever utilization rate for a third quarter in our history. We saw our EBITDA grow by 150% compared to the corresponding period last year, despite the heavy ramp-up costs and delays in Canada, which were caused by mild weather.""Going forward, the outlook for the fourth quarter remains strong, although weather continued to be somewhat challenging throughout February. During the third quarter, we renewed many of our contracts with pricing catching up to market conditions. We expect demand from gold and copper projects to continue to be strong in calendar 2012 assuming prices remain well above economical thresholds required for sustained exploration. Strong demand from coal and iron ore projects has also added a layer of work, which was not present at the peak in 2008," said Mr. McGuire. "Intermediate and junior mining companies with advanced projects have ramped up their already busy drilling programs by adding rigs, and most senior mining companies have increased their exploration budgets for 2012. We are starting to see increased demand for underground services around the world as mines are moving some surface drilling activities underground. Even though underground drilling tends to have lower margins, the Company expects to invest more in this area given that these contracts provide more financial stability, and target a different labour force.""Our biggest operational challenge continues to be the speed at which we can grow the labour force and shrink the productivity gap of new drillers as they gain experience. We continue to aggressively and successfully invest in the recruitment and training of new drillers. Our ongoing efforts on recruitment and training should allow our global utilization rates to continue to improve as we add more drillers. We are also pleased to report that we have been able to reduce our turnover rate of new entrants by half over the last 12 months. As competition for drillers heats up, wage increases will be required in certain areas to retain and attract the most experienced drillers, which are key to high-quality customer service," observed Mr. McGuire."Net capital expenditures for the quarter were $22.5 million as we purchased 19 rigs. We also retired eight rigs through our modernization program. We are continuing the renewal of our fleet, which helps improve productivity, safety and speeds up the training of crews. The greater reliability of these rigs therefore allows us to increase the earning power of each crew. In fact, 60% of our rigs are now less than five years old in an industry where rigs tend to last 20 years.""The Company is pleased to announce that today its Board of Directors increased its cash dividend by 12.5% to $0.09 per common share payable on May 2, 2012 to shareholders of record as of April 6, 2012. This dividend is designated as an "eligible dividend" for Canadian tax purposes," said Mr. McGuire."The Company would like to take this opportunity to welcome Fred Dyment to its Board of Directors.  Mr. Dyment is a Chartered Accountant with over 35 years of experience in the oil and natural gas industry and in international business. He held increasingly senior positions at Ranger Oil Limited, including Chief Financial Officer and President and Chief Executive Officer."Third quarter ended January 31, 2012Total revenue for the third quarter was $182.2 million compared to $107.7 million recorded for the prior year period. Part of the increase comes from the acquisition of the Bradley operations. Even without considering this acquisition, revenue was still the highest third quarter revenue in the Company's history. All of the Company's regions contributed to this growth.Revenue from Canada-U.S. drilling operations was up 83% to $69.8 million for the quarter compared to $38.2 million for the same period last year. U.S. mineral drilling operations continued a strong recovery, particularly from its senior mining customers. In Canada, increased activity levels, combined with the acquisition of Bradley, contributed to the growth of revenue.In South and Central America, revenue for the quarter was $59.2 million, up 61% from $36.8 million recorded in the prior year quarter. The increase was primarily driven by strong growth in our Mexican and Chilean operations, combined with the addition of the Bradley operations in Colombia and Suriname.Australian, Asian and African drilling operations reported revenue of $53.2 million, up 63% from $32.7 million reported in the same period last year. Australia and Mongolia accounted for a significant portion of this growth. New operations in Burkina Faso, Mozambique and the DRC, combined with the addition of Bradley's operations in the Philippines, accounted for the rest of the growth in the region.The overall gross margin percentage for the quarter was 25.9% compared to 22.2% for the same period last year. Third quarter margins are always impacted by a slowdown during the holiday season combined with higher than usual mobilizations, demobilizations and increased repairs during this period. This quarter, mild weather in Canada also caused delays in mobilizing to certain jobs.General and administrative costs were $16.5 million for the quarter compared to $10.1 million in the same period last year. The increase was due to three main factors: i) new Bradley operations; ii) new operations in Burkina Faso, Mozambique and the DRC; and iii) increased costs to support the strong growth in activity levels.Other expenses were $3.4 million for the quarter compared to $1.6 million for the same period last year, due to higher incentive compensation expenses given the Company's improved profitability and increased provision for bad debt.Depreciation and amortization expense increased to $12.0 million for the quarter compared to $8.0 million for the same quarter last year. Two thirds of the increase relates to the acquisition of Bradley, including the amortization of intangible assets, which are amortized over four years. Investments in equipment over the last year account for the rest of the increase.Non-GAAP Financial MeasuresIn this news release, the Company uses the following non-GAAP financial measures: EBITDA and EBITDA margin. The Company believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance of the Company. These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with GAAP.Some of the statements contained in this press release may be forward-looking statements, such as, but not limited to, those relating to worldwide demand for gold and base metals and overall commodity prices, the level of activity in the