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<SEC-DOCUMENT>0001199073-07-000325.txt : 20070425
<SEC-HEADER>0001199073-07-000325.hdr.sgml : 20070425
<ACCEPTANCE-DATETIME>20070425154040
ACCESSION NUMBER:		0001199073-07-000325
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070331
FILED AS OF DATE:		20070425
DATE AS OF CHANGE:		20070425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING TRUST
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		07787506

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-264-0251

	MAIL ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d6k.htm
<DESCRIPTION>PRECISION DRILLING TRUST FORM 6-K
<TEXT>
<html>
  <head>
    <title>
      Precision Drilling Trust Form 6-K
</title>
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      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><strong>FORM
      6-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REPORT
      OF FOREIGN PRIVATE ISSUER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
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      Exchange Act of 1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
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      Drilling Trust</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></div>
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      by check mark whether the registrant files or will file annual reports under
      cover Form 20-F or Form 40-F.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Form
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<font style="DISPLAY: inline; FONT-FAMILY: Wingdings">x</font></font></div>
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    <div align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark if the registrant is submitting the Form 6-K in paper as permitted
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      Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form
      6-K
      if submitted solely to provide an attached annual report to security holders.
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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      Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form
      6-K
      if submitted to furnish a report or other document that the registrant foreign
      private issuer must furnish and make public under the laws of the jurisdiction
      in which the registrant is incorporated, domiciled or legally organized (the
      registrant's "home country"), or under the rules of the home country exchange
      on
      which the registrant's securities are traded, as long as the report or other
      document is not a press release, is not required to be and has not been
      distributed to the registrant's security holders, and, if discussing a material
      event, has already been the subject of a Form 6-K submission or other Commission
      filing on EDGAR. </font></div>
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      by check mark whether the registrant by furnishing the information contained
      in
      this Form is also thereby furnishing the information to the Commission pursuant
      to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
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                <td width="25%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Yes</font></div>
                </td>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o
</font></font></div>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;No</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      "Yes"
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      connection with Rule 12g3-2(b): 82-</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u><strong>N/A</strong></u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
    </div>
    <div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of Section 12 of the Securities Exchange Act of 1934, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned, thereunto duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>PRECISION
                DRILLING TRUST</strong></font></div>
              <div><strong><font size="2">By its Administrator PRECISION DRILLING
                CORPORATION</font></strong></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Dated:
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
              25,&#160;2007</font></font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Darren
              Ruhr</font></font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="1" width="90%"><font size="2">Name:<font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt" size="3">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Darren
              Ruhr</font></font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Title:
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate
              Secretary</font></font></td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;"><u><font size="2">Exhibit</font></u></td>
              <td style="width: 36pt;">&#160;</td>
              <td><u><font size="2">Title</font></u></td>
            </tr>

        </table>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">&#160;</td>
              <td>&#160;</td>
            </tr>

        </table>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
              </td>
              <td style="width: 36pt;">&#160;</td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                      <div align="left">
                                        <div align="left">
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">
                                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#link">PRESS
                                                RELEASE - PRECISION DRILLING TRUST
                                                REPORTS&#160;2007
                                                FIRST QUARTER
                                                EARNINGS</a></font></div>
                                            </div>
                                          </div>
                                        </div>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </td>
            </tr>

        </table>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><a name="link">NEWS
            RELEASE</a></strong></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Calgary,
              Alberta, Canada - April 25, 2007</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Canadian
              dollars unless stated otherwise)</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>PRECISION
              DRILLING TRUST REPORTS 2007 FIRST QUARTER EARNINGS</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>This
              news release contains "forward-looking information and statements"
              within the
              meaning of applicable securities laws. For a full discussion of the
              forward-looking information and statements and the risks to which they
              are
              subject. see the "Forward-LookingInformation and Statements Advisory"
              on page
              6.</em></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              Drilling Trust ("Precision" or the "Trust") announced today that net
              earnings
              for the first quarter of 2007 were $158 million, or $1.26 per diluted
              unit,
              representing a decrease of 29% compared to $224 million, or $1.79 per
              diluted
              unit, in the first quarter of 2006.</font></div>
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              in the quarter was 23% lower than the prior year at $411 million with
              revenue in
              the Contract Drilling Services segment decreasing 27% and the Completion
              and
              Production Services segment decreasing 15%.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              customer pricing generally held during the quarter but equipment utilization
              declined significantly from the year-ago period. Canadian drilling
              rig operating
              days were 29% lower than the record 16,694 in the first quarter of
              2006 at
              11,785 days while utilization declined from 80% to 54% year over year.
              Service
              rig operating hours declined 20% from the first quarter of 2006 to
              132,411 and
              utilization decreased from 78% to 62%.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              first
              quarter activity in 2007 marked the lowest drilling rig operating days
              in a
              first quarter for Precision since 1999 and the fewest service rig operating
              hours since 2002.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br></div>
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              <table border="0" cellpadding="0" cellspacing="0" id="ftable" width="100%">

