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<SEC-DOCUMENT>0000950123-10-059005.txt : 20100618
<SEC-HEADER>0000950123-10-059005.hdr.sgml : 20100618
<ACCEPTANCE-DATETIME>20100617181610
ACCESSION NUMBER:		0000950123-10-059005
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20100618
DATE AS OF CHANGE:		20100617
EFFECTIVENESS DATE:		20100618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-159965
		FILM NUMBER:		10904250

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-716-4500

	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 TRUST
		DATE OF NAME CHANGE:	20051121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>o62921psv8pos.htm
<DESCRIPTION>S-8 POS
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8pos</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on June&nbsp;17, 2010</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 1pt"><B>Registration No.&nbsp;333-159965</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 8pt">
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 4pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 5pt">
<B>Post-Effective Amendment No.&nbsp;1<BR>

to</B></DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 4pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 9pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 6pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Alberta, Canada<BR></B>
<FONT style="font-size:8pt">(Province or Other Jurisdiction<BR>
of Incorporation or Organization)</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1381<BR></B>
<FONT style="font-size:8pt">(Primary Standard Industrial Classification)<BR>
Code Number (if applicable))</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable<BR></B>
<FONT style="font-size:8pt">(I.R.S. Employer Identification Number<BR>
(if applicable)</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>4200, 150 &#150; 6th Avenue S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
(403)&nbsp;716-4500</B><BR>
<FONT style="font-size:8pt">(Address and telephone number of Registrant&#146;s principal executive offices)</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>PRECISION DRILLING CORPORATION<BR>
AMENDED AND RESTATED EMPLOYEE STOCK OPTION PLAN</B><BR>
<FONT style="font-size:8pt">(Full title of the plan)</FONT></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Precision Drilling Oilfield Services Corporation, Attn: Kenneth J. Haddad, 10370 Richmond Avenue,<BR>
Suite&nbsp;600, Houston, Texas 77042, (713)&nbsp;435-6184</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 0pt">(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 4pt"><B><I>Copies to:</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Joanne L. Alexander<BR>
Vice President, General Counsel and<BR>
Corporate Secretary<BR>
Precision Drilling Corporation<BR>
4200, 150 &#150; 6th Avenue S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Robert C. Lando, Esq.<BR>
Osler, Hoskin &#038; Harcourt LLP<BR>
620 Eighth Avenue &#150; 36th Floor<BR>
New York, New York 10018</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 6pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large accelerated filer &nbsp;<FONT style="font-family: Wingdings">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accelerated filer &nbsp;<FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-accelerated filer &nbsp;<FONT style="font-family: Wingdings">&#111;</FONT> &nbsp;&nbsp;(Do not check if a smaller reporting company)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Smaller reporting company &nbsp;<FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Post-Effective Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-8 (No.&nbsp;333-159965) is
filed pursuant to Rule&nbsp;414 of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) by
Precision Drilling Corporation (the &#147;Corporation&#148;), a corporation incorporated under the <I>Business
Corporations Act </I>(Alberta) (the &#147;ABCA&#148;), which is the successor issuer to Precision Drilling Trust
(the &#147;Trust&#148;). On May&nbsp;31, 2010 and June&nbsp;1, 2010 the Trust completed a court-approved statutory plan
of arrangement (the &#147;Arrangement&#148;) pursuant to which unitholders of the Trust exchanged their units
in the Trust (the &#147;Trust Units&#148;) for common shares of the Corporation (the &#147;Common Shares&#148;).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust&#146;s Employee Trust Unit Option Plan, dated May&nbsp;6, 2009 (the &#147;Original Plan&#148;) granted
options (the &#147;Trust Unit Options&#148;) to officers and key employees of the Trust to purchase Trust
Units. The Corporation&#146;s Amended and Restated Employee Stock Option Plan, dated May&nbsp;31, 2010 (the
&#147;New Plan&#148;), established in connection with the Arrangement, provides that Trust Unit Options
granted pursuant to the Original Plan, which were formerly exercisable for Trust Units, are
exercisable for Common Shares. Going forward under the New Plan, officers and key employees of the
Corporation will receive options to purchase Common Shares. In accordance with Rule 414(d) under
the Securities Act, the Corporation, as the successor to the Trust, hereby expressly adopts this
Registration Statement as its own registration statement for all purposes under the Securities Act
and the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). All applicable
registration fees were paid at the time of the original filing of the Registration Statement.</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>PART I</B></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.</B>&nbsp;&nbsp;<B>Plan Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The documents containing information specified in Part&nbsp;I of Form S-8 will be sent or given to
participants under the New Plan as specified by Rule&nbsp;428(b)(1) of the Securities Act. Such
documents are not required to be, and are not, filed with the Securities and Exchange Commission
(the &#147;Commission&#148;) either as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule&nbsp;424 of the Securities Act. Those documents and the documents
incorporated by reference into this Registration Statement pursuant to Item&nbsp;3 of Part&nbsp;II of this
Registration Statement, taken together, constitute a prospectus that meets the requirements of
Section 10(a) of the Securities Act.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.</B>&nbsp;&nbsp;<B>Registrant Information and Employee Plan Annual Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon written or oral request, any of the documents incorporated by reference in Item&nbsp;3 of Part&nbsp;II
of this Registration Statement (which documents are incorporated by reference in the Section 10(a)
prospectus), other documents required to be delivered to eligible employees pursuant to Rule 428(b)
or additional information about the New Plan are available without charge by contacting:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Precision Drilling Corporation<BR>