minerals and metals industry and the demand for the Company's services, the Canadian and international economic environments, the Company's ability to attract and retain customers and to manage its assets and operating costs, sources of funding for its clients, particularly for junior mining companies, competitive pressures, currency movements, which can affect the Company's revenue in Canadian dollars, the geographic distribution of the Company's operations, the impact of operational changes, changes in jurisdictions in which the Company operates (including changes in regulation), failure by counterparties to fulfill contractual obligations, and other factors as may be set forth, as well as objectives or goals, and including words to the effect that the Company or management expects a stated condition to exist or occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements by reason of factors such as, but not limited to, the factors set out in the discussion on pages 17 to 20 of the 2011 Annual Report entitled "General Risks and Uncertainties", and such other documents as available on SEDAR at www.sedar.com. All such factors should be considered carefully when making decisions with respect to the Company. The Company does not undertake to update any forward-looking statements, including those statements that are incorporated by reference herein, whether written or oral, that may be made from time to time by or on its behalf, except in accordance with applicable securities laws.Based in Moncton, New Brunswick, Major Drilling Group International Inc. is one of the world's largest metals and minerals contract drilling service companies. To support its customers' mining operations, mineral exploration and environmental activities, Major Drilling maintains operations on every continent.Financial statements are attached.Major Drilling will provide a simultaneous webcast of its quarterly conference call on Tuesday, March 6, 2012 at 9:00 AM (EST). To access the webcast please go to the investors/webcast section of Major Drilling's website at www.majordrilling.com and click the attached link, or go directly to the CNW Group website at www.newswire.ca for directions. Participants will require Windows MediaPlayer, which can be downloaded prior to accessing the webcast. Please note that this is listen only mode.  Major Drilling Group International Inc.Interim Condensed Consolidated Statements of Operations(in thousands of Canadian dollars, except per shareinformation)(unaudited)             Three months ended Nine months ended January 31 January 31             2012 2011 2012 2011            TOTAL REVENUE$182,188 $107,720 $560,194 $345,018            DIRECT COSTS 135,068  83,847  387,520  259,512            GROSS PROFIT 47,120  23,873  172,674  85,506            OPERATING EXPENSES            General and administrative 16,522  10,118  41,956  29,640 Other expenses 3,388  1,573  12,036  6,005 Loss (gain) on disposal of property, plant and equipment 635  391  1,316  (427) Foreign exchange (gain) loss (384)  1,028  (19)  (220) Finance costs 874  265  2,660  876 Depreciation and amortization (note 15) 12,017  8,048  29,963  22,742  33,052  21,423  87,912  58,616            EARNINGS BEFORE INCOME TAX  14,068  2,450  84,762  26,890            INCOME TAX - PROVISION (RECOVERY) (note 12)            Current (3,910)  597  13,377  9,447 Deferred 8,412  182  12,367  (683)  4,502  779  25,744  8,764            NET EARNINGS$9,566 $1,671 $59,018 $18,126             EARNINGS PER SHARE (note 13)           Basic *$0.12 $0.02 $0.79 $0.25Diluted **$0.12 $0.02 $0.78 $0.25 * Based on 78,948,691 and 71,579,811 daily weighted average sharesoutstanding for the quarter ended January 31, 2012 and 2011, respectivelyand on 75,078,293 and 71,451,882 daily weighted average shares outstandingfor the fiscal year to date 2012 and 2011, respectively. The total numberof shares outstanding on January 31, 2012 was 79,086,376.** Based on 80,067,340 and 72,534,171 daily weighted average sharesoutstanding for the quarter ended January 31, 2012 and 2011, respectively,and on 76,046,641 and 72,042,816 daily weighted average sharesoutstanding for the fiscal year to date 2012 and 2011, respectively.  Major Drilling Group International Inc.Interim Condensed Consolidated Statements of Comprehensive Earnings (Loss)(in thousands of Canadian dollars)(unaudited)             Three months ended Nine months ended January 31 January 31             2012 2011 2012 2011            NET EARNINGS$9,566 $1,671 $59,018 $18,126            OTHER COMPREHENSIVE EARNINGS            Unrealized gains (losses) on foreign currency translations (net of tax of $0) 2,286  (4,315)  9,860  4,280 Unrealized loss on cash flow hedge (net of tax of $0) (119)  -  (119)  -            COMPREHENSIVE EARNINGS (LOSS)$11,733 $(2,644) $68,759 $22,406Major Drilling Group International Inc.Interim Condensed Consolidated Statements of Changes in EquityFor the nine months ended January 31, 2011 and2012(in thousands of Canadian dollars)(unaudited)                    Sharecapital Reserves Share basedpayments reserve Retainedearnings Foreign currencytranslation reserve Total                  BALANCE AS AT MAY 1, 2010$144,919 $- $9,236 $153,358 $- $307,513                   Exercise of stock options 2,011  -  (599)  -  -  1,412 Share based payments reserve -  -  1,906  -  -  1,906 Dividends -  -  -  (5,243)  -  (5,243)  146,930  -  10,543  148,115  -  305,588Comprehensive earnings:                  Net earnings -  -  -  18,126  -  18,126 Unrealized gains on foreign currency translations-  -  -  -  4,280  4,280 Total comprehensive earnings -  -  -  18,126  4,280  22,406                  BALANCE AS AT JANUARY 31, 2011$146,930 $- $10,543 $166,241 $4,280 $327,994                  BALANCE AS AT MAY 1, 2011$150,642 $- $10,280 $170,425 $(3,662) $327,685                   Exercise of stock options 2,022  -  (322)  -  -  1,700 Share issue (net of issue costs) (note 11) 76,439  -  -  -  -  76,439 Share based payments reserve -  -  1,766  -  -  1,766 Dividends -  -  -  (6,242)  -  (6,242)  229,103  -  11,724  164,183  (3,662)  401,348Comprehensive earnings:                  Net earnings -  -  -  59,018  -  59,018 Unrealized gains on foreign currency translations-  -  -  -  9,860  9,860 Unrealized loss on cash flow hedge -  (119)  -  -  -  (119)Total comprehensive earnings -  (119)  -  59,018  9,860  68,759                  BALANCE AS AT JANUARY 31, 2012$229,103 $(119) $11,724 $223,201 $6,198 $470,107Major Drilling Group International Inc.Interim Condensed Consolidated Statements of Cash Flows(in thousands