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<SEC-DOCUMENT>0000950134-08-021548.txt : 20081203
<SEC-HEADER>0000950134-08-021548.hdr.sgml : 20081203
<ACCEPTANCE-DATETIME>20081202201308
ACCESSION NUMBER:		0000950134-08-021548
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20081203
DATE AS OF CHANGE:		20081202

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-153664
		FILM NUMBER:		081226232

	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>424B3
<SEQUENCE>1
<FILENAME>h65070b3e424b3.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT - REGISTRATION NO. 333-153664
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b3</TITLE>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Filed
    Pursuant to Rule&#160;424(b)(3)</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Registration
    <FONT style="white-space: nowrap">No.&#160;333-153664</FONT></B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <IMG src="h65070b3h6507003.gif" alt="(Precision Drilling LOGO)">
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    <IMG src="h65070b3h6507000.gif" alt="(GreyWolf LOGO)">
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">Dear shareholders of Grey Wolf,
    Inc.:
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;As
    you know, Precision Drilling Trust and Grey Wolf, Inc. agreed to
    combine their businesses by merging Grey Wolf with and into
    Precision Lobos Corporation, a wholly-owned subsidiary of
    Precision. Previously we sent to you the proxy
    statement/prospectus dated October&#160;28, 2008, which
    described the merger and included a notice of special meeting of
    the shareholders of Grey Wolf to be held on December&#160;9,
    2008. The merger agreement must be approved by the holders of a
    majority of Grey Wolf common stock outstanding on the record
    date for the special meeting, October&#160;27, 2008. Pursuant to
    the merger agreement, each Grey Wolf shareholder may elect to
    receive either cash or Precision trust units in exchange for
    their shares of Grey Wolf common stock. Each share of Grey Wolf
    common stock will be converted, at the holder&#146;s option,
    into $9.02 in cash or 0.4225 of a Precision trust unit, subject
    to proration. The maximum amount of cash to be paid by Precision
    will be approximately $1.12&#160;billion, and the maximum number
    of Precision trust units to be issued will be approximately
    42.0&#160;million. These amounts take into account shares of
    Grey Wolf common stock issuable upon the conversion of Grey
    Wolf&#146;s convertible debt securities and the exercise of Grey
    Wolf stock options, which, together with Grey Wolf&#146;s issued
    and outstanding common stock, total approximately
    223.0&#160;million fully-diluted shares of Grey Wolf common
    stock. These maximum amounts translate to $5.00 in cash and
    0.1883 of a Precision trust unit for each share of Grey Wolf
    common stock. This proxy statement/prospectus supplement is
    provided to supplement the information contained in the proxy
    statement/prospectus.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;Grey
    Wolf has outstanding approximately $275&#160;million aggregate
    principal amount of 3.75% Contingent Convertible Senior Notes
    due 2023 and Floating Rate Contingent Convertible Senior Notes
    due 2024 (together, the &#147;Grey Wolf Convertible
    Notes&#148;). To the extent that Grey Wolf Convertible Notes are
    not converted into Grey Wolf common stock prior to the merger,
    the Grey Wolf Convertible Notes will become indebtedness of
    Precision Lobos, and will be convertible at the option of the
    holder following the merger into the same consideration that
    would have been received by holders of Grey Wolf common stock
    that did not make an election to receive cash or Precision trust
    units. The holders of the Grey Wolf Convertible Notes will have
    the right to require Precision Lobos to purchase the Grey Wolf
    Convertible Notes for cash following completion of the merger
    for the principal amount of such notes plus accrued but unpaid
    interest.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;We
    have amended the merger agreement to correct a technical error
    in the operation of its provisions relating to the proration
    among Grey Wolf shareholders of the cash and Precision trust
    units that we intended to be available to Grey Wolf shareholders
    in the merger. Without the amendment, Precision would have been
    required to pay to other Grey Wolf shareholders an amount of
    cash merger consideration that was intended to be paid in the
    merger only to holders of the Grey Wolf Convertible Notes upon
    the purchase offer that Precision Lobos is required to make to
    the holders of the Grey Wolf Convertible Notes after the merger.