                  <tr>
                    <td valign="bottom" width="57%" style="border-bottom: medium none;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
                        Highlights</strong></font></div>
                    </td>
                    <td width="2%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" colspan="2" valign="bottom" width="10%" style="border-bottom: medium none;">&#160;</td>
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                    <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" colspan="2" valign="bottom" width="10%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
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                    <td align="left" valign="bottom" width="57%" style="border-bottom: medium none;">&#160;</td>
                    <td width="2%" style="border-bottom: medium none;">&#160;</td>
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                        months ended </em></font>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>March
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>31,</em></font></em></font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
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                    <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Stated
                        in thousands of Canadian dollars, except per unit
                        amounts)</em></font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>2007</em></font></div>
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                    <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>2006</em></font></div>
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                    <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>%
                        Change</em></font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenue</font></div>
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                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>410,542</strong></font></div>
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                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">536,408</font></div>
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                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(23</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
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                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                        earnings<em><sup>(1)</sup></em></font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>178,179</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">245,909</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(28</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
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                    <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                        earnings</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>158,067</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">224,183</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(29</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                        provided by operations</font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>156,298</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">40,940</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">282</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                        capital spending</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>54,574</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">40,867</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">34</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Distributions
                        to unitholders </font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">-</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">declared</font></div>
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                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>71,682</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">101,623</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(29</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Per
                        unit information:</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="57%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                        earnings</font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1.26</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.79</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(30</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Distributions
                        </font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">-</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">declared</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>0.57</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.81</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(30</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><sup>(1)</sup></em><em>Operating
                earnings is not a recognized measure under Canadian generally accepted
                accounting principles ("GAAP"</em>).<em>Management believes that in addition to
                net earnings, operating earnings is a useful Ul supplemental measure
                as it
                provides an indication of the results generated by Precision's principal
                business activities prior to consideration of how those activities
                are financed
                or how the results are taxed. Investors should be cautioned, however,
                that
                operating earnings should not be construed as an alternative to net
                earnings
                determined in accordance with GAAP as an indicator of Precision's
                performance.
                Precision's method of calculating operating earnings may differ from
                other
                entities and, accordingly, operating earnings may not be comparable
                to measures
                used by other entities.</em></font></div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consistent
              with trends established in the fourth quarter of 2006, there continued
              to be
              lower demand for all of Precision's services in western Canada during
              the first
              quarter of 2007. The quarter began with a negative outlook toward the
              price of
              natural gas as North American gas storage levels remained above </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
              five
              year average. This view and the resulting fiscal reality have impacted
              Precision's customers and lowered their plans for natural gas drilling
              in 2007.
              The fundamentals for oil have remained relatively constant.</font></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: #9a9a9a" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Natural
              gas represents about 75% of all drilling in the Western Canada Sedimentary
              Basin
              and activity levels are dictated largely by natural gas prices and
              resulting
              customer cash flows. In the third quarter of 2006 the spot price of
              natural gas
              decreased sharply amid concerns over high levels of gas in storage
              before
              recovering moderately by the end of 2006. The negative sentiment carried
              into
              2007 but a cold February in much of North America led to a significant
              draw on
              gas storage and the Henry Hub natural gas spot price at March 30, 2007
              was
              US$7.50 per MMBtu, an increase of 36% over the price on December 29,2006
              and a
              7% increase over the price on March 31, 2006.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Henry
              Hub
              natural gas spot prices averaged US$7.15 per MMBtu in the first quarter
              of 2007
              compared to US$7.72 per MMBtu in the year ago quarter while West Texas
              Intermediate crude oil averaged US$58.71 per barrel compared to US$63.32
              per
              barrel in the same period in 2006.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              one-year forward price for North American natural gas continued to
              trade within
              a price range of $7.00 to $9.00 on Canadian and U.S. exchanges in the
              first
              quarter of2007, compared to the 2006 range of $8.50 to $10.75.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Outlook</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deteriorating
              fundamentals over the last 12 months have weakened industry cash flows
              and
              fiscal 2007 is expected to be a difficult year when compared to the
              growth and
              performance established over the past three years. While the down-cycle
              trend
              will be particularly acute during 2007's spring break-up period, recent
              strengthening in spot natural gas prices is encouraging. If this trend
              persists,
              Precision expects a rebound in demand, on a seasonally adjusted basis,
              as early
              as winter 2007/08.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              first
              quarter of 2007 appears to have set the stage for lower year over year
              activity
              levels during the next two quarters. Cold weather in late March and
              heavy
              snowfalls in northern areas are expected to delay the spring thaw and
              lengthen
              road ban periods. As a result, in combination with significantly lower
              customer
              demand, activity in the second quarter has quickly curtailed.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              reduced level of drilling rig demand in March has already resulted
              in pricing
              pressures. It is expected that rates will become even more competitive
              after
              road bans are lifted. Precision expects its average contract drilling
              day rate
              to decline in the second quarter, while hourly rates for service rigs
              should
              fare better due to oil well activities and scheduled well workover
              programs to
              maintain production.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              supply and demand fundamentals for North American natural gas are beginning
              to
              show cause for industry optimism. Natural gas storage levels in North
              America
              are approximately 10% lower than the prior year and commodity prices
              have shown
              recent strengthening. There are indications the lower drilling levels
              in Canada
              since last June are beginning to affect Canadian gas supply as field
              receipts
              are reportedly lower than the prior year. Depletion rates for new and
              existing
              wells in combination with the recent moderation of drilling levels
              in the United
              States are expected to lower natural gas supply growth and, in due
              course,
              rejuvenate natural gas prices and land drilling activity in Canada.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Capital
              Expenditure Initiatives</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision's
              capital expenditureprogram for </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007
              </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">is
              an
              estimated $275 million. The program is </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">comprised
              of additions to property, plant and equipment for productive capacity
              maintenance of the existing asset base of $100 million and for previously
              announced expansionary initiatives </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
              $175
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">million
              including the new drilling rig construction program which is supported
              by
              long-term customer arrangements.</font></font><br></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">2</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: #9a9a9a" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
              the
              first quarter of 2007, Precision reports the following developments
              to its
              previously announced capital and organic growth initiatives:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div align="center">
              <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                  <tr bgcolor="white">
                    <td width="3%">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: Wingdings">&#160;
                        l</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                    <td width="95%"><font size="2">Total capital expenditures in
                      the quarter for
                      the purchase of property, plant and equipment were $56 million,
                      an
                      increase of $7 million over the prior year period as Precision
                      continued
                      to build contracted drilling and service rigs for the North
                      American
                      market. Precision spent $38 million on expansionary capital
                      initiatives
                      and $18 million on the productive capacity maintenance of its
                      existing
                      asset base in the quarter. During the quarter five new drilling
                      rigs were
                      placed into service and an additional 9 are under construction
                      for the
                      Canadian market.</font>&#160;</td>
                  </tr>