of Canadian dollars)(unaudited)             Three months ended Nine months ended January 31 January 31             2012 2011 2012 2011            OPERATING ACTIVITIES           Earnings before income tax$14,068 $2,450 $84,762 $26,890Operating items not involving cash            Depreciation and amortization (note 15) 12,017  8,048  29,963  22,742 Loss (gain) on disposal of property, plant and equipment 635  391  1,316  (427) Share based payments reserve 645  695  1,766  1,906Finance costs recognized in earnings before income tax 874  265  2,660  876  28,239  11,849  120,467  51,987Changes in non-cash operating working capital items 17,672  7,080  (4,629)  (4,784)Finance costs paid (938)  (265)  (2,724)  (876)Income taxes (paid) recovered (4,915)  2,188  (16,240)  473Cash flow from operating activities 40,058  20,852  96,874  46,800            FINANCING ACTIVITIES           Repayment of long-term debt (11,588)  (1,890)  (15,817)  (7,124)Proceeds from long-term debt -  -  25,000  -Repayment of short-term debt (5,141)  -  (5,141)  -Proceeds from short-term debt -  -  -  10,400Issuance of common shares 1,035  132  78,139  1,412Dividends paid (6,242)  (5,243)  (11,525)  (9,993)Cash flow (used in) from financing activities (21,936)  (7,001)  70,656  (5,305)            INVESTING ACTIVITIES           Business acquisitions (net of cash acquired) (note 16) (7,960)  (30)  (74,479)  (2,567)Acquisition of property, plant and equipment (net of direct financing) (22,539)  (18,310)  (60,032)  (40,518)Proceeds from disposal of property, plant and equipment 164  572  1,711  3,929Cash flow used in investing activities (30,335)  (17,768)  (132,800)  (39,156)            Effect of exchange rate changes 269  237  (828)  (404)            (DECREASE) INCREASE IN CASH (11,944)  (3,680)  33,902  1,935            CASH, BEGINNING OF THE PERIOD 62,061  35,847  16,215  30,232            CASH, END OF THE PERIOD$50,117 $32,167 $50,117 $32,167  Major Drilling Group International Inc.Interim Condensed Consolidated Balance SheetsAs at January 31, 2012 and April 30, 2011(in thousands of Canadian dollars)(unaudited)       January 31, 2012 April 30, 2011ASSETS           CURRENT ASSETS      Cash$ 50,117 $16,215 Trade and other receivables 122,722  100,300 Income tax receivable 4,719  2,720 Inventories 99,703  69,864 Prepaid expenses 6,635  8,439  283,896  197,538      PROPERTY, PLANT AND EQUIPMENT (note 7) 315,160  235,473      DEFERRED INCOME TAX ASSETS 4,659  11,575      GOODWILL (note 8) 53,421  28,316      INTANGIBLE ASSETS (note 9) 7,370  1,235       $ 664,506 $474,137            LIABILITIES           CURRENT LIABILITIES      Trade and other payables$ 100,357 $88,599 Income tax payable 4,789  4,297 Short-term debt 7,893  7,919 Current portion of long-term debt (note 10) 8,799  8,402  121,838  109,217      CONTINGENT CONSIDERATIONS 2,760  2,612      LONG-TERM DEBT (note 10) 44,005  16,630      DEFERRED INCOME TAX LIABILITIES 25,344  17,993      DEFERRED REVENUE 452  -  194,399  146,452      SHAREHOLDERS' EQUITY      Share capital (note 11) 229,103  150,642 Reserves (119)  - Share based payments reserve 11,724  10,280 Retained earnings 223,201  170,425 Foreign currency translation reserve 6,198  (3,662)  470,107  327,685       $ 664,506 $474,137MAJOR DRILLING GROUP INTERNATIONAL INC.NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2012 AND 2011 (UNAUDITED)(in thousands of Canadian dollars, except per share information)1.NATURE OF ACTIVITIESMajor Drilling Group International Inc. ("the Company") is incorporated under the Canada Business Corporations Act and has its head office at 111 St. George Street, Suite 100, Moncton, NB, Canada. The Company's common shares are listed on the Toronto Stock Exchange ("TSX"). The principal source of revenue consists of contract drilling for companies primarily involved in mining and mineral exploration. The Company maintains operations on every continent.2.BASIS OF PRESENTATIONStatement of complianceInternational Financial Reporting Standards ("IFRS") require entities that adopt IFRS to make an explicit and unreserved statement, in their first annual IFRS financial statements, of compliance with IFRS. The Company will make this statement when it issues its financial statements for the year ending April 30, 2012. These financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting ("IAS 34") as issued by the International Accounting Standards Board ("IASB") and using the accounting policies the Company expects to adopt in its consolidated financial statements for the year ending April 30, 2012.Basis of consolidationThe Interim Condensed Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.The results of subsidiaries acquired or disposed of during the period are included in the consolidated statement of operations from the effective date of acquisition or up to the effective date of disposal, as appropriate.Intra-group transactions, balances, income and expenses are eliminated on consolidation, where appropriate.Basis of preparationThe Interim Condensed Consolidated Financial Statements have been prepared based on the accounting policies presented in the first quarter Notes to Interim Condensed Consolidated Financial Statements for the three months ended July 31, 2011.3.FUTURE ACCOUNTING CHANGESThe Company has not applied the following new and revised IFRSs that have been issued but are not yet effective: IFRS 7 (as amended in 2011) Financial Instruments: Disclosures IFRS 9 (as amended in 2010) Financial Instruments IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements  IFRS 12 Disclosure of Interests in Other Entities  IFRS 13 Fair Value Measurement  IAS 1 Presentation of Financial Statements  IAS 12 (amended) Income Taxes - recovery of underlying assets  IAS 19 Employee Benefits  IAS 27 (reissued) Separate Financial Statements  IAS 28 (reissued) Investments in Associates and Joint Ventures IAS 32 (amended) Financial Instruments: PresentationThe Company is currently evaluating the impact of applying these standards to its Consolidated Financial Statements.4.SIGNIFICANT NEW ACCOUNTING POLICIESDerivative financial instrumentsThe Company has entered into a derivative financial instrument, in the form of an interest rate swap, to manage its exposure to interest rate risk. The derivative is initially recognized at fair value at the date the derivative contract is executed and is subsequently re-measured to fair value at each reporting date. The resulting gain or loss is recognized in comprehensive earnings unless the derivative is considered to be ineffective, in which event