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<SEC-DOCUMENT>0001199073-08-000969.txt : 20081203
<SEC-HEADER>0001199073-08-000969.hdr.sgml : 20081203
<ACCEPTANCE-DATETIME>20081203114258
ACCESSION NUMBER:		0001199073-08-000969
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081202
FILED AS OF DATE:		20081203
DATE AS OF CHANGE:		20081203

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:		081226775

	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>
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STATES</font></font></div>
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COMMISSION</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Washington, D.C.
20549</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FORM 6-K</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">REPORT OF FOREIGN PRIVATE
ISSUER</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Pursuant to Section 13a-16 or 15d-16
of the</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Securities Exchange Act of
1934</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">December
2,&#160;2008</font></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">Commission
File Number: 001-14534</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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: 24pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Precision Drilling
Trust</font></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>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">4200, 150 - 6th Avenue
S.W.</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Calgary, Alberta</font></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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Canada T2P 3Y7 </font></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">(Address
of principal executive offices)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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 whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div align="center">
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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
      20-F</font></div>
                      </td>
                      <td width="25%">
                        <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">o</font></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">&#160;Form
      40-F</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;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></div>
                      </td>
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                </table>
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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
by Regulation S-T Rule 101(b)(1). </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
              <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">Note:
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.
</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
              <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">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):&#160; _____</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
              <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">Note:
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>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></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 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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                    <table bgcolor="#ffffff" cellpadding="0" cellspacing="0" width="30%">
                        <tr bgcolor="#ffffff">
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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;Yes</font></div>
                          </td>
                          <td width="25%">
                            <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>
                          </td>
                          <td width="25%">
                            <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>
                          </td>
                          <td width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></td>
                        </tr>
                    </table>
                  </div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                </div>
              </div>
              <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"
is marked, indicate below the file number assigned to the registrant in
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"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font style="DISPLAY: inline; FONT-WEIGHT: normal">N/A</font></font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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                            <td width="4%"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt; TEXT-DECORATION: underline">Exhibit</font></font></td>
                            <td width="4%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
                            <td width="92%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Title</font></td>
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                            <td width="4%"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt">99.<font size="2" style="FONT-SIZE: 10pt">1</font></font></font></td>
                            <td width="4%"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                                                                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                                                                                            <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"><a href="ex99_1.htm">Precision Drilling Trust and Grey Wolf, Inc. Clarify
      Merger Agreement and Move Grey Wolf Special Meeting Date to December 23,
      2008</a></font></div>
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              <div>&#160;</div>
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

                <div>
                  <hr style="COLOR: dimgray" align="left" noshade size="2" width="100%">
                </div>
              </div>
              <div>&#160;</div>
              <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 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">&#160;</font></td>
                      <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
                      <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
                      <td colspan="2">
                        <div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">PRECISION
      DRILLING CORPORATION</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By
      its Administrator PRECISION DRILLING </font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">CORPORATION</font></div>
                          </div>
                        </div>
                      </td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;<br>&#160;</font></td>
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;<br>&#160;</font></td>
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;<br>&#160;</font></td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dated:&#160;December
      2,&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2008</font></font></font></td>
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">By:&#160;&#160;</font></td>
                      <td>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Darren
      Ruhr</font></div>
                      </td>
                    </tr>
                    <tr valign="top" bgcolor="#ffffff">
                      <td colspan="2"><font 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" size="3" style="COLOR: black; LETTER-SPACING: 27pt">&#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">&#160;</font></td>