              </table>
            </div>
            <div align="center">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
              <div align="center">
                <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                    <tr bgcolor="white">
                      <td width="3%">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: Wingdings">&#160;
                          l</font></div>
                      </td>
                      <td width="95%">
                        <div><font size="2">Construction of two new service rigs
                          for Canada is
                          expected to be completed during the second quarter of
                          2007.</font></div>
                      </td>
                    </tr>

                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                <div align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                  <div align="center">
                    <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                        <tr bgcolor="white">
                          <td width="3%">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: Wingdings">&#160;
                              l</font></div>
                          </td>
                          <td width="95%">
                            <div><font size="2">Construction of five new Super
                              Single&#8482; rigs for the U.S.
                              market is progressing with deployment of the first
                              rig expected in July
                              2007.</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision
              moved four drilling rigs to the United States in 2007, bringing the
              total U.S.
              fleet to five. Upon completion of the planned organic growth program
              in 2008,
              Precision expects to operate a drilling rig fleet of 260 - with 250
              rigs in
              Canada and 10 in the United States - a 13% increase over the year-end
              2005 fleet
              of 230. During first half of 2007, the Completion and Production Services
              segment in Canada is continuing with its plans and expects to add two
              new
              service rigs to bring the fleet to 239, add four stand alone snubbing
              units to
              bring the total snubbing fleet to 30, and construct additional wastewater
              treatment units.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
              Position</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              Trust's liquidity and solvency position remained strong as working
              capital
              exceeded long-term debt by $96 million as at March 31, 2007 compared
              to an
              excess of $26 million as at December 31, 2006. During the first quarter
              of 2007
              the Trust generated cash from operations of $156 million, received
              proceeds from
              long-term debt of $7 million, used cash to repay bank indebtedness
              of $12
              million, purchase property, plant and equipment net of disposal proceeds
              and
              related non-cash working capital of $64 million and make cash distributions
              to
              unitholders of $87 million.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              first
              quarter was further highlighted by the following financial
              developments:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                <div align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                  <div align="center">
                    <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                        <tr bgcolor="white">
                          <td width="3%">
                            <div><font style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: Wingdings">&#160;
                              l</font></div>
                          </td>
                          <td width="95%">
                            <div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                                Trust declared monthly cash distributions to unitholders
                                of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0.19
                                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
                                aggregate declared <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">distributions
                                of $72 million or $0.57 per
                                unit.</font></font></div>
                            </div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                      <div align="center">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                        <div align="center">
                          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                              <tr bgcolor="white">
                                <td width="3%">
                                  <div><font style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: Wingdings">&#160;
                                    l</font></div>
                                </td>
                                <td width="95%">
                                  <div>
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                                      debt increased by $7 million during the quarter
                                      to $148 million for a
                                      long-term debt </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
                                      long-term debt plus equity ratio of
                                      10%.</font></div>
                                  </div>
                                </td>
                              </tr>

                          </table>
                        </div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                            <div align="center">&#160;</div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
                              <div align="center">
                                <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                                    <tr bgcolor="white">
                                      <td width="3%">
                                        <div><font style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: Wingdings">&#160;
                                          l</font></div>
                                      </td>
                                      <td width="95%">
                                        <div>
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Working
                                            capital increased by $77 million during
                                            the quarter to $243 million as
                                            Precision </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">realized
                                            higher activity and corresponding revenue
                                            in the current quarter compared
                                            to the fourth </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">quarter
                                            of 2006.</font></div>
                                        </div>
                                      </td>
                                    </tr>