it is recognized in profit or loss.Hedge accountingThe Company designates the derivative as a cash flow hedge. At the inception of the hedge, and on an ongoing basis, the Company documents whether the hedging instrument used in the hedging relationship is highly effective in offsetting changes in cash flows of the hedged item.Cash flow hedgeThe effective portion of changes in the fair value of the derivative is deferred in equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.Hedge accounting is discontinued when the Company revokes the hedging relationship, the hedging instrument expires or is terminated, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time is recognized immediately in profit or loss.5.KEY SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL ACCOUNTING JUDGMENTSThe preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Significant areas requiring the use of management estimates relate to the useful lives of property, plant and equipment for amortization purposes, property, plant and equipment and inventory valuation, determination of income and other taxes, assumptions used in compilation of share based payments, fair value of assets acquired and liabilities assumed in business acquisitions, amounts recorded as accrued liabilities, and impairment testing of goodwill and intangible assets. The Company applied judgment in determining the functional currency of the Company and its subsidiaries, determination of cash generating units ("CGUs"), the degree of componentization of property, plant and equipment, and the recognition of provisions and accrued liabilities.6.FIRST TIME ADOPTION OF IFRSFor the overall impact of IFRS on the opening balance sheet as at transition date, including a discussion of the optional exemptions taken and the applicable mandatory exceptions, refer to Note 6 in the first quarter Notes to Interim Condensed Consolidated Financial Statements for the three months ended July 31, 2011.The following reconciliations present the adjustments made to the Company's previous GAAP financial results of operations and financial position to comply with IFRS 1 First-time Adoption of International Financial Reporting Standards ("IFRS 1"). A discussion of transitional adjustments follows the reconciliations.IFRS Consolidated Balance SheetAs at January 31, 2011     (a) (b) (c) (d) (e) (f)  ASSETS  Opening   Share based           Previous IFRS   payments Deferred Contingent Fair value as Building   GAAP restatements * Adjustments reserve shareunits consideration deemed cost componentization IFRS                           CURRENT ASSETS                           Cash $32,167 $- $- $- $- $- $- $- $32,167 Trade and other receivables 70,999  -  -  -  -  -  -  -  70,999 Income tax receivable  4,784  -  -  -  -  -  -  -  4,784 Inventories  67,155  -  -  -  -  -  -  -  67,155 Prepaid expenses 5,345  -  -  -  -  -  -  -  5,345  180,450  -  -  -  -  -  -  -  180,450                           PROPERTY, PLANT AND EQUIPMENT 229,995  (11,877)  -  -  -  -  544  85  218,747                           DEFERRED INCOME TAX ASSETS 10,643  469  -  -  -  -  (116)  (12)  10,984                           GOODWILL 25,559  2,011  -  -  -  741  -  -  28,311                           INTANGIBLE ASSETS 1,499  -  -  -  -  -  -  -  1,499                                                       $448,146 $(9,397) $- $- $- $741 $428 $73 $439,991                           LIABILITIES                                                     CURRENT LIABILITIES                           Trade and other payables$57,898 $(35) $- $- $26 $- $- $- $57,889 Income tax payable 7,481  -  -  -  -  -  -  -  7,481 Short-term debt 11,129  -  -  -  -  -  -  -  11,129 Current portion of long-term debt 6,701  -  -  -  -  -  -  -  6,701  83,209  (35)  -  -  26  -  -  -  83,200                           CONTINGENT CONSIDERATION -  2,011  -  -  -  741  -  -  2,752                           LONG-TERM DEBT 10,178  -  -  -  -  -  -  -  10,178                           DEFERRED INCOME TAX LIABILITIES 16,441  (617)  -  -  -  -  25  18  15,867                             109,828  1,359  -  -  26  741  25  18  111,997                           SHAREHOLDERS' EQUITY                           Share capital 143,847  2,484  599  -  -  -  -  -  146,930 Share based payments reserve 12,605  (1,906)  (599)  443  -  -  -  -  10,543 Retained earnings  221,919  (55,667)  -  (443)  (26)  -  403  55  166,241 Foreign currency translation reserve (40,053)  44,333  -  -  -  -  -  -  4,280  338,318  (10,756)  -  -  (26)  -  403  55  327,994                            $448,146 $(9,397) $- $- $- $741 $428 $73 $439,991* total of May 1, 2010 transitional adjustments to re-state previous GAAP to IFRS IFRS Consolidated Statement of Operations                 For the three months ended January 31, 2011   (c) (d) (f) (g)      Share based Deferred Fairvalue Building   PreviousGAAP payments share units as deemed cost componentization  IFRS                  TOTAL REVENUE$107,720 $- $- $- $- $107,720                  DIRECT COSTS 83,847  -  -  -  -  83,847                  GROSS PROFIT 23,873  -  -  -  -  23,873                  OPERATING EXPENSES                  General and administrative 10,112  -  6  -  -  10,118 Other expenses 1,434  139  -  -  -  1,573 Loss on disposal of property, plant and equipment 391  -  -  -  -  391 Foreign exchange loss 1,028  -  -  -  -  1,028 Finance costs 265  -  -  -  -  265 Depreciation and amortization 8,257  -  -  (181)  (28)  8,048  21,487  139  6  (181)  (28)  21,423                  EARNINGS (LOSS) BEFORE INCOME TAX  2,386  (139)  (6)  181  28  2,450                  INCOME TAX - PROVISION (RECOVERY)                  Current 597  -  -  -  -  597 Deferred 125  -  -  47  10  182  722  -  -  47  10  779                  NET EARNINGS (LOSS) $1,664 $(139) $(6) $134 $18 $1,671                                    IFRS Consolidated Statement of Operations                 For the nine months ended January 31, 2011   (c) (d) (f) (g)      Share based  Deferred  Fair value Building   PreviousGAAP  payments   share units   as deemed cost   componentization  IFRS                  TOTAL REVENUE$345,018 $- $- $- $- $345,018                  DIRECT COSTS 259,512  -  -  -  -  259,512                  GROSS PROFIT 85,506  -  -  -  -  85,506                  OPERATING EXPENSES                  General and administrative 29,614  -  26  -  -  29,640 Other expenses 5,562  443  -  -  -  6,005 Gain on disposal of property, plant and equipment (427)  -  -  -  -  (427) Foreign exchange gain (220)  -  -  -  -  (220) Finance costs 876  -  -  -  -  876 Depreciation and amortization 23,371  -  -  (544)  (85)  22,742  58,776  443  26  (544)  (85)  58,616                  EARNINGS (LOSS) BEFORE INCOME TAX  26,730  (443)  (26)  544  85  26,890                  INCOME TAX - PROVISION (RECOVERY)                  Current 9,447  -  -  -  -  9,447 Deferred (854)  -  -  141  30  (683)  8,593  -  -  141  30  8,764                  NET EARNINGS (LOSS) $18,137 $(443) $(26) $403 $55 $18,126  IFRS Consolidated Statement of Comprehensive Earnings (Loss)For the three months ended January 31, 2011                     (b) (c) (e) (f)      Share based Deferred  Fair value Building   Previous GAAP payments reserve share units as deemed cost  componentization IFRS                  NET EARNINGS (LOSS)$1,664 $(139) $(6) $134 $18 $1,671                  OTHER COMPREHENSIVE EARNINGS                  Unrealized loss on foreign currency translation(net of tax of $0)(4,315)- --- (4,315)                  COMPREHENSIVE EARNINGS (LOSS)$(2,651) $(139) $(6) $134 $18 $(2,644)                                    IFRS Consolidated Statement of Comprehensive Earnings (Loss)For the nine months ended January 31, 2011                     (b) (c) (e) (f)      Share based Deferred Fair value Building   Previous GAAP payments reserve share units as deemed cost componentization IFRS                  NET EARNINGS (LOSS) $18,137 $(443) $(26) $403 $55 $18,126                  OTHER COMPREHENSIVE EARNINGS                   Unrealized gain on foreign currency translation (net of tax of $0)4,280---- 4,280                  COMPREHENSIVE EARNINGS (LOSS) $22,417 $(443) $(26) $403 $55 $22,406Adjustments required to transition to IFRS: a)Adjustments - Subsequent to the release of the April 30, 2011 annual consolidated financial statements, management identified adjustments required for a component of deferred tax and classification of a component of stock based payments in the Company's April 30, 2010, July 31, 2010 and April 30, 2011 historical annual and interim consolidated financial statements.    b)Share based payments - The Company's policy under Canadian GAAP was to use the straight-line method to account for options that vest in installments over time. Under IFRS, each installment is accounted for as a separate share option grant with its own distinct vesting period, hence the fair value of each tranche differs. In addition, Canadian GAAP permits companies to either estimate the forfeitures at the grant date or record the entire expense as if all share based payments vest and then record forfeitures as they occur. IFRS requires that forfeitures be estimated at the time of grant to eliminate distortion of remuneration expense recognized during the vesting period. The estimate is revised if subsequent information indicates that actual forfeitures are likely to differ from previous estimates.    c)Deferred Share Units ("DSUs") - The Company's policy under Canadian GAAP was to value the DSUs using the intrinsic value at each reporting date. Under IFRS we use the fair value, which is affected by changes in underlying volatility of the stock as well as changes in the stock price.    d)Contingent consideration - Under Canadian GAAP, contingent consideration is recognized as part of the purchase cost when it can be reasonably estimated at the acquisition date and the outcome of the contingency can be determined beyond reasonable doubt. Under IFRS, contingent consideration, regardless of probability considerations, is recognized at fair value at the acquisition date. The Company has booked contingent considerations for the SMD Services and the North Star Drilling acquisitions.    e)Fair value as deemed cost - The Company has applied the IFRS 1 exemption as described in the "exceptions and exemptions applied" section presented in the first quarter Notes to Interim Condensed Consolidated Financial Statements for the three months ended July 31, 2011.    f)Building componentization - Under Canadian GAAP, costs incurred for property, plant and equipment on initial recognition are allocated to significant components when practicable. Under IFRS, costs incurred for plant and equipment on initial recognition are allocated to significant components, capitalized and depreciated separately over the estimated useful lives of each component. Practicability of allocating costs to significant components is not considered under IFRS. Costs incurred subsequent to the initial purchase of property, plant and equipment are capitalized when it is probable that future economic benefits will flow to the Company and the costs can be measured reliably. Upon capitalization, the carrying amount of components replaced, if any, are written off. The Company has componentized buildings.7.PROPERTY, PLANT AND EQUIPMENTChanges in the property, plant and equipment balance were as follows for the periods:Cost Land Buildings Drills Auto Other Total                  Balance as at April 30, 2011$1,375 $11,201 $257,838 $91,977 $25,501 $387,892Additions -  127  45,397  11,811  3,138  60,473Disposals -  -  (6,085)  (2,582)  (47)  (8,714)Business acquisitions 367  9,382  28,727  4,474  401  43,351Effect of exchange rate changes and other 36  89  2,016  4,691  (141)  6,691                  Balance as at January 31, 2012$1,778 $20,799 $327,893 $110,371 $28,852 $489,693                                    Accumulated DepreciationLand Buildings Drills Auto Other Total                  Balance as at April 30, 2011$- $(2,791) $(84,421) $(48,095) $(17,112) $(152,419)Disposals -  -  3,725  1,923  39  5,687Depreciation -  (594)  (16,438)  (9,968)  (1,388)  (28,388)Effect of exchange rate changes and other -  5  753  564  (735)  587                  Balance as at January 31, 2012$- $(3,380) $(96,381) $(55,576) $(19,196) $(174,533)                                    Net book value April 30, 2011$1,375 $8,410 $173,417 $43,882 $8,389 $235,473Net book value January 31, 2012$1,778 $17,419 $231,512 $54,795 $9,656 $315,160 There were no impairments recorded as at January 31, 2012, April 30, 2011 or January 31, 2011. The Company has assessed whether there is any indication that an impairment loss recognized in prior periods for property, plant and equipment may no longer exist or may have decreased. There were no impairments requiring reversal as at January 31, 2012, April 30, 2011 or January 31, 2011.Capital expenditures were $22,833 and $18,310 for the three months ended January 31, 2012 and 2011 respectively, and $60,473 and $40,568 for the nine months ended January 31, 2012 and 2011, respectively. The Company obtained direct financing