    Additionally, this had the effect of reducing the number of
    Precision trust units to be received by Grey Wolf shareholders
    in the merger in an unintended manner. Neither of those results
    reflected our mutual intent. Rather, we intended that to the
    extent holders of Grey Wolf Convertible Notes did not timely
    convert their notes into Grey Wolf common stock before the
    merger, the cash merger consideration that would have been paid
    to the holders of Grey Wolf Convertible Notes if they converted
    to Grey Wolf common stock prior to the merger would instead be
    retained by Precision to be available for application towards
    the purchase price of the Grey Wolf Convertible Notes in the
    purchase offer for those notes that Precision Lobos will be
    required to make following the merger. The board of directors of
    Grey Wolf and the board of directors of Precision Drilling
    Corporation each agree that the amendment to the merger
    agreement was necessary and appropriate to reflect their mutual
    intent for the correct technical operation of the proration
    mechanism. The amendment is set forth in Appendix&#160;A to this
    proxy statement/prospectus supplement.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;As
    discussed in the proxy statement/prospectus under the caption
    &#147;The Merger&#160;&#151; Material US Federal Income Tax
    Consequences of the Merger and Owning Precision
    Trust&#160;Units&#160;&#151; Application of Section&#160;367 of
    the Code,&#148; US Grey Wolf shareholders will be required to
    recognize gain, but not loss, realized as a consequence of the
    merger if the value of Precision is less than that of Grey Wolf
    on the date of the merger. While we cannot predict the values of
    the companies, the value of Precision could be less than that of
    Grey Wolf as of the date of the merger. We have requested a
    private letter ruling from the Internal Revenue Service
    exempting the transaction from the requirement that the value of
    Precision be greater than that of Grey Wolf, but have not
    received a response to our ruling request and can offer no
    assurance that we will receive the ruling by the date of the
    merger or thereafter.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;In
    order to enable Grey Wolf shareholders to consider the matters
    discussed herein, Grey Wolf has postponed the
    previously-scheduled Grey Wolf special meeting of shareholders
    to now be held on December&#160;23, 2008, at 9:00&#160;a.m.
    local time, at the Hilton Houston Westchase, Houston, Texas.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;<B>Grey
    Wolf&#146;s board of directors continues to unanimously
    recommend that Grey Wolf shareholders vote &#147;FOR&#148; the
    proposal to approve the merger agreement.</B>
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;<B>Your
    vote is important.</B> Approval of the merger requires the
    affirmative vote of a majority of the outstanding shares of Grey
    Wolf common stock on the record date for the special meeting. If
    you have already voted and do not wish to change your vote, you
    need do nothing; the holder of that proxy will vote your shares
    as indicated on that proxy. Instructions for changing your vote
    and revoking your proxy are set forth beginning on page&#160;39
    of the proxy statement/prospectus.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;If
    you have previously submitted a proxy voting for the merger and
    now wish to exercise appraisal rights (as described in more
    detail beginning on page&#160;87 of the proxy
    statement/prospectus and Annex&#160;D thereto), in addition to
    following the instructions set forth in the proxy
    statement/prospectus, you must either (i)&#160;submit a revised
    proxy voting against the merger or (ii)&#160;revoke your
    previously submitted proxy, in each case, in order to validly
    exercise appraisal rights.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;If
    you have already returned a merger consideration election form
    and do not wish to change your election, you need do nothing. If
    you have previously submitted an election form and now wish to
    change your election (as described in more detail beginning on
    <FONT style="white-space: nowrap">page&#160;84-85</FONT>
    of the proxy statement/prospectus), you must submit a revised
    election form setting forth your new election. The election
    deadline remains 5:00&#160;p.m.&#160;Houston, Texas time, on the
    second business day prior to the effective time of the merger.