                                </table>
                              </div>
                              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                <div id="FTR">
                                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                                  </div>
                                </div>
                                <div id="PN" style="PAGE-BREAK-AFTER: always">
                                  <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">3</font></div>
                                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                    <hr style="COLOR: #9a9a9a" noshade size="2">
                                  </div>
                                </div>
                                <div id="HDR">
                                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                                  </div>
                                </div>
                              </div>
                              <div id="HDR">
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Results
              of Operations</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision's
              operating results were lower than the comparable quarter in the prior
              year.
              Revenue of $411 million and operating earnings of $178 million in the
              first
              quarter of 2007 represent decreases of 23% and 28% respectively, compared
              to the
              same period in 2006. Despite the decline in equipment activity, firm
              pricing
              served to support operating earnings as a percentage of revenue at
              43% in the
              first quarter of 2007 versus 46% in the first quarter of 2006.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Many
              of
              Precision's core customers released drilling and service rigs in early
              March, a
              reflection of reduced capital spending and scaled down winter drilling
              programs.
              As a result, Precision realized its second lowest level of March drilling
              rig
              utilization in the last 10 years and the lowest service rig utilization
              this
              decade. Weather plays a significant role in the timing of spring break-up
              and
              the resulting restriction of heavy equipment movement through the enforcement
              of
              road bans. This year weather conditions in March had a minimal impact
              as it was
              customer driven and not weather related events that resulted in the
              early
              decline in drilling and service rig activity.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
              the first quarter of 2007, 74% of industry well completions in western
              Canada
              targeted natural gas while 26% targeted oil, which is in line with
              the five-year
              historical average.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              spot
              market for drilling rigs was more competitive than in recent years
              but Precision
              was able to hold pricing firm in January and February. In March, Precision
              experienced significant downward pressure on pricing as new well licensing
              for
              natural gas and oilfield service demand declined sharply. The number
              of permits
              issued in the first quarter in Alberta, British Columbia and Saskatchewan
              fell
              41% from the first quarter in 2006 to 3,259.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision's
              operations are reported in two segments. The Contract Drilling Services
              segment
              includes the contract drilling rig, camp and catering, oilfield supply,
              and
              manufacturing divisions. The Completion and Production Services segment
              includes
              the service rig, snubbing, rental and wastewater treatment divisions.
              The
              following table contains important financial and operating statistics
              for
              Precision's drilling and service rigs.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
              <table border="0" cellpadding="0" cellspacing="0" id="ftable" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                        months ended March 31,</strong></font></div>
                    </td>
                    <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2007</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="4%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006</font></div>
                    </td>
                    <td align="right" colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%
                        Change</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Contract
                        Drilling Services (Canadian Fleet):</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="4%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 8pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                        of drilling rigs (end of period)</font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>244</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="4%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">233</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 8pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Drilling
                        operating days (excludes move days)</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>11,785</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="4%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">16,694</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(29</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 8pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Drilling
                        revenue per operating day</font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>20,894</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="4%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">20,886</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;-</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 8pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Drilling
                        rig operating day utilization</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>54<font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>%</strong></font></strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="4%" style="border-bottom: #e8e8e8;">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">80<font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
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                    <td width="2%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="8%">&#160;</td>
                    <td align="left" valign="bottom" width="4%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="8%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="8%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Completion
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="4%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 8pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>237</strong></font></div>
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                    <td align="left" valign="bottom" width="4%" style="border-bottom: white;">&#160;</td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 8pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Service
                        rig operating hours</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 8pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Service
                        revenue per operating hour</font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
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                    <td align="left" valign="bottom" width="4%" style="border-bottom: white;">&#160;</td>
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                    <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 8pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Service
                        rig operating hour utilization</font></div>
                    </td>
                    <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>62<font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>%</strong></font></strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="4%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px">&#160;</div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
              Canada, industry drilling rig operating days decreased by approximately
              19% in
              the first quarter of 2007 to 45,406. Industry wells drilled, on a rig
              release
              basis, decreased by approximately 20% to 5,961. The industry rig count
              increased
              by 11% to approximately 865 compared to the first quarter of 2006.
              This record
              high level of industry capacity adversely impacted drilling rig
              utilization.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">4</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                </div>
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                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision's
              drilling rig operating days during the first quarter of 2007 were 11,785
              compared with 16,694 in 2006, a decrease of 29%. The average operating
              days per
              well decreased by 7% to 6.8 days for the first quarter of 2007 compared
              to 7.3
              days in 2006. The camp and catering division experienced an activity
              decrease of
              38% over the prior year.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              expansion of Precision's Contract Drilling Services segment in the
              United States
              is proceeding. Since the beginning of 2007, Precision has deployed
              four drilling
              rigs from its Canadian fleet and now operates a fleet of five rigs
              in Texas and
              Colorado. Precision continues to explore new market opportunities and
              expects to
              have a fleet of 10 drilling rigs operating in the United States by
              the end of
              2007. As conditions warrant, Precision may deploy additional rigs from
              Canada
              into this market.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision's
              service rig operating hours during the first quarter of 2007 were 132,411
              compared to 165,591 in 2006, a decrease of 20%. Well service rig operating
              hours
              were down over the prior year due to the general decline in industry
              activity
              related to natural gas. Demand for rental equipment followed downward
              industry
              trends and was 22% lower than last year. For Precision's snubbing division,
              quarterly activity was down 25% over the prior year as a result of
              lower natural
              gas well activity.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Overall,
              operating expenses as a percentage of revenue increased from 45% in
              the first
              quarter of 2006 to 47% in 2007. Leveraged by strong pricing, operating
              expenses
              were only marginally higher as a percentage of revenue. On a per operating
              day
              basis for the drilling rig division, costs increased by 6% and for
              the service
              rig division costs increased by 10% per operating hour due to crew
              wages,
              equipment maintenance and other direct operating costs. For all divisions,
              lower
              equipment utilization increased the operating day and hour cost associated
              with
              fixed operating cost components.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
              and administrative expense for the first quarter was $15 million, a
              decrease of
              $8 million from the same period in 2006 due primarily to a decrease
              in incentive
              compensation accruals.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
              and amortization expenses in the first quarter of 2007 were $23 million
              compared
              with $25 million in the same period of 2006. Depreciation in the Contract
              Drilling Services segment was down from the prior year due to lower
              equipment
              utilization offset by a higher capital asset base. Depreciation in
              the
              Completion and Production Services segment was slightly higher in the
              current
              quarter due to an increase in the capital asset base offset by gains
              on
              disposal.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
              interest expense in the first quarter of 2007 was $2 million and in
              line with
              the interest expense in the prior year.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              Trust's effective income tax rate on first quarter earnings before
              income taxes
              was 10%. Compared to a corporate tax rate, the low effective income
              tax rate is
              primarily the result of the income trust structure shifting all or
              a portion of
              the income tax burden of the Trust to its unitholders.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Distribution
              Policy of the Trust</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
              Precision's conversion to an income trust effective November 7, 2005,
              the Trust
              adopted a policy of making monthly distributions to holders of Trust
              units and
              holders of exchangeable LP units. Precision has a legal entity structure
              whereby
              the trust entity, Precision Drilling Trust, effectively must flow its
              taxable
              income to unitholders pursuant to its Declaration of Trust. Distributions
              may be
              declared in cash or in-kind, reduced, increased or suspended entirely
              depending
              on the operations of Precision, the performance of its assets, or legislative
              changes in tax laws by governments in Canada.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
              the
              quarter ended March 31, 2007 cash provided by operations was $156 million,
              an
              increase of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$115
              </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">million
              over the 2006 first quarter. The increase was attributable to the change
              in
              non-cash working capital balances of $171 million. The funding requirement
              for
              first quarter working capital this year was less due to the early winter
              shutdown and the corresponding reduction in trade accounts receivable
              as at
              March 31, 2007 as compared to March 31, 2006. For the quarter, property
              plant
              and equipment additions of $18 million to sustain the productive capacity
              of
              Precision's equipment and infrastructure were very similar to the first
              quarter
              of 2006.</font></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">5</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: #9a9a9a" noshade size="2">
                </div>
              </div>
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                </div>
              </div>
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              Canadian drilling industry is subject to seasonality with activity
              and earnings
              peaking during the winter months in the fourth and first quarters.
              As
              temperatures rise in the spring, the ground thaws and becomes unstable.
              Government road bans can restrict activity at any time but are typical
              for
              spring break-up during the second quarter before equipment is able
              to move for
              summer drilling programs.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
              a
              result, in combination with economic cycles, Precision's operating
              and financial
              results can vary significantly by quarter. Working capital is typically
              at its
              highest level following the first quarter when accounts receivable
              increases
              from winter activity and tends to be at its lowest during the second
              quarter.
              The change in the non-cash working capital balance has a direct impact
              on cash
              provided by operations.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><strong>Forward-Looking
              Information and Statements Advisory</strong></em></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Certain
              statements contained in this news release, including statements related
              to
              Precision's estimated capital expenditures, planned organic growth
              program in
              2008, expansion in the United States, projected growth of the Completion
              and
              Production Services and the Contract Drilling Services segments and
              statements
              that contain words such as "could", "should", "can" ,"anticipates
</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">",
              </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>"expect",
              "believe", "will", "may" and similar expressions and statements relating
              to
              matters that are not historical facts constitute "forward-looking information"
              within the meaning of applicable Canadian securities legislation and
              "forward-looking statements" within the meaning of the "safe harbor"
              provisions
              of the United States Private Securities Litigation Reform Act of
</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1995.
              </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>These
              statements include, but are not limited to, statements as to seasonal
              and
              weather conditions affecting the Canadian oil and natural gas industry
              and the
              demand for Precision's services.</em></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>These
              statements are based on certain assumptions and analysis made by the
              Trust in
              light of its experience and its perception of historical trends, current
              conditions and expected future developments as well as other factors
              it believes
              are appropriate in the circumstances. However, whether actual results,
              performance or achievements will conform to the Trust's expectations
              and
              predictions is subject to a number of known and unknown risks and uncertainties
              which could cause actual results to differ materially from the Trust's
              expectations. Such risks and uncertainties include, but are not limited
              to:
              fluctuations in the price and demand for oil and natural gas; fluctuations
              in
              the level of oil and natural gas exploration and development activities;
              fluctuations in the demand for well servicing, contract drilling and
              ancillary
              oilfield services; the effects of weather conditions on operations
              and
              facilities; the existence of competitive operating risks inherent in
              well
              servicing, contract drilling and ancillary oilfield services; general
              economic,
              market or business conditions; changes in laws or regulations, including
              taxation, environmental and currency regulations; the lack of availability
              of
              qualified personnel or management; and other unforeseen conditions
              which could
              impact on the use of services supplied by Precision.</em></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Consequently,
              all of the forward-looking information and statements made in this
              report are
              qualified by these cautionary statements and there can be no assurance
              that the
              actual results or developments anticipated by the Trust will be realized
              or,
              even </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>if
              </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>substantially
              realized, that they will have the expected consequences to or effects
              on the
              Trust or its business or operations. Except as may be required by law,
              the Trust
              assumes no obligation to update publicly any such forward-looking information
              and statements, whether as a result of new information, future events
              or
              otherwise.</em></font></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">6</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: #9a9a9a" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PRECISION
              DRILLING TRUST</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONSOLIDATED
              STATEMENTS OF EARNINGS AND DEFICIT </font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(UNAUDITED)</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">
              <div align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="ftable" width="100%">

