Precision Drilling Trust Announces Favorable Private Letter Ruling
09 Januar 2009 - 11:54PM
Marketwired
Precision Drilling Trust ("Precision") today announced that it had
received a favorable private letter ruling from the U.S. Internal
Revenue Service with respect to the application of Section 367 of
the U.S. Internal Revenue Code of 1986, as amended, to the exchange
of Grey Wolf, Inc. ("Grey Wolf") common stock for cash and/or
Precision trust units in the merger of the companies (the
"Merger"). As a result, and as described in greater detail in the
Registration Statement relating to the Merger, a Grey Wolf
shareholder that receives Precision trust units in the Merger will
not recognize gain for U.S. federal income tax purposes, except to
the extent of any cash received by such shareholder in the Merger.
About Precision
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 is headquartered in Calgary, Alberta, Canada.
Precision 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".
Contacts: Precision Drilling Corporation, Administrator of
Precision Drilling Trust Doug Strong, Chief Financial Officer (403)
716-4500 (403) 264-0251 (FAX) Precision Drilling Corporation,
Administrator of Precision Drilling Trust 4200, 150 - 6th Avenue
S.W. Calgary, Alberta T2P 3Y7 Website: www.precisiondrilling.com
Precision Drilling Oilfield Services Corporation David Wehlmann
Executive Vice President, Investor Relations (713) 435-6100 (713)
435-6171 (FAX) Precision Drilling Oilfield Services Corporation
Suite 600, 10370 Richmond Avenue Houston, Texas 77042-4136
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