                      <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">Title:&#160;&#160;
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Secretary</font></font></font></font></td>
                    </tr>
                </table>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <pre>&#160;</pre>
    </div>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>PRECISION DRILLING TRUST AND GREY WOLF, INC. CLARIFY MERGER AGREEMENT AND MOVE GREY WOLF SPECIAL MEETING DATE TO DECEMBER 23, 2008
<TEXT>
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          <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Exhibit
99.1</font></div>
          <div style="TEXT-ALIGN: right">&#160;</div>
          <div style="TEXT-ALIGN: right">&#160;</div>
          <div style="TEXT-ALIGN: left">
            <div style="TEXT-ALIGN: left">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">
              </div>
              <div>&#160;</div>
              <div align="center">
                <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td width="50%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<img src="logo2.jpg" alt="graphic"></font></td>
                      <td width="50%">
                        <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<img src="logo3.jpg" alt="graphic"></font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div>&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Precision
Drilling Trust and Grey Wolf, Inc. Clarify Merger Agreement</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">and
Move Grey Wolf Special Meeting Date to December 23,
2008</font></div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><br>&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Calgary,
Alberta and Houston, Texas &#8211; December 2, 2008 &#8211; Precision Drilling Trust
("Precision", TSX: PD.UN, NYSE: PDS) and Grey Wolf, Inc. ("Grey Wolf", AMEX: GW)
today announced that they had made a clarifying amendment to the merger
agreement dated August 24, 2008 (the &#8220;Merger
Agreement&#8221;).&#160;&#160;Supplemental proxy materials will be mailed to Grey Wolf
shareholders concerning the amendment.&#160;&#160;The special meeting of Grey
Wolf shareholders to approve the Merger Agreement, as amended, will be moved to
December 23, 2008 to allow Grey Wolf shareholders additional time to consider
the amendment.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kevin
Neveu, Chief Executive Officer of Precision Drilling Corporation, and Tom
Richards, Chief Executive Officer of Grey Wolf, both commented that this delay
in no way affects the clear intent and desire of both parties to conclude this
merger and they remain confident that the merger will proceed as
planned.&#160;&#160;Despite the challenging economic environment, the strategic
fit of Grey Wolf and Precision will create North America's premier land drilling
contractor, with active operations in most conventional and nonconventional oil
and natural gas basins in the United States and Canada.&#160;&#160;Kevin Neveu
further commented: &#8220;Integration of the companies is well underway with
involvement from both organizations.&#160;&#160;I fully expect that the combined
company will be well positioned to deliver high performance, high value drilling
and servicing capabilities for natural gas and oil drilling opportunities across
North America.&#8221;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Closing
of the merger is anticipated to take place on December 23, 2008, promptly after
the Grey Wolf special meeting of shareholders.&#160;&#160;Precision and Grey
Wolf have received all regulatory approvals required for the merger and expect
that all conditions to the completion of the merger will be
satisfied.&#160;&#160;Precision's lenders have committed to provide the funds
required by Precision to complete the merger.</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
to the Merger Agreement</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The amendment clarifies
the intention of the parties that to the extent holders of Grey Wolf convertible
notes do not convert their notes into Grey Wolf common stock before the merger,
the cash merger consideration that would have been paid to them would instead be
retained by Precision for application towards the purchase price of the purchase
offer for the Grey Wolf convertible notes that Precision will be required to
make following the merger. The amendment also ensures that holders of Grey Wolf
common stock will receive, in the aggregate and on a fully-diluted basis, <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$5.00 in
cash and 0.1883 of a Precision trust unit for each share of Grey Wolf common
stock, although the actual amount received by each holder of Grey Wolf common
stock will depend on the election (or non-election) of such holder and all other
holders of Grey Wolf common stock.</font></font></font></div>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the
terms of the Merger Agreement, the aggregate consideration payable by Precision
is a maximum cash amount of approximately $1.115 billion and approximately 42.0
million Precision trust units.&#160;&#160;Taking into account all of the shares
of Grey Wolf common stock issued and outstanding, together with those issuable
upon the conversion of Grey Wolf convertible notes and the exercise of Grey Wolf
options, the fully-diluted number of shares of Grey Wolf common stock is
approximately 223.0 million.</font></div>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
Meeting Date and Closing</font><br></font></div>
                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div id="FTR">
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                          </div>
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                            <hr style="COLOR: darkgray" noshade size="2">
                          </div>
                        </div>
                        <div id="HDR">
                          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 2
- -</font>&#160;</font></div>
                        </div>
                      </div>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
special meeting of Grey Wolf shareholders to vote on the Merger Agreement will
now be held at 9:00 a.m., local time, on December 23, 2008 at the Hilton
Westchase Houston in Houston, Texas<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">.</font>&#160;&#160;The
Election Deadline will remain 5:00 p.m. local time in Houston, Texas on the
second business day prior to the effective time of the
merger.&#160;&#160;Precision and Grey Wolf will publicly announce the
anticipated election deadline at least five (5) business days prior to the
anticipated effective time of the merger.&#160;&#160;&#160;Grey Wolf
shareholders who have already voted do not need to take any action unless they
intend to change their vote or election.</font></div>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
December 2, 2008, approximately 54% of the outstanding shares of Grey Wolf
common stock had voted to approve the Merger Agreement.&#160;&#160;Three of the
leading proxy advisory firms in the U.S. have recommended that Grey Wolf
shareholders vote &#8220;FOR&#8221; the merger.</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grey
Wolf's board of directors continues to unanimously recommend that Grey Wolf
shareholders vote to approve the Merger Agreement.</font></div>
                    </div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Precision</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision
is a leading provider of safe, high performance energy services to the North
American oil and gas industry. Precision provides customers with access to an
extensive fleet of contract drilling rigs, service rigs, camps, snubbing units,