                    <tr>
                      <td align="left" valign="bottom" width="57%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" colspan="4" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Three
                          months ended March 31,</strong>&#160;</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                    </tr>
                    <tr>
                      <td align="left" colspan="2" valign="bottom" width="59%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Stated
                          in thousands of Canadian dollars, except per unit
                          amounts)</em></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>2007</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2006</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenue</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>410,542</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">536,408</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expenses:</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>194,156</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">242,653</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
                          and administrative</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>14,555</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">22,891</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
                          and amortization</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>23,484</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">24,900</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
                          exchange</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>168</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">55</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">&#160;</td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>232,363</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">290,499</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                          earnings</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>178,179</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">245,909</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest:</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                          debt</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>2,530</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,911</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>27</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(118</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font>&#160;</strong></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(142</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
                          before income taxes</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>175,740</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">243,132</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
                          taxes:</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>320</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">18,364</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Future</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>17,353</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">585</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">&#160;</td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>17,673</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">18,949</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                          earnings</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>158,067</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">224,183</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deficit,
                          beginning of period</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(195,219</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font>&#160;</div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(303,284</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Distributions
                          declared</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(71,682</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font>&#160;</div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(101,623</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deficit,
                          end of eriod</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(108,834</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font>&#160;</div>
                        </div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font>&#160;</div>
                      </td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(180,724</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
                          per unit:</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 32pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic
                          and diluted</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1.26</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
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                      <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="8%">&#160;</td>
                      <td align="left" valign="bottom" width="5%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="8%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
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                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Units
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                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>125,758</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">125,461</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
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                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighted
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                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>125,758</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="8%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">125,461</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
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              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">7</font></div>
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              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
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            <div>
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                  <tr>
                    <td align="left" valign="bottom" width="56%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PRECISION
                        DRILLING TRUST</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="31%">&#160;</td>
                    <td align="left" valign="bottom" width="21%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="56%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONSOLIDATED
                        BALANCE SHEETS</font></div>
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                    <td align="left" valign="bottom" width="31%">&#160;</td>
                    <td align="left" valign="bottom" width="21%">&#160;</td>
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                  <tr>
                    <td align="left" valign="bottom" width="56%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(UNAUDITED)</font></div>
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                    <td align="left" valign="bottom" width="31%">&#160;</td>
                    <td align="left" valign="bottom" width="21%">&#160;</td>
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              </table>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br>
              <div align="left">
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                    <tr>
                      <td align="left" colspan="4" valign="bottom" width="62%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Stated
                          in thousands of Canadian dollars)</em></font></div>
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                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>March
                          31, 2007</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">December
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="57%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="5%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="57%" style="border-bottom: medium none;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Assets</strong></font></div>
                      </td>
                      <td width="2%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="57%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="5%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="57%" style="border-bottom: medium none;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                          assets:</font></div>
                      </td>
                      <td width="2%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                          receivable</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>389,398</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">354,671</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
                          tax recoverable</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>8,362</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,701</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventory</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>8,406</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">9,073</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">&#160;</td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>406,166</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">372,445</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" colspan="5" valign="bottom" width="64%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Property,
                          plant and equipment, net of accumulated depreciation</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1,138,730</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,107,617</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" colspan="5" valign="bottom" width="64%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intangibles,
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>353</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">375</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goodwill</font></div>
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                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>280,749</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">280,749</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">&#160;</td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
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                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1,825,998</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
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                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,761,186</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="5%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Liabilities
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                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px">&#160;</div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
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                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="5%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                          liabilities:</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bank
                          indebtedness</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>24,656</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">36,774</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" colspan="5" valign="bottom" width="64%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                          payable and accrued liabilities</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>114,135</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">130,202</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Distributions
                          payable</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>23,894</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">38,985</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">&#160;</td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>162,685</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">205,961</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" colspan="5" valign="bottom" width="64%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                          incentive plan payable</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>20,238</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">22,699</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                          debt</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>147,690</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">140,880</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Future
                          income taxes</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>191,925</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">174,571</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">&#160;</td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>522,538</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">544,111</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unitholders'
                          equity:</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unitholders'
                          capital</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1,412,294</strong></font></div>
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                      <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,412,294</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deficit</font></div>
                      </td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(108.834</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(195,219</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">&#160;</td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1,303,460</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,217,075</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: black thin solid;">&#160;</td>
                      <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1,825,998</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,761,186</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="57%">&#160;</td>
                      <td width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="2%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="5%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                      <td align="right" valign="bottom" width="10%">&#160;</td>
                      <td align="left" valign="bottom" width="1%">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="57%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Units
                          outstanding (000s)</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>125,758</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">125,758</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>