10370 Richmond Avenue,<BR>

Suite&nbsp;600<BR>

Houston, Texas 77042<BR>

(713)&nbsp;435-6100<BR>

Attention: Investor Relations</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>PART II</B></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN REGISTRATION STATEMENT</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3.</B>&nbsp;&nbsp;<B>Incorporation of Documents by Reference</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation hereby incorporates by reference into this Registration Statement the following
documents previously filed with the Commission pursuant to the Exchange Act:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual Report on Form 40-F for the year ended December&nbsp;31, 2009, filed by the Trust on March
25, 2010, which includes the Trust&#146;s audited financial statements for the fiscal year ended
December&nbsp;31, 2009;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unaudited interim consolidated financial statements of the Trust as at and for the three
month period ended March&nbsp;31, 2010 (incorporated by reference to Exhibit&nbsp;99.2 to the Trust&#146;s
report on Form 6-K filed by the Trust on May&nbsp;11, 2010);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Management&#146;s discussion and analysis of the financial condition and results of operations of
the Trust for the three month period ended March&nbsp;31, 2010 (incorporated by reference to
Exhibit&nbsp;99.1 to the Trust&#146;s report on Form 6-K filed by the Trust on May&nbsp;11, 2010);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Material change report of the Trust dated February&nbsp;16, 2010 with respect to the Arrangement
(incorporated by reference to Exhibit&nbsp;4.6 to the Corporation&#146;s registration statement on Form
F-10 filed by the Corporation on June&nbsp;17, 2010);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Management information circular of the Trust dated April&nbsp;7, 2010, including the financial
statements set forth in Appendices &#147;F&#148; and &#147;G&#148; thereto (incorporated by reference to Exhibit&nbsp;1
to the Trust&#146;s report on Form 6-K filed by the Trust on April&nbsp;15, 2010);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Material change report of the Corporation dated June&nbsp;1, 2010 with respect to the completion
of the Arrangement (incorporated by reference to Exhibit&nbsp;99.2 to the Corporation&#146;s report on
Form 6-K filed by the Corporation on June&nbsp;1, 2010); and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Description of the Common Shares (incorporated by reference to Exhibit&nbsp;99.1 to the
Corporation&#146;s report on Form 6-K filed by the Corporation on June&nbsp;1, 2010 under the
designation Form 8-K12B).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, all documents subsequently filed by the Corporation as successor issuer pursuant to
Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the filing of a post-effective
amendment which indicates that all securities offered hereby have been sold or which deregisters
all securities covered hereby then remaining unsold, shall be deemed to be incorporated by
reference in, and to be part of, this Registration Statement from the filing date of each such
document. Any statement, including financial statements, contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or superseded for
purposes of this Registration Statement to the extent that a statement contained herein or in any
other subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Unless expressly incorporated into this Registration Statement, a report furnished on Form 6-K
prior or subsequent to the date hereof shall not be incorporated by reference into this
Registration Statement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4.</B>&nbsp;&nbsp;<B>Description of Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.</B>&nbsp;&nbsp;<B>Interests of Named Experts and Counsel</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6.</B>&nbsp;&nbsp;<B>Indemnification of Directors and Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the ABCA, the Corporation may indemnify a present or former director or officer, or a person
who acts or acted at the Corporation&#146;s request as a director or officer of a body corporate of
which the Corporation is or was a shareholder or creditor, and the director&#146;s or officer&#146;s heirs
and legal representatives, against all costs, charges and expenses, including an amount paid to
settle an action or satisfy a judgment, reasonably incurred by him or her in respect of any civil,
criminal or administrative action or proceeding to which he or she is made a party by reason of
being or having been a director or officer of the Corporation or that body corporate, if the
director or officer acted honestly and in good faith with a view to the best interests of the
Corporation, and, in the case of a criminal or administrative action or proceeding that is enforced
by a monetary penalty, had reasonable grounds for believing that his or her conduct was lawful.
Indemnification in connection with a derivative action may require court approval. A director or
officer is entitled to indemnification from the Corporation as a matter of right if he or she was
substantially successful on the merits in the person&#146;s defense of the action or proceeding,
fulfilled the conditions set forth above, and is fairly and reasonably entitled to indemnity.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The bylaws of the Corporation provide that, subject to the limitations contained in the ABCA, the
Corporation shall indemnify a director or officer or a former director or officer, or a person who
acts or acted at the Corporation&#146;s request as a director or officer of a body corporate of which
the Corporation is or was a shareholder or creditor, and his or her heirs and legal
representatives, against all costs, charges and expenses, including an amount paid to settle an
action or satisfy a judgment, reasonably incurred by him or her in respect of any civil, criminal