of $294 and $441 for the three and nine months ended January 31, 2012, respectively (three months ended January 31, 2011 - nil; nine months ended January 31, 2011 - $50).8. GOODWILL Changes in the goodwill balance were as follows:Balance as at April 30, 2011 $28,316Goodwill on acquisition (note 17)  25,088Effect of movement in exchange rates  17Balance as at January 31, 2012 $53,421For a full discussion on allocation of goodwill to cash generating units ("CGUs"), refer to Note 8 in the first quarter Notes to Interim Condensed Consolidated Financial Statements for the three months ended July 31, 2011.Goodwill from the acquisition of Bradley Group Limited, as disclosed in Note 16, has not been allocated to a CGU since the value is preliminary.9. INTANGIBLE ASSETSChanges in the intangible assets balance were as follows:Balance as at April 30, 2011$1,235Intangible assets on acquisition (note 17) 7,666Amortization  (1,575)Effect of movement in exchange rates 44Balance as at January 31, 2012$7,37010. LONG-TERM DEBT  January 31, 2012 April 30, 2011Revolving equipment and acquisition loan (authorized$50,000), bearing interest at either the bank's prime rateplus 0.75% or the bankers' acceptance rate plus 2.25% forCanadian dollar draws, and either the bank's U.S. dollar baserate in Canada plus 0.75% or the bank's LIBOR plus 2.25%for U.S. dollar draws, interest only payments required untilmaturity, maturing in September 2016, secured by corporateguarantees of companies within the group. $11,223 $-Non-revolving term loan, bearing interest at either the bank'sprime rate plus 0.75% or the bankers' acceptance rate plus2.25% for Canadian dollar draws, and either the bank's U.S.dollar base rate in Canada plus 0.75% or the bank's LIBORplus 2.25% for U.S. dollar draws, payable in monthlyinstallments of $417, maturing in September 2016, secured bycorporate guarantees of companies within the group.  23,333  -Revolving/non-revolving equipment and acquisition loan(authorized $45,000), bearing interest at either the bank'sprime rate plus 1.0% or the bankers' acceptance rate plus 2.5%for Canadian dollar draws, and either the bank's U.S. dollarbase rate in Canada plus 1.0% or the bank's LIBOR plus 2.5%for U.S. dollar draws, secured by corporate guarantees ofcompanies within the group. This facility was refinanced inSeptember 2011.  -  24,552Term loan bearing interest at 5.9%, payable in monthlyinstallments of $84, unsecured, maturing in August 2021.  9,584  -Term loans bearing interest at rates ranging from 0% to 6.99%,payable in monthly installments of $25, secured by certainequipment, maturing through 2016.  545 480       Note payable bearing interest at 4%, repayable over threeyears, maturing in September 2014.  8,000  -Derivative financial instrument with a notional principalamount of $23,333, swapping Canadian-Bankers' Acceptance-Canadian Dealer Offered Rate foran annual fixed rate of 3.665%, maturing in September 2016.  119  -          52,804  25,032Current portion  8,799  8,402  $44,005 $16,630The required annual principal repayments per remaining fiscal years on long-term debt are as follows:2012 $1,5842013  8,8092014  8,5982015  9,0882016  4,4022017 and beyond  20,323  $52,804The Company hedges its exposure to floating rates under the non-revolving term loan via an interest rate swap, exchanging a variable rate interest payment for a fixed rate interest payment. The interest swap contract was entered into early in the current quarter. As at January 31, 2012 the swap is deemed effective and is recognized as a cash flow hedge.Under the terms of certain of the Company's debt agreements, the Company must satisfy certain financial covenants. Such agreements also limit, among other things, the Company's ability to incur additional indebtedness, create liens, engage in mergers or acquisitions and make dividend and other payments. The Company, at all times, was in compliance with all covenants and other conditions imposed by its debt agreements.11. SHARE CAPITALOn March 9, 2011, the Company announced a stock split for the issued and outstanding common shares on a three for one basis. The record date for the stock split was March 23, 2011. All share and stock option numbers have been retroactively adjusted to reflect the stock split to provide more comparable information.On September 28, 2011, the Company issued a total of 5,900,000 Subscription Receipts at a price of $11.90 per Subscription Receipt for aggregate gross proceeds of $70,210. These Subscription Receipts were subsequently converted to 5,900,000 common shares in the Company upon the closing of the acquisition by the Company of Bradley Group Limited on September 30, 2011. The Company used the net proceeds of the offering to fund a portion of the purchase price in connection with the acquisition. On October 25, 2011, the Company issued a further 885,000 common shares for further aggregate gross proceeds of $10,531 as a result of the exercise by the underwriters of an over allotment option to purchase an additional 885,000 common shares of the Company for $11.90 per share. The Company is using the net proceeds from the over allotment exercise for general corporate purposes.AuthorizedUnlimited number of fully paid common shares, without nominal or par value, with each share carrying one vote and a right to dividends when declared.The movement in the Company's issued and outstanding share capital during the period is as follows: Number of Share shares (000's) capital     Balance as at April 30, 201172,040   $ 150,642 Exercise of stock options261  2,022Share issue (net of issue costs)*6,785  76,439Balance as at January 31, 201279,086   $229,103      *share issue costs total $4,302 12.INCOME TAXESThe income tax expense for the period can be reconciled to accounting profit as follows: 2012 Q3 2011 Q3 2012 YTD 2011 YTD            Earnings before income tax$14,068 $2,450 $84,762 $26,890            Statutory Canadian corporate income tax rate 29%  30%  29%  30%            Expected income tax expense based on statutory           rate$4,080 $735 $24,581$8,067Non-recognition of tax benefits related to losses 47  352  360  605Other foreign taxes paid 273  62  560  271Rate variances in foreign jurisdictions (137)  (441)  (625)  (1,389)Other 239  71  868  1,210 $4,502 $779 $25,744 $8,764 The Company periodically assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. For those matters where it is probable that an adjustment will be made, the Company recorded its best estimate of these tax liabilities, including related interest charges. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax laws. While management believes they have adequately provided for the probable outcome of these matters, future results may include favorable or unfavorable adjustments to these estimated tax liabilities in the period the assessments are made, or resolved, or when the statute of limitation lapses.13.EARNINGS PER SHAREAll of the Company's earnings are attributable to common shares therefore net earnings are used in determining earnings per share. 2012 Q3 2011 Q3 2012 YTD 2011 YTD            Net earnings for the period$9,566 $1,671 $59,018 $18,126            Weighted average shares outstanding - basic (000's) 78,949  71,580  75,078  71,452            Net effect of dilutive securities:           Stock options 1,118  954  969  591Weighted average number of shares - diluted (000's) 80,067  72,534  76,047  72,043            Earnings per share:           Basic$0.12 $0.02 $0.79 $0.25Diluted$0.12 $0.02  $0.78 $0.25 There were no anti-dilutive options for the three months ended January 31, 2012 and 2011 and the nine months ended January 31, 2012 while the calculation of diluted earnings per share for the nine months ended January 31, 2011 exclude the effect of 30,543 options as they were anti-dilutive.14. SEGMENTED INFORMATIONThe Company's operations are divided into three geographic segments corresponding to its management structure, Canada - U.S., South and Central America, and Australia, Asia and Africa. The services provided in each of the reportable drilling segments are essentially the same. The accounting policies of the segments are the same as those described in Note 4 presented in the first quarter Notes to Interim Condensed Consolidated Financial Statements for the three months ended July 31, 2011. Management evaluates performance based on earnings from operations in these three geographic segments before finance costs and income tax. Data relating to each of the Company's reportable segments is presented as follows:  2012 Q3 2011 Q3 2012 YTD 2011 YTD            Revenue             Canada - U.S.$69,805 $38,191 $215,394 $129,211 South and Central America 59,168  36,836  178,522   118,896 Australia, Asia and Africa 53,215  32,693  166,278   96,911 $182,188  $107,720  $560,194  $345,018            Earnings from operations             Canada - U.S.$5,491  $1,503 $34,406  $16,649 South and Central America 9,560  1,400  36,750   10,535 Australia, Asia and Africa 5,405  2,996  30,274   10,608  20,456  5,899  101,430   37,792Eliminations (10)  (235)  (93)  (700)  20,446  5,664  101,337   37,092Finance costs 874  265  2,660   876General corporate expenses * 5,504  2,949  13,915   9,326Income tax 4,502  779  25,744   8,764Net earnings$9,566  $1,671 $59,018  $18,126            *General corporate expenses include expenses for corporate offices, stock options and certain un-allocated costs            Depreciation and amortization            Canada - U.S.$4,970  $2,815  $ 12,365  $7,381 South and Central America 2,716  2,227  7,471   6,261 Australia, Asia and Africa 3,189  2,668  8,244   7,948Unallocated and corporate assets 1,142  338  1,883   1,152 $12,017  $8,048  $29,963  $22,742                            January 31, 2012 April 30, 2011   Identifiable assets             Canada - U.S.   $239,730  $134,666    South and Central America    202,127  189,083    Australia, Asia and Afirca    175,914  130,071        617,771  453,820   Eliminations    (1,606)  439   Unallocated and corporate assets    48,341  19,878       $664,506  $474,137    15.NET EARNINGS FOR THE YEARNet earnings for the year have been arrived at after charging various employee benefit expenses as follows. 2012 Q3 2011 Q3 2012 YTD 2011 YTD            Direct costs:            Salaries and wages$47,750  $31,383 $87,080 $91,376 Other employee benefits 9,314  5,712  16,842  16,948            General and administrative expenses:            Salaries and wages 5,524  4,249  10,705  12,499 Other employee benefits 890  642  1,801  2,024            Other expenses:            Share based payments 439  619  862  1,711 Amortization expense for intangible assets has been included in the line item "Depreciation and amortization" in the Interim Condensed Consolidated Statements of Operations with breakdown as follows: 2012 Q3 2011 Q3 2012 YTD 2011 YTD            Depreciation of property, plant and equipment$10,921 $7,910 $28,388 $22,340Amortization of intangible assets 1,096  138  1,575  402 $12,017 $8,048 $29,963 $22,742 16. BUSINESS ACQUISITIONSBradley Group LimitedEffective September 30,2011, the Company acquired all the issued and outstanding shares of Bradley Group Limited ("Bradley"), which provides a unique opportunity to further the Company's corporate strategy of focusing on specialized drilling, expanding its geographic footprint in areas of high growth and of maintaining a balance in the mix of drilling services. The acquisition was accounted for using the acquisition method and the results of this operation were included in the statement of operations as of the closing date. The acquired business includes the assets acquired (indicated below), contracts and personnel. The purchase price for the transaction was CAD $78,060, including customary working capital adjustments and net of cash acquired, financed with cash and debt.The Company is in the process of finalizing the valuation of assets. As at January 31, 2012, the values allocated to net tangible and intangible assets are preliminary and are subject to adjustments as additional information is obtained.The estimated net assets acquired at fair market value at acquisition are as follows:Assets acquired    Trade and other receivables (net) $23,978Inventories  15,330Prepaid expenses  540Property, plant and equipment  45,884Deferred income tax assets  350Goodwill (not tax deductible)  23,064Intangible assets  7,324Trade and other payables  (19,057)Income tax payable  (1,751)Short-term debt  (5,101)Current portion of long-term debt  (113)Long-term debt  (10,352)Deferred income tax liability  (2,036)Total assets $78,060    Consideration   Cash $72,000Long-term debt (holdback)  8,000Less: Cash acquired  (1,940)  $78,060The Corporation incurred acquisition-related costs of $857 relating to external legal fees and due diligence costs. The legal fees and due diligence costs have been included in the other expenses line of the Interim Condensed Consolidated Statements of Operations.It is impracticable to estimate the revenue and net income attributed to the additional business generated by Bradley for the three months ended January 31, 2012, or of the combined