                </table>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">8</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: #9a9a9a" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="64%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PRECISION
                        DRILLING TRUST</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="11%">&#160;</td>
                    <td align="left" valign="bottom" width="11%">&#160;</td>
                    <td align="left" valign="bottom" width="3%">&#160;</td>
                    <td align="left" valign="bottom" width="7%">&#160;</td>
                    <td align="left" valign="bottom" width="12%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="64%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONSOLIDATED
                        STATEMENTS OF CASH FLOW</font></div>
                    </td>
                    <td align="left" valign="bottom" width="11%">&#160;</td>
                    <td align="left" valign="bottom" width="11%">&#160;</td>
                    <td align="left" valign="bottom" width="3%">&#160;</td>
                    <td align="left" valign="bottom" width="7%">&#160;</td>
                    <td align="left" valign="bottom" width="12%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="64%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(UNAUDITED)</font></div>
                    </td>
                    <td align="left" valign="bottom" width="11%">&#160;</td>
                    <td align="left" valign="bottom" width="11%">&#160;</td>
                    <td align="left" valign="bottom" width="3%">&#160;</td>
                    <td align="left" valign="bottom" width="7%">&#160;</td>
                    <td align="left" valign="bottom" width="12%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div align="left">
              <table border="0" cellpadding="0" cellspacing="0" id="ftable" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="69%">&#160;</td>
                    <td width="2%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" colspan="4" valign="bottom" width="24%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Three
                        months ended March 31,</strong>&#160;</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="69%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Stated
                        in thousands of Canadian dollars)</em></font></div>
                    </td>
                    <td width="2%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>2007</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2006</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="69%" style="border-bottom: medium none;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                        provided by (used in):</font></div>
                    </td>
                    <td width="2%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="69%" style="border-bottom: medium none;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operations:</font></div>
                    </td>
                    <td width="2%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: medium none;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                        earnings</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
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                    <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">224,183</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adjustments
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                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td valign="bottom" width="69%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 40pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                        incentive plan compensation</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(2,461</strong></font></div>
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                    <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,803</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 40pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
                        and amortization</font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>23,484</strong></font></div>
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                    <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">24,900</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td valign="bottom" width="69%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 40pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Future
                        income taxes</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>17,353</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">585</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
                        in non-cash working capital balances</font></div>
                    </td>
                    <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(40,145</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(211,531</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>156,298</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">40,940</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investments:</font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase
                        of property, plant and equipment</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(55,702</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(49,031</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                        on sale of property, plant and equipment</font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1,128</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,164</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chanes
                        in non-cash working capital balances</font></div>
                    </td>
                    <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(9,643</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font>&#160;</div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,252</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: white;">&#160;</td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(64,217</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(35,615</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financing:</font></div>
                    </td>
                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Distributions
                        paid</font></div>
                    </td>
                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(86,773</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(104,383</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>6,810</strong></font></div>
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                    <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
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                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
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                    <td width="2%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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                    <td align="left" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(22,060</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="left" valign="bottom" width="69%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Change
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(12,118</strong></font></div>
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                    <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(6,646</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: black thin solid;">&#160;</td>
                    <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(92,081</strong></font></div>
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                    <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(5,325</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="left" valign="bottom" width="69%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Change
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                    <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 13pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times, serif">-</font></div>
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                    <td align="left" valign="bottom" width="5%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 13pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times, serif">-</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
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                    <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">&#160;<font style="DISPLAY: inline; FONT-SIZE: 13pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times, serif">-</font></td>
                    <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 13pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times, serif">-</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  </tr>
                  <tr bgcolor="#e8e8e8">
                    <td align="left" valign="bottom" width="69%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                        and cash equivalents, end of period</font></div>
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                    <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                      </div>
                    </td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 13pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times, serif">-</font></div>
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                    <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font>&#160;</div>
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                    <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 13pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times, serif">-</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
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              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">9</font></div>
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              <div id="HDR">
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              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">
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                      <tr>
                        <td align="left" colspan="13" valign="bottom" width="109%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PRECISION
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                      <tr>
                        <td align="left" colspan="13" valign="bottom" width="108%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SEGMENT
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                        <td align="left" colspan="13" valign="bottom" width="108%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(UNAUDITED)</font></div>
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                <div>&#160;</div>
                <div align="left">
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                      <tr>
                        <td align="left" valign="bottom" width="30%" style="border-bottom: medium none;">&#160;</td>
                        <td width="2%" style="border-bottom: medium none;">&#160;</td>
                        <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Completion</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="30%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td width="2%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Contract</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">and</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="2" valign="bottom" width="32%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><em>Three
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Drilling</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Production</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Corporate</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Inter-segment</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      </tr>
                      <tr style="line-height: 1;">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">CDN
                            $000s</font></div>
                        </td>
                        <td width="2%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Services</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Services</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">and
                            Other</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Eliminations</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Total</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      </tr>
                      <tr bgcolor="#e8e8e8">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenue</font></div>
                        </td>
                        <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>280,895</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>$</strong></font></div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>133,206</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>$</strong></font></div>
                          </div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 13pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times, serif"><strong>-</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>$</strong></font></div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(3,559</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>$</strong></font></div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>410,542</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                            earnings</font></div>
                        </td>
                        <td width="2%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>132,735</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>51,815</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>(6,371</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>)</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>-</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>178,179</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      </tr>
                      <tr bgcolor="#e8e8e8">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
                            and amortization</font></div>
                        </td>
                        <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>12,610</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>9,983</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>891</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>-</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>23,484</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                            assets</font></div>
                        </td>
                        <td width="2%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1,278,902</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>518,047</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>29,049</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>-</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1,825,998</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      </tr>
                      <tr bgcolor="#e8e8e8">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goodwill</font></div>
                        </td>
                        <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>172,440</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>108,309</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>-</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>-</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>280,749</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
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                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
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                        <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>49,896</strong></font></div>
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                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>5,444</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>362</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>-</strong></font></div>
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                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><strong>&#160;</strong></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><strong>&#160;</strong></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>55,702</strong></font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
                <div align="left">
                  <table border="0" cellpadding="0" cellspacing="0" id="ftable" width="100%">

