tdg 110304.pdf


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March 4, 2011

Trinidad Drilling Ltd.

Valuation
Our one-year price target of $11.00 per share is based on an EV/EBITDA multiple of ~6.0x our 2012 EV/EBITDA estimate, in line
with its peers and the company's historical range (4.7x - 7.2x).

Price Target Impediment
Near-term risks for Trinidad include the continued ability to source skilled labour and commodity price weakness that could result in
reduced North American oil and gas drilling activity levels.

Company Description
Trinidad Drilling Ltd. offers contract drilling, service rig and surface casing/coring services. The company provides its services to oil
and gas customers throughout Canada, the U.S. and Mexico.

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