or administrative action or proceeding to which he or she is made a party by reason of being or
having been a director or officer of the Corporation, if: (i)&nbsp;he or she acted honestly and in good
faith with a view to the best interests of the Corporation; and (ii)&nbsp;in the case of a criminal or
administrative action or proceeding that is enforced by a monetary penalty, he or she had
reasonable grounds for believing that his or her conduct was lawful.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.</B>&nbsp;&nbsp;<B>Exemption from Registration Claimed</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.</B>&nbsp;&nbsp;<B>Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits have been filed as part of this Registration Statement.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amalgamation of Precision Drilling Corporation.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Law No.&nbsp;1 of Precision Drilling Corporation.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder Rights Plan Agreement between Precision Drilling Corporation
and Computershare Trust Company of Canada dated June&nbsp;1, 2010
(incorporated by reference to Exhibit&nbsp;99.2 to the Corporation&#146;s report
on Form&nbsp;6-K filed with the Commission by the Corporation on June&nbsp;1, 2010
under the designation Form&nbsp;8-K12B).</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Bennett Jones LLP regarding the legality of the Common Shares.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Felesky Flynn LLP.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of TD Securities Inc.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of attorney (included on signature page hereto).</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Precision Drilling Corporation Amended and Restated Employee Stock
Option Plan, dated May&nbsp;31, 2010.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.</B>&nbsp;&nbsp;<B>Undertakings</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after the effective
date of the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in
the information set forth in the Registration Statement. Notwithstanding the
foregoing, any increase or decrease in volume of the securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20&nbsp;percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective Registration Statement; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any material change to
such information in the Registration Statement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROVIDED, HOWEVER, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by the Corporation pursuant
to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the
Registration Statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <I>bona fide </I>offering thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Corporation&#146;s annual report pursuant to section 13(a) or section
15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Corporation pursuant to the foregoing
provisions, or otherwise, the Corporation has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Corporation of expenses incurred or paid by a director, officer or controlling
person of the Corporation in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Corporation will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Calgary, Province of Alberta, Country of Canada, on the 17th day of
June, 2010.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR><B>PRECISION DRILLING CORPORATION<BR></B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Douglas J. Strong
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Douglas J. Strong&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWERS OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby constitutes and appoints each of Douglas J.
Strong and Kenneth J. Haddad his or her true and lawful attorney-in-fact and agent, each acting
alone, with full power of substitution and resubstitution, for him or her and in his or her name,
place and stead, in any and all capacities (unless revoked in writing) to sign any or all
amendments (including post-effective amendments) to this Registration Statement, and to file the
same, with all exhibits thereto, and other documents in connection therewith, with the U.S.
Securities and Exchange Commission, granting to such attorney-in-fact and agent, each acting alone,
full power and authority to do and perform each and every act and thing appropriate or necessary to
be done in connection therewith, as fully to all intents and purposes as he or she might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed
an original, but which taken together shall constitute one instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities indicated, on the 17th day of June, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Kevin A. Neveu<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Kevin A. Neveu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer<BR>
Precision Drilling Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Douglas J. Strong<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Douglas J. Strong
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer<BR>
Precision Drilling Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Leonard C. Gambles<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Leonard C. Gambles
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Accounting Officer,<BR>
Precision Drilling Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;William T. Donovan<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
William T. Donovan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> </FONT>W.C. (Mickey) Dunn<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
W.C. (Mickey) Dunn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Brian A. Felesky<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Brian A. Felesky
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Stephen J.J. Letwin<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Stephen J.J. Letwin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Robert J. Gibson<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Robert J. Gibson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Allen R. Hagerman<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Allen R. Hagerman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Patrick M. Murray<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Patrick M. Murray