                      <tr>
                        <td align="left" valign="bottom" width="30%" style="border-bottom: medium none;">
                        </td>
                        <td width="2%" style="border-bottom: medium none;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">&#160;</td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Completion</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="30%" style="border-bottom: medium none;">
                        </td>
                        <td width="2%" style="border-bottom: medium none;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Contract&#160;</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">and</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="2" valign="bottom" width="32%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><em>Three
                            months ended March </em>31, <em>2006</em>&#160;</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Drilling</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Production</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Corporate</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Inter-segment</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      </tr>
                      <tr style="line-height: 1;">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">CDN
                            $000s</font></div>
                        </td>
                        <td width="2%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Services</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Services</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">and
                            Other</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Eliminations</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Total</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      </tr>
                      <tr bgcolor="#e8e8e8">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenue</font></div>
                        </td>
                        <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">384,162</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">156,638</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                          </div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 13pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times, serif">-</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(4,392</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">536,408</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                            earnings</font></div>
                        </td>
                        <td width="2%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">193,683</font></div>
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                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">63,787</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(11,561</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">245,909</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      </tr>
                      <tr bgcolor="#e8e8e8">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
                            and amortization</font></div>
                        </td>
                        <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">13,526</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">10,286</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,088</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">24,900</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                            assets</font></div>
                        </td>
                        <td width="2%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,268,052</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">517,397</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">46,635</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: white;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: white;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,832,084</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      </tr>
                      <tr bgcolor="#e8e8e8">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goodwill</font></div>
                        </td>
                        <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">172,440</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">94,387</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: #e8e8e8;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">266,827</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="bottom" width="30%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
                            expenditures</font></div>
                        </td>
                        <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">41,785</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">6,972</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">274</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
                        </td>
                        <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">49,031</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br>
              <div>
                <table cellpadding="0" cellspacing="0" width="100%">

