Precision Drilling Trust Clarifies Position on Offer for Grey Wolf, Inc.
09 Juli 2008 - 11:24PM
Marketwired
CALGARY, ALBERTA clarified today for its unitholders that it
will immediately re-approach the board of directors of Grey Wolf,
Inc. ("Grey Wolf") with its June 24, 2008 US$10.00 per share
proposal if the merger agreement with Basic Energy Services, Inc.
("Basic") is terminated.
Precision will await the outcome of the vote of the Grey Wolf
shareholders on July 15, 2008 with interest.
As previously disclosed, Precision is strongly of the view that
its proposal is fully priced and fair to the Grey Wolf shareholders
and provides a superior alternative to a merger with Basic.
Precision continues to firmly believe that the combination of Grey
Wolf and Precision represents a highly compelling long-term value
creation strategy for both Precision and Grey Wolf securityholders.
In the absence of a determination by the board of directors of Grey
Wolf that Precision's proposal is reasonably likely to result in a
superior proposal to Grey Wolf's shareholders as compared to the
alternative offered by the proposed merger with Basic, Precision is
unable to engage Grey Wolf in negotiations and discussions in
relation to its proposal as Grey Wolf is precluded from doing so
under the terms of its merger agreement with Basic.
Precision is a leading provider of safe, high performance energy
services to the North American oil and gas industry. Precision
provides customers with access to an extensive fleet of contract
drilling rigs, service rigs, camps, snubbing units, wastewater
treatment units and rental equipment backed by a comprehensive mix
of technical support services and skilled, experienced
personnel.
Precision Drilling Trust is listed on the Toronto Stock Exchange
under the trading symbol "PD.UN" and on the New York Stock Exchange
under the trading symbol "PDS".
This press release contains statements that may constitute
"forward-looking information" or "forward-looking statements"
(collectively, "forward-looking information") within the meaning of
applicable securities legislation. This forward-looking information
includes, among others, statements regarding business strategy,
plans and other expectations, beliefs, goals, objectives,
information and statements about possible future events, including
Precision's proposed business combination with Grey Wolf. Readers
are cautioned not to place undue reliance on such forward-looking
information. Forward-looking information is based on current
expectations, estimates and assumptions that involve a number of
risks, which could cause actual results to vary and in some
instances to differ materially from those anticipated by Precision
and described in the forward-looking information contained in this
press release. There can be no assurance that discussions will be
initiated, or that any agreement will be reached, between Precision
and Grey Wolf.
Contacts: Kevin Neveu, Chief Executive Officer of Precision
Drilling Corporation, Administrator of the Trust (403) 716-4500
(403) 264-0251 (FAX) Doug Strong, Chief Financial Officer of
Precision Drilling Corporation, Administrator of the Trust (403)
716-4500 (403) 264-0251 (FAX) Precision Drilling Trust 4200, 150 -
6th Avenue S.W. Calgary, Alberta T2P 3Y7 Website:
www.precisiondrilling.com
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