entity for the year as though the acquisition date was May 1, 2011.Resource DrillingEffective March 24, 2011, the Company acquired the assets of Resource Drilling, which provides contract drilling services in Mozambique, where Major Drilling did not previously have a presence. The acquisition was accounted for using the acquisition method and the results of this operation were included in the statement of operations as of the closing date. The acquired business includes drilling equipment, inventory, contracts and personnel. The purchase price for the transaction was USD $9,563 (CAD $9,345), including customary working capital adjustments, financed with cash.The net assets acquired at fair market value at acquisition are as follows:Assets acquired  Inventories$946Prepaid expenses 23Property, plant and equipment 6,010Goodwill (not tax deductible) 2,024Intangible assets 342Total assets$9,345   Consideration  Cash$5,628Trade and other payables 3,717 $9,345North Star DrillingEffective June 30, 2010, the Company acquired the assets of North Star Drilling, which provides contract drilling services to the fresh water and geothermal markets in certain mid-western states in the US, and operates from its head office in Little Falls, Minnesota, as well as from satellite offices in Brainerd and Bemidji, Minnesota. The acquisition was accounted for using the acquisition method and the results of this operation were included in the statement of operations as of the closing date. The acquired business includes working capital, drilling equipment, contracts and personnel. The purchase price for the transaction, excluding contingent consideration, was USD $2,449 (CAD $2,567), including customary working capital adjustments of CAD $215, financed with cash. The contingent consideration of USD $750 to the purchase price is based on future earnings. The acquiree is expected to meet target earnings, with payments to be made over the next five years.The net assets acquired at fair market value at acquisition are as follows:Assets acquired and liabilities assumed  Trade receivables (net)$776Inventories 382Prepaid expenses 18Property, plant and equipment 1,078Goodwill (not tax deductible) 1,083Intangible assets 763Trade and other payables (779)Net assets$3,321   Consideration  Cash$2,567Contingent consideration 754 $3,32117. DIVIDENDSThe Company declared two dividends during the year, $0.08 per common share paid on November 1, 2011 to shareholders of record as of October 10, 2011, and $0.09 per common share to be paid on May 2, 2012 to shareholders of record as of April 6, 2012.The Company declared two dividends during the previous year. The first dividend of $0.07333 per common share was paid on November 1, 2010 to shareholders of record as of October 8, 2010. The second dividend of $0.07333 per common share was paid on May 2, 2011 to shareholders of record as of April 8, 2011.18. FINANCIAL INSTRUMENTSThere are no significant changes to financial instruments compared to the Company's 2011 annual financial statements prepared under previous GAAP except for the following:Risk management objectivesThe Company's corporate treasury function monitors and manages the financial risks relating to the operations of the Company through analysis of the various exposures. When deemed appropriate, the Company uses financial instruments to hedge these risk exposures.Interest rate risk managementThe Company is exposed to interest rate risk as it borrows funds at both fixed and floating interest rates. The risk is managed by the Company by use of interest rate swap contracts when deemed appropriate.Interest rate swap contractUnder the interest rate swap contract, the Company agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. This contract enables the Company to mitigate the risk of changing interest rates on the cash flow exposures on the issued variable rate debt held.The following table details the notional principal amount and the remaining term of the interest rate swap contract outstanding at the reporting date. Remaining termNotionalprincipal amountFair value       56 months$23,333 $(119)The interest rate swap settles on a monthly basis swapping Canadian-Bankers' Acceptance-Canadian Dealer Offered Rate for an annual fixed rate of 3.665%.Fair valueThe carrying values of cash, trade and other receivables, demand credit facility and trade and other payables approximate their fair value due to the relatively short period to maturity of the instruments. The following table shows carrying values of short and long-term debt and contingent considerations and approximates their fair value, as most debts carry variable interest rates and the remaining fixed rate debts have been acquired recently and their carrying value continues to reflect fair value. The fair value of the interest rate swap included in long-term debt is measured using quoted interest rates. January 31, 2012 April 30, 2011      Short-term debt$7,893  $7,919Contingent considerations 2,760   2,612Long-term debt 52,804   25,032Credit riskAs at January 31, 2012, 76.3% of the Company's trade receivables were aged as current and 1.3%of the trade receivables were impaired.The movement in the allowance for impairment of trade receivables during the period was as follows:Balance as at April 30, 2011$982Increase in impairment allowance 1,443Write-off charged against allowance (518)Recovery of amounts previously written off (406)Foreign exchange translation differences 48Balance as at January 31, 2012$1,549Foreign currency riskThe most significant carrying amounts of net monetary assets that: (1) are denominated in currencies other than the functional currency of the respective Company subsidiary; (2) cause foreign exchange rate exposure; and (3) may include intercompany balances with other subsidiaries, at the reporting dates are as follows: January 31, 2012 April30, 2011U.S. Dollars$37,021 $14,605If the Canadian dollar moved by plus or minus 10% at January 31, 2012, the unrealized foreign exchange gain or loss would move by approximately $3,702 (April 30, 2011 - $1,460).Liquidity riskThe following table details the Company's contractual maturities for its financial liabilities. 1 year2-3 years4-5 yearsthereafterTotal           Trade and other payables$100,357 $-$- $-$100,357Short-term debt 7,893 - - - 7,893Contingent considerations 1,004 1,756 - - 2,760Long-term debt 8,799 17,760 21,662 4,583 52,804 $118,053 $ 19,516 $ 21,662 $4,583$163,814  For further information: Denis Larocque, Chief Financial Officer Tel: (506) 857-8636 Fax: (506) 857-9211 ir@majordrilling.com