Precision Drilling to Acquire Service Rigs From Rick's Well Servicing Ltd.
22 Juli 2008 - 2:23AM
Marketwired
CALGARY, ALBERTA entered into an agreement on July 18, 2008 to
acquire six service rigs and related equipment from Rick's Well
Servicing Ltd. ("RWS"). RWS is a privately owned company based in
Virden, Manitoba. Mr. Rick Mailhiot, President of RWS, has agreed
to join the Precision Well Servicing division as Area Manager. In
addition, all other current RWS employees will be offered
opportunities with Precision.
The acquisition will strengthen Precision's high-performance,
high-value capabilities in the region. These rigs will continue to
be focused on the Bakken and Sinclair plays in south-eastern
Saskatchewan and south-western Manitoba. The acquisition is
expected to close on July 31, 2008.
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 news 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 about Precision's proposed
acquisition of RWS and the impact of that acquisition on
Precision's capabilities in that area. 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 news release.
Contacts: 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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