    Precision and Grey Wolf will publicly announce the anticipated
    election deadline at least 5 business days prior to the
    anticipated effective time of the merger.
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
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    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
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    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <IMG src="h65070b3h6507004.gif" alt="-s- Kevin A. Neveu">
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <IMG src="h65070b3h6507001.gif" alt="-s- Thomas P. Richards">
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Kevin A. Neveu<BR>
    <I>Chief Executive Officer<BR>
    </I>Precision Drilling Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Thomas P. Richards<BR>
    <I>Chairman of the Board, President and Chief<BR>
    Executive Officer<BR>
    </I>Grey Wolf, Inc.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;NONE
    OF THE SECURITIES AND EXCHANGE COMMISSION, ANY SECURITIES
    COMMISSION OR SIMILAR AUTHORITY IN CANADA, OR ANY STATE OR
    FOREIGN SECURITIES COMMISSION OR SIMILAR AUTHORITY HAS APPROVED
    OR DISAPPROVED OF THE PRECISION TRUST&#160;UNITS TO BE ISSUED IN
    CONNECTION WITH THE MERGER DESCRIBED IN THIS PROXY
    STATEMENT/PROSPECTUS, NOR HAVE THEY DETERMINED IF THIS PROXY
    STATEMENT/PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION
    TO THE CONTRARY IS A CRIMINAL OFFENSE.
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;&#160;This
    supplement to the proxy statement/prospectus is dated
    December&#160;3, 2008 and is first being mailed to Grey Wolf
    shareholders on or about December&#160;3, 2008.
    </FONT>
</DIV>

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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GREY
    WOLF, INC.<BR>
    <FONT style="font-size: 10pt">10370 Richmond Avenue,
    Suite&#160;600<BR>
    Houston, Texas 77042<BR>
    <FONT style="white-space: nowrap">(713)&#160;435-6100</FONT></FONT></FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">NOTICE OF SPECIAL MEETING OF
    SHAREHOLDERS</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">To be held on December&#160;23,
    2008</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This is a supplement (this &#147;supplement&#148;) to the proxy
    statement/prospectus dated October&#160;28, 2008 (the
    &#147;proxy statement/prospectus&#148;) of Grey Wolf, Inc.
    (&#147;Grey Wolf&#148;) that was mailed to you in connection
    with the solicitation of proxies for use at the special meeting
    of shareholders originally scheduled to be held on
    December&#160;9, 2008, beginning at 9:00&#160;a.m. local time.
    Notice is hereby given that the special meeting of shareholders
    was postponed and will now be held on December&#160;23, 2008, at
    9:00&#160;a.m., local time, at the Hilton Houston Westchase,
    Houston, Texas. At the special meeting, you will be asked to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;approve the Agreement and Plan of Merger, dated as of
    August&#160;24, 2008, among Grey Wolf, Precision Drilling Trust
    (&#147;Precision&#148;), Precision Drilling Corporation and
    Precision Lobos Corporation, a copy of which is included as
    <B>Annex&#160;A </B>to the proxy statement/prospectus, as
    amended on December&#160;2, 2008, a copy of such amendment is
    included as <B>Appendix&#160;A </B>hereto;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;approve the adjournment or postponement of the Grey Wolf
    special meeting, if necessary or appropriate, to solicit
    additional proxies in favor of the foregoing proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For more information about the proposals and the special
    meeting, please review the proxy statement/prospectus and this
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only holders of record of shares of Grey Wolf common stock at
    the close of business on October&#160;27, 2008, the record date
    for the special meeting, are entitled to notice of, and a vote
    at, the special meeting and any adjournments or postponements of
    the special meeting. In order for the Agreement and Plan of
    Merger, as amended, to be approved by Grey Wolf shareholders,
    the affirmative vote of the holders of a majority of the shares
    of Grey Wolf common stock outstanding and entitled to vote as of
    the record date is required.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Your vote is important. If you have not already voted, we
    encourage you to sign and return your proxy card, or use the
    telephone or Internet voting procedures, before the special
    meeting so that your shares will be represented and voted at the
    special meeting even if you cannot attend in person.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By Order of the Board of Directors
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="h65070b3h6507002.gif" alt="-s- David W. Wehlmann">
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    David W. Wehlmann, Secretary
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As described in the proxy statement/prospectus and this
    supplement, Grey Wolf&#146;s board of directors believes that
    the transactions contemplated by the merger agreement are fair
    to, and in the best interests of, Grey Wolf shareholders.