wastewater treatment units and rental equipment backed by a comprehensive mix of
technical support services and skilled, experienced personnel. Precision is
headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto
Stock Exchange under the trading symbol &#8220;PD.UN&#8221; and on the New York Stock
Exchange under the trading symbol &#8220;PDS&#8221;. For more information about Precision,
go to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">http://www.precisiondrilling.com</font>.</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Grey Wolf</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grey Wolf
is a leading provider of turnkey and contract oil and gas land drilling services
in the United States. Grey Wolf operates from divisions in South Texas, Gulf
Coast, Ark-La-Tex, Mississippi/Alabama, Mid-Continent, Rocky Mountain regions,
and Mexico. Grey Wolf is headquartered in Houston, Texas, USA. Grey Wolf is
listed on the American Stock Exchange under the trading symbol &#8220;GW&#8221;. For more
information about Grey Wolf, go to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">http://www.gwdrilling.com</font>.</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <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">For
further information please contact:</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <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">Precision
Drilling Corporation</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <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">Kevin
Neveu</font></div>
                    <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">Chief
Executive Officer</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <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">Doug
Strong</font></div>
                    <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">Chief
Financial Officer</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <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">Telephone:
403-716-4500</font></div>
                    <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">Fax:
403-264-0251</font></div>
                    <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">4200, 150
- - 6th Avenue S.W.</font></div>
                    <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">Calgary,
Alberta T2P 3Y7</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <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">- or
&#8211;</font></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="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grey
Wolf, Inc.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div id="FTR">
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                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
                        </div>
                        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                        </div>
                      </div>
                      <div id="HDR">
                        <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 3
- -</font></div>
                      </div>
                    </div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <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">David W.
Wehlmann</font></div>
                    <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">Executive
Vice President and Chief Financial Officer</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <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">Telephone:
713-435-6100</font></div>
                    <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">Fax:
713-435-6171</font></div>
                    <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">10370
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cautionary
Statements Regarding Forward-Looking Information and Statements</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statements
about Grey Wolf's and Precision's expectations and all other statements in this
news release other than historical facts are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements rely on a number of assumptions concerning future
events and are subject to a number of uncertainties and factors, many of which
are outside Grey Wolf&#8217;s and Precision&#8217;s control, which could cause actual
results to differ materially from such statements. Forward-looking information
includes, but is not limited to, statements regarding the proposed merger,
including whether and when the transactions contemplated by the Merger Agreement
will be consummated. Among the factors that could cause results to differ
materially from those indicated by such forward-looking statements are failure
to receive approval of the Merger Agreement by the shareholders of Grey Wolf and
satisfaction of various other conditions to the closing of the merger
contemplated by the Merger Agreement.</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
press release contains statements that may constitute "forward-looking
information" or "forward-looking statements" (collectively, "forward-looking
information") within the meaning of applicable Canadian securities legislation.
This forward-looking information includes, among others, statements regarding
plans and expectations, beliefs, goals and objectives and statements about
possible future events. Specific forward-looking information contained in this
press release includes statements regarding Precision's proposed merger with
Grey Wolf and the completion of the merger.&#160;&#160;Readers are cautioned not
to place undue reliance on such forward-looking information. Forward-looking
information is based on current expectations and assumptions that involve a
number of risks, which could cause actual results to vary and in some instances
to differ materially from those anticipated by Precision and described in the
forward-looking information contained in this press release. Among the various
factors that could cause results to vary materially from those indicated in the
forward-looking information include failure to receive approval of the merger by
Grey Wolf&#8217;s shareholders. No assurance can be given that any of the events
anticipated by the forward-looking information will transpire or occur or, if
any of them do so, what benefits Precision will derive therefrom.</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
Information and Where to Find It</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with the proposed merger, Precision has filed a registration
statement on Form F-4 which includes a proxy statement of Grey Wolf and other
materials, with the Securities and Exchange Commission. SECURITYHOLDERS ARE
URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE PROXY
STATEMENT/PROSPECTUS AND THESE OTHER MATERIALS REGARDING THE PROPOSED MERGER
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT GREY WOLF, PRECISION AND
PRECISION LOBOS CORPORATION, A WHOLLY-OWNED SUBSIDIARY OF PRECISION CREATED AS A
SPECIAL-PURPOSE ACQUISITION VEHICLE, AND THE PROPOSED MERGER. Securityholders
may obtain a free copy of the registration statement and the proxy
statement/prospectus and other documents containing information about Grey Wolf
and Precision, without charge, at the SEC&#8217;s website www.sec.gov, </font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Precision&#8217;s
website www.precisiondrilling.com, and Grey Wolf&#8217;s website www.gwdrilling.com.
Copies of the registration statement and the proxy statement/prospectus and the
SEC filings that will be incorporated by reference therein may also be obtained
for free by directing a request to either Investor Relations, Precision Drilling
Trust, (403) 716-4500 or to Investor Relations, Grey Wolf, Inc., (713)
435-6100.</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
