Precision Drilling Trust and Grey Wolf, Inc. Clarify Merger Agreement and Move Grey Wolf Special Meeting Date to December 23, 2008

Market Wire, December, 2008

In connection with the proposed merger, Precision has filed a registration statement on Form F-4 which includes a proxy statement of Grey Wolf and other materials, with the Securities and Exchange Commission. SECURITYHOLDERS ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS AND THESE OTHER MATERIALS REGARDING THE PROPOSED MERGER BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT GREY WOLF, PRECISION AND PRECISION LOBOS CORPORATION, A WHOLLY-OWNED SUBSIDIARY OF PRECISION CREATED AS A SPECIAL-PURPOSE ACQUISITION VEHICLE, AND THE PROPOSED MERGER. Securityholders may obtain a free copy of the registration statement and the proxy statement/prospectus and other documents containing information about Grey Wolf and Precision, without charge, at the SEC's website www.sec.gov , Precision's website www.precisiondrilling.com , and Grey Wolf's website www.gwdrilling.com . Copies of the registration statement and the proxy statement/prospectus and the SEC filings that will be incorporated by reference therein may also be obtained for free by directing a request to either Investor Relations, Precision Drilling Trust, (403) 716-4500 or to Investor Relations, Grey Wolf, Inc., (713) 435-6100.

Contacts: Precision Drilling Corporation Kevin Neveu Chief Executive Officer (403) 716-4500 (403) 264-0251 (FAX) Precision Drilling Corporation Doug Strong Chief Financial Officer (403) 716-4500 (403) 264-0251 (FAX) Precision Drilling Trust 4200, 150 - 6th Avenue S.W. Calgary, Alberta T2P 3Y7 Website: www.precisiondrilling.com Grey Wolf, Inc. David W. Wehlmann Executive Vice President and Chief Financial Officer (713) 435-6100 (713) 435-6171 (FAX) Grey Wolf, Inc. 10370 Richmond Ave, Suite 600 Houston, TX 77042 Website: www.gwdrilling.com


 

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