    <B>Accordingly, Grey Wolf&#146;s board of directors unanimously
    recommends that Grey Wolf shareholders vote &#147;FOR&#148; the
    proposal to approve the merger agreement.</B>
</DIV>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the proposed merger, Precision has filed a
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-4,</FONT>
    which includes a proxy statement of Grey Wolf, with the
    Securities and Exchange Commission. SECURITY HOLDERS OF GREY
    WOLF ARE URGED TO CAREFULLY READ IN THEIR ENTIRETY THE
    REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND OTHER
    MATERIALS REGARDING THE PROPOSED MERGER BECAUSE THEY CONTAIN
    IMPORTANT INFORMATION ABOUT GREY WOLF, PRECISION, PRECISION
    DRILLING CORPORATION, PRECISION LOBOS CORPORATION AND THE
    PROPOSED MERGER. Security holders 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&#146;s web site at
    www.sec.gov, at Precision&#146;s web site at
    www.precisiondrilling.com, and at Grey Wolf&#146;s web site at
    www.gwdrilling.com. Copies of the registration statement and the
    proxy statement/prospectus and the SEC filings are incorporated
    by reference therein may also be obtained for free by directing
    a request to either Investor Relations, Precision Drilling
    Trust,
    <FONT style="white-space: nowrap">(403)&#160;716-4500</FONT>
    or to Investor Relations, Grey Wolf, Inc.,
    <FONT style="white-space: nowrap">(713)&#160;435-6100.</FONT>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    TERMS OF AMENDMENT TO MERGER AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The merger agreement has been amended by the agreement attached
    hereto as <B>Appendix&#160;A</B> to amend Section&#160;2.6(a) to
    read in its entirety as set forth below. Textual additions to
    Section&#160;2.6(a) made by the amendment are indicated by bold
    face type and deletions are indicated by text that has been
    stricken through.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;2.6&#160;&#160;Effect
    on Grey Wolf Equity Securities.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I>Grey Wolf Common Stock.</I>&#160;&#160;At the
    Effective Time, subject to the provisions of this
    <U>Article&#160;II</U>, each share of Grey Wolf Common Stock
    issued and outstanding immediately prior to the Effective Time,
    or that is deemed to be issued and outstanding immediately prior
    to the Effective Time under the terms of the Grey Wolf Senior
    Notes Indentures in connection with the conversion procedures
    for the Grey Wolf Convertible Notes, and the Grey Wolf Options
    (other than Grey Wolf Dissenting Shares and shares of Grey Wolf
    Common Stock to be cancelled without payment of any
    consideration therefor pursuant to <U>Section&#160;2.6(c)</U>),
    shall represent the right to receive the following consideration
    (collectively, the &#147;<I>Merger Consideration</I>&#148;):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    each Unit Election Share shall be converted into the right to
    receive the number of Precision Trust Units equal to the
    Exchange Ratio (the &#147;<I>Per Share Unit
    Consideration</I>&#148;), subject to adjustment in accordance
    with this <U>Section&#160;2.6(a)</U> and
    <U>Section&#160;2.10</U>;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    each Cash Election Share shall be converted into the right to
    receive the Per Share Cash Consideration in cash, without
    interest, subject to adjustment in accordance with this
    <U>Section&#160;2.6(a)</U> and <U>Section&#160;2.10</U>;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    each No Election Share shall be converted into the right to
    receive the Per Share Unit Consideration
    <FONT style="white-space: nowrap">and/or</FONT> the
    Per Share Cash Consideration in cash, without interest, as
    provided in this <U>Section&#160;2.6(a)</U> below, subject to
    adjustment in accordance with <U>Section&#160;2.10</U>;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;
</TD>
    <TD align="left">
    Notwithstanding the foregoing, if:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="4%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    the sum of (i)&#160;the product of (x)&#160;the total number of
    Cash Election Shares <B>plus the number of Notes&#160;Shares</B>
    and (y)&#160;the Per Share Cash Consideration (such product
    being the &#147;<I>Elected Cash Consideration</I>&#148;) that
    would be paid upon conversion of the Cash Election Shares in the
    Merger plus (ii)&#160;the product of (x)&#160;the total number
    of Grey Wolf Dissenting Shares and (y)&#160;the Per Share Cash
    Consideration (the &#147;<I>Dissenting Cash
    Consideration</I>&#148;) exceeds the Available Cash
    Consideration, then:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (A)&#160;
</TD>
    <TD align="left">