                    <tr>
                      <td align="left" colspan="11" valign="bottom" width="108%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CANADIAN
                          DRILLING OPERATING
                          STATISTICS</strong></font></div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
              <div>
                <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

                    <tr>
                      <td align="left" valign="bottom" width="32%" style="border-bottom: medium none;">&#160;</td>
                      <td width="2%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" colspan="2" valign="bottom" width="10%" style="border-bottom: medium none;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                      <td align="right" colspan="11" valign="bottom" width="43%" style="border-bottom: medium none;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Three
                          months ended March 31,</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="32%" style="border-bottom: #ffffff thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="2%" style="border-bottom: #ffffff thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>2007</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></td>
                      <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="32%" style="border-bottom: #ffffff thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="2%" style="border-bottom: #ffffff thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Precision</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Industry*</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Market&#160;</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Share
                          %</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Precision</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Industry*</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                      <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Market</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Share
                          %</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="32%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
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                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>244</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>865</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>28</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">233</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">779</font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">30</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" colspan="2" valign="bottom" width="34%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                          of operating days (spud to release)</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>11,785</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>45,406</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>26</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">16,694</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">55,974</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">30</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="32%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wells
                          drilled</font></div>
                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>1,728</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>5,961</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>29</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,302</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">7,429</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">31</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
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                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="32%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Average
                          days per well</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>6.8</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>7.6</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">7.3</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">7.5</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                    </tr>
                    <tr bgcolor="#e8e8e8">
                      <td align="left" valign="bottom" width="32%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Metres
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                      </td>
                      <td width="2%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>2,141</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>7,385</strong></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>29</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,815</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,897</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">32</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="32%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Average
                          metres per day</font></div>
                      </td>
                      <td width="2%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>182</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><strong>&#160;</strong></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>163</strong></font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">&#160;</td>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #e8e8e8;">&#160;</td>
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                      <td align="right" valign="bottom" width="9%" style="border-bottom: #e8e8e8;">&#160;</td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px">&#160;</div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px">&#160;</div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">81<font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>%</strong></font></font></div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0px">&#160;</div>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: white;">&#160;</td>
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            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR"><br>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
                  Excludes non-CAODC rigs and non-reporting CAODC members <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                  has
                  been compiled <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">with
                  estimates <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">by
                  Precision.</font></font></font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">10</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FIRST
              QUARTER 2007 EARNINGS CONFERENCE CALL AND WEBCAST</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
              conference call to review the first quarter results is scheduled for
              12:00 noon
              MT on Wednesday, April 25, 2007.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
              conference call dial in number is 1-877-461-2814 or
              416-695-5261.</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
              live
              webcast of the conference call will be accessible on Precision's website
              at
              www.precisiondrilling.com by selecting </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>"Investor
              Relations", </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">then
              </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>"Webcasts".
              </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
              archived recording of the conference call will be available approximately
              one
              hour after the completion of the call until May 2, 2007 by dialing
              1-888-509-0081 or 416-695-5275, passcode 642926.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
              further information please contact Doug Strong, Chief Financial Officer
              of
              Precision Drilling </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporation,
              Administrator of Precision Drilling Trust, 4200,150 </font><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">-</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6th
              Avenue S.W., Calgary, AB </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">T2P
              3Y7,
              Telephone 403-716-4500, Fax 403-264-0251; website:
              www.precisiondrilling.com.</font></strong></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">11</font></div>
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