    each Unit Election Share and each No Election Share shall be
    converted into the right to receive the Per Share Unit
    Consideration;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (B)&#160;
</TD>
    <TD align="left">
    each Cash Election Share shall be converted into the right to
    receive (i)&#160;an amount of cash (without interest) equal to
    the product of (w)&#160;the Per Share Cash Consideration
    multiplied by (x)&#160;a fraction, the numerator of which shall
    be the difference between the Available Cash Consideration and
    the Dissenting Cash Consideration and the denominator of which
    shall be the Elected Cash Consideration (the fraction described
    in this clause&#160;(x) being referred to as the &#147;<I>Cash
    Fraction</I>&#148;) and (ii)&#160;a number of Precision
    Trust&#160;Units equal to the product of (y)&#160;the Exchange
    Ratio multiplied by (z)&#160;one (1)&#160;minus the Cash
    Fraction;&#160;or
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="4%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    the sum of the Elected Cash Consideration and the Dissenting
    Cash Consideration is less than the Available Cash
    Consideration, then:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (A)&#160;
</TD>
    <TD align="left">
    each Cash Election Share shall be converted into the right to
    receive the Per Share Cash Consideration;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (B)&#160;
</TD>
    <TD align="left">
    if (a)&#160;the product of (x)&#160;the number of No Election
    Shares <STRIKE>plus the number of the Notes Shares</STRIKE> and
    (y)&#160;the Per Share Cash Consideration (the &#147;<I>No
    Election Value</I>&#148;) equals or exceeds (b)&#160;the
    difference between the Available Cash Consideration and the sum
    of the Elected Cash Consideration and the Dissenting Cash
    Consideration (the &#147;<I>No Election Available
    Cash</I>&#148;), then (i)&#160;on a pro rata basis, a number of
    No Election Shares equal to
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    <STRIKE>(1)</STRIKE>&#160;the No Election Available Cash divided
    by the Per Share Cash Consideration <STRIKE>multiplied by
    (2)&#160;a fraction the numerator of which shall be the number
    of No Election Shares and the</STRIKE> <STRIKE>denominator of
    which shall be the number of No Election Shares plus the number
    of Notes Shares</STRIKE> shall each be converted into the right
    to receive the Per Share Cash Consideration, with the remainder
    of the No Election Shares each being converted into the right to
    receive the Per Share Unit Consideration and (ii)&#160;each Unit
    Election Share shall be converted into the right to receive the
    Per Share Unit Consideration;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (C)&#160;
</TD>
    <TD align="left">
    if the No Election Value is less than the No Election Available
    Cash, then (i)&#160;each No Election Share shall be converted
    into the right to receive the Per Share Cash Consideration and
    (ii)&#160;each Unit Election Share shall be converted into the
    right to receive (a)&#160;an amount of cash (without interest)
    equal to (x)&#160;the difference between the No Election
    Available Cash and the No Election Value divided by (y)&#160;the
    number of Unit Election Shares and (b)&#160;a number of
    Precision Trust&#160;Units equal to the product of (x)&#160;the
    Exchange Ratio and (y)&#160;one (1)&#160;minus the fraction
    determined by dividing the amount of cash determined pursuant to
    the preceding clause&#160;(a) by the Per Share Cash
    Consideration.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="4%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    the sum of the Elected Cash Consideration and the Dissenting
    Cash Consideration equals the Available Cash Consideration, then:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (A)&#160;
</TD>
    <TD align="left">
    each Cash Election Share shall be converted into the right to
    receive the Per Share Cash Consideration;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (B)&#160;
</TD>
    <TD align="left">
    each Unit Election Share and No Election Share shall be
    converted into the right to receive the Per Share Unit
    Consideration;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (v)&#160;
</TD>
    <TD align="left">
    notwithstanding the definition of Available Cash Consideration,
    Precision shall have the option, in its sole discretion, to
    increase the amount of the Available Cash Consideration to any
    amount up to and including the amount of the sum of the Elected
    Cash Consideration and the Dissenting Cash Consideration plus
    the product of (1)&#160;the No Election Shares and (2)&#160;the
    Per Share Cash Consideration; <U>provided that</U> Precision may
    not increase the Available Cash Consideration to an amount that,
    in the reasonable opinion of counsel to Precision and counsel to
    Grey Wolf, would cause such counsel to be unable to render the
    opinions described in <U>Section&#160;6.2(d)</U> and <U>Section
    6.3(d)</U>, respectively.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXAMPLES
    OF PRORATION ADJUSTMENTS OF MERGER CONSIDERATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below are illustrative calculations of the effect of
    the merger consideration proration provisions of the merger
    agreement. Defined terms used herein shall have the meanings
    ascribed to them in the merger agreement, as amended, and it is
    important that you refer to these defined terms when reviewing
    these examples. The examples below have assumed that up to a
    maximum of 42&#160;million Precision trust units will be
    issuable in connection with the merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Prior to the amendment to the Merger Agreement, if all the
    Grey Wolf shareholders made a valid cash election</B>, there
    were no dissenting shareholders and none of the Grey Wolf
    Convertible Notes converted, each Cash Election Share would have
    been entitled to the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a cash amount equal to
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    $9.02 (the Per Share Cash Consideration) multiplied by
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    0.6845, which is the resulting fraction with
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    $1.115&#160;billion as the numerator (the difference between the
    Available Cash Consideration and the Dissenting Cash
    Consideration)&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    $1.629&#160;billion as the denominator (the Elected Cash
    Consideration),
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    meaning that each Cash Election Share would have been entitled
    to $6.17 in cash,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a number of Precision trust units equal to
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    0.4225, the Exchange Ratio, multiplied by
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    0.3155, which is 1 minus the fraction calculated above of 0.6845,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    meaning that each Cash Election Share would have been entitled
    to 0.1333 of a Precision trust unit, for a total of $6.17 in
    cash plus 0.1333 of a Precision trust unit for each share of
    Grey Wolf common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>After the amendment to the Merger Agreement, if all the Grey
    Wolf shareholders make a valid cash election</B>, there are no
    dissenting shareholders and none of the Grey Wolf Convertible
    Notes have converted, each Cash Election Share would be entitled
    to the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a cash amount equal to
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    $9.02 (the Per Share Cash Consideration) multiplied by
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    0.5543, which is the resulting fraction with
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    $1.115&#160;billion as the numerator (the difference between the
    Available Cash Consideration and the Dissenting Cash
    Consideration)&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    $2.0115&#160;billion as the denominator (the Elected Cash
    Consideration),
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    meaning that each Cash Election Share would be entitled to $5.00
    in cash,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a number of Precision trust units equal to
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    0.4225, the Exchange Ratio, multiplied by
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    0.4457, which is 1 minus the fraction calculated above of 0.5543,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    meaning that each Cash Election Share would be entitled to
    0.1883 of a Precision trust unit, for a total of $5.00 in cash
    plus 0.1883 of a Precision trust unit for each share of Grey
    Wolf common stock.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Prior to and after the amendment to the Merger Agreement, if
    all the Grey Wolf shareholders make a valid unit election</B>,
    there are no dissenting shareholders and none of the Grey Wolf
    Convertible Notes have converted, each Unit Election Share would
    be entitled to the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a cash amount equal&#160;to
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    $732.55&#160;million (the difference between the No Election
    Available Cash and the No Election Value) divided&#160;by
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    180.6&#160;million (which would be the number of Unit Election
    Shares),
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    meaning that each Unit Election share would be entitled to $4.06
    in cash,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a number of Precision trust units equal&#160;to
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    0.4225, the Exchange Ratio, multiplied&#160;by
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    0.5499, which is 1 minus the quotient obtained by dividing the
    amount of cash payable to each Unit Election Share, which would
    be $4.06, by the Per Share Cash Consideration, which would be
    $9.02,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    meaning that each Unit Election Share would be entitled to
    0.2323 of a Precision trust unit, for a total of $4.06 in cash
    plus 0.2323 of a Precision trust unit for each share of Grey
    Wolf common stock.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTOR
    NOTICE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Precision Drilling Trust and Grey Wolf, Inc. have filed a proxy
    statement/prospectus with the Securities and Exchange Commission
    (&#147;SEC&#148;) and sent copies to Grey Wolf shareholders.
    Investors are urged to read the proxy statement/prospectus
    because it contains important information about Precision and
    Grey Wolf and the proposed merger. Investors may obtain a free
    copy of the proxy statement/prospectus and other documents filed
    by Precision and Grey Wolf with the SEC at the SEC&#146;s web
    site at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    The proxy statement/prospectus and other relevant documents may
    also be obtained free of cost by directing a request to
    Precision Drilling Trust, 4200,
    <FONT style="white-space: nowrap">150-6th&#160;Avenue,</FONT>
    S.W., Calgary, Alberta, Canada, Attention: Investor Relations,
    telephone:
    <FONT style="white-space: nowrap">(403)&#160;716-4500,</FONT>
    or to Grey Wolf, Inc., 10370 Richmond Avenue, Suit 600, Houston,
    Texas 77042, Attention: Investor Relations, telephone:
    <FONT style="white-space: nowrap">(713)&#160;435-6100.</FONT>
    Precision and Grey Wolf and their respective directors and
    executive officers may be deemed to be participants in the
    solicitation of proxies from the shareholders of Grey Wolf in
    connection with the merger. Information regarding the persons
    who may, under the rules of the SEC, be considered to be
    participants in the solicitation of shareholders of Grey Wolf is
    set forth in the proxy statement/prospectus.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Appendix
    A</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">December&#160;2,
    2008
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Grey Wolf, Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10370 Richmond Avenue, Suite&#160;600
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Houston, Texas 77042
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>Attention:&#160;&#160;</B></TD>
    <TD align="left">
    <B>Thomas Richards<BR>
    Chairman and Chief Executive Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dear Sirs:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We refer to the Agreement and Plan of Merger by and among
    Precision Drilling Trust, Grey Wolf, Inc., Precision Drilling
    Corporation and Precision Lobos Corporation dated
    August&#160;24, 2008 (the &#147;Agreement&#148;). Words defined
    in the Agreement and used in this letter shall have the same
    meaning in given them in the Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As you are aware, and as noted in Precision&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    prepared in connection with the Merger, holders of Grey Wolf
    Common Stock are permitted to elect to receive either cash or
    Precision Trust&#160;Units in exchange for their shares of Grey
    Wolf Common Stock, with each share of Grey Wolf Common Stock
    being converted, at their option, into $9.02 in cash or 0.4225
    of a Precision Trust&#160;Unit, subject to proration. We have
    agreed that the maximum amount of cash payable by Precision will
    be approximately $1.115&#160;billion, and the maximum number of
    Precision Trust&#160;Units issuable by Precision will be
    approximately 42.0&#160;million, taking into account all of the
    shares of Grey Wolf Common Stock issuable upon the conversion of
    Grey Wolf Convertible Notes and the exercise of Grey Wolf
    Options, which, together with the issued and outstanding Grey
    Wolf Common Stock, totals approximately 223&#160;million
    fully-diluted shares of Grey Wolf Common Stock. These maximum
    amounts translate to $5.00 in cash and 0.1883 of a Precision
    Trust&#160;Unit for each share of Grey Wolf Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that the mechanics set forth in Section&#160;2.6 of
    the Agreement do not properly reflect our agreement that the
    maximum cash consideration payable by Precision in connection
    with the Merger of approximately $1.115&#160;billion is
    calculated on the basis of the approximately 223&#160;million
    fully-diluted shares of Grey Wolf Common Stock or, more
    accurately, $5.00 per share of Grey Wolf Common Stock. In order
    for the Agreement to correctly set forth our agreed upon
    proration of the merger consideration among the holders of Grey
    Wolf Common Stock, we propose that the following technical
    amendments be made to the Agreement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Inserting the words &#147;plus the number of Notes
    Shares&#148; immediately after the words &#147;Election
    Shares&#148; in the second line of Section&#160;2.6(a)(iv)(1).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;Deleting the words &#147;plus the number of the Notes
    Shares&#148; in the second line of Section&#160;2.6(a)(iv)(2)(B).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;Deleting term &#147;(1)&#148; in the seventh line of
    Section&#160;2.6(a)(iv)(2)(B).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;Deleting the words &#147;multiplied by (2)&#160;a
    fraction the numerator of which shall be the number of No
    Election Shares and the denominator of which shall be the number
    of No Election Shares plus the number of Notes Shares&#148;
    beginning in the eighth line of Section&#160;2.6(a)(iv)(2)(B).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, in the event that the special meeting of Grey Wolf
    shareholders to approve the Agreement is held on
    December&#160;23, 2008, the parties hereto agree to close the
    transactions contemplated by the Agreement on December&#160;23,
    2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By execution of this amendment, each of Precision, PDC, Lobos
    and Grey Wolf represents to the other that as of the date
    hereof, to the knowledge (as such term is defined in the
    Agreement) of such party the conditions to its obligations set
    forth in Sections&#160;6.2 and 6.3, respectively, are satisfied,
    other than the expected subsequent delivery of tax opinions to
    be rendered at the Closing.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please indicate your acceptance of the foregoing amendment of
    the Agreement by forwarding an executed copy of this letter to
    the attention of Kevin Neveu by fax at
    <FONT style="white-space: nowrap">(403)&#160;264-0251,</FONT>
    whereupon this letter and its acceptance will constitute our
    amendment of the Agreement in the manner set forth above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thank you for your consideration.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Yours
    truly,</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PRECISION DRILLING TRUST, by its agent,<BR>
    Precision Drilling Corporation</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Per:&#160;&#160;</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Kevin
    A. Neveu</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 5%; width: 31%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=144 -->

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Kevin A. Neveu
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chief Executive Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="font-size: 2pt; margin-left: 5%; width: 31%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=144 -->

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chief Executive Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRECISION
    LOBOS CORPORATION</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="font-size: 2pt; margin-left: 5%; width: 31%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=144 -->

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Kenneth J. Haddad
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<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Agreed to and accepted this 2nd&#160;day of December, 2008.
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GREY
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</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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    <TD>    Per:&#160;&#160;</TD>
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    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Thomas
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</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 5%; width: 31%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=144 -->

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thomas P. Richards
</DIV>

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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