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Kevin A. Neveu<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Kevin A. Neveu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>Frederick W. Pheasey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Robert L. Phillips<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Robert L. Phillips
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Trevor M. Turbidy<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Trevor M. Turbidy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTHORIZED REPRESENTATIVE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of Section 6(a) of the Securities Act, the undersigned has signed this
Registration Statement, solely in the capacity of the duly authorized representative of Precision
Drilling Corporation in the United States, in the City of Houston, State of Texas, on June&nbsp;17,
2010.</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR><B>PRECISION DRILLING CORPORATION<BR>
(Authorized Representative)<BR></B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Kenneth J. Haddad
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Kenneth J. Haddad&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President, Business Development&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amalgamation of Precision Drilling Corporation.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Law No.&nbsp;1 of Precision Drilling Corporation.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder Rights Plan Agreement between Precision Drilling Corporation
and Computershare Trust Company of Canada dated June&nbsp;1, 2010
(incorporated by reference to Exhibit&nbsp;99.2 to the Corporation&#146;s report
on Form&nbsp;6-K filed with the Commission by the Corporation on June&nbsp;1, 2010
under the designation Form&nbsp;8-K12B).</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Bennett Jones LLP regarding the legality of the Common Shares.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Felesky Flynn LLP.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of TD Securities Inc.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of attorney (included on signature page hereto).</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Precision Drilling Corporation Amended and Restated Employee Stock
Option Plan, dated May&nbsp;31, 2010.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>o62921pexv4w1.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE ACCESS NUMBER: 2015389220</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="o62921po6292100.gif" alt="(ALBERTA LOGO)">
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE </B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMALGAMATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt">IS THE RESULT OF AN AMALGAMATION FILED ON 2010/06/01.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o62921po6292101.gif" alt="(REGISTRAR OF CORPORATIONS LOGO)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amalgamate Alberta Corporation &#151; Registration Statement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Registration Date: 2010/06/01</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Corporate Access Number: 2015389220</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;14780154</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta Corporation Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Named Alberta Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DRILLING CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Equivalent Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>REGISTERED ADDRESS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RECORDS ADDRESS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ADDRESS FOR SERVICE BY MAIL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Post Office Box:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet Mail ID:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Structure:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE ATTACHED SCHEDULE OF SHARE CAPITAL IS
INCORPORATED INTO AND FORMS PART OF THIS FORM.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Transfers</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Restrictions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NONE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Min Number Of</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Max Number Of</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;15</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted To:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NONE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted From:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NONE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Other Provisions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE ATTACHED SCHEDULE OF OTHER PROVISIONS IS INCORPORATED INTO AND FORMS PART OF THIS FORM.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Professional Endorsement Provided:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Future Dating Required:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2010/06/01</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DONOVAN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WILLIAM</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DUNN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">W.C. (MICKEY)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FELESKY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BRIAN</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LETWIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">STEPHEN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.J.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number: <BR>
City: <BR>
Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W. <BR>
CALGARY <BR>

ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MURRAY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PATRICK</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">M.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HAGERMAN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALLEN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">R.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NEVEU</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KEVIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:<BR>
 Country:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PHEASEY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FREDERICK</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PHILLIPS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ROBERT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">L.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:<BR>
 Country:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GIBSON</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ROBERT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.S.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TURBIDY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TREVOR</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">M.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amalgamating Corporation</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Corporate Access Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Legal Entity Name</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2012906851
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DRILLING CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2015388040
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PDC ACQUISITION LTD.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Articles/Plan of Arrangement/Court Order
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;10000301000210557
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/06/01</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Rules or Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/06/01</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Structure
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/06/01</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Authorized By:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JESSICA D. FERGUSON</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SOLICITOR</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>o62921pexv4w2.htm
<DESCRIPTION>EX-4.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BY-LAW NO. 1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This By-law was originally adopted on March&nbsp;4, 2010 by 1521500 Alberta Ltd. Pursuant to a
Plan of Arrangement involving Precision Drilling Trust, Precision Drilling Limited Partnership,
1194312 Alberta Ltd., Precision Drilling Corporation, 1521502 Alberta Ltd. and 1521500 Alberta
Ltd., this By-law became the By-Law of Precision Drilling Corporation effective June&nbsp;1, 2010 and
was deemed to have been confirmed by the shareholders of Precision Drilling Corporation pursuant to
the said Plan of Arrangement.</B>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEX</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REGISTERED OFFICE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SEAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Duties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Term of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consent to Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vacation of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Validity of Acts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MEETINGS OF DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Place of Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Omission of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telephone Participation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjournment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Quorum and Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Resolution in Lieu of Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">COMMITTEES OF DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Audit Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REMUNERATION OF DIRECTORS, OFFICERS AND EMPLOYEES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS FOR APPROVAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CONFLICT OF INTEREST</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FOR THE PROTECTION OF DIRECTORS AND OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INDEMNITIES TO DIRECTORS AND OTHERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Appointment of Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Removal of Officers and Vacation of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chairman of the Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vice-President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Assistant Secretary and Assistant Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Managing Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Duties of Officers may be Delegated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SHAREHOLDERS&#146; MEETINGS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Meeting on Requisition of Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Omission of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Record Dates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chairman of the Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Votes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Right to Vote</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telephone Participation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjournment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Resolution in Lieu of Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SHARES AND TRANSFERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Security Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dealings with Registered Holder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Surrender of Security Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defaced, Destroyed, Stolen or Lost Security Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Enforcement of Lien for Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DIVIDENDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOTING SECURITIES IN OTHER BODIES CORPORATE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOTICES, ETC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Service</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- ii -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Failure to Locate Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Shares Registered in More than one Name</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Persons Becoming Entitled by Operation of Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deceased Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Signatures upon Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Computation of Time</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proof of Service</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CUSTODY OF SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXECUTION OF CONTRACTS, ETC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FISCAL PERIOD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- iii -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>BY-LAW NO. 1</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A by-law relating generally to the conduct of the business and affairs of PRECISION DRILLING
CORPORATION (hereinafter called the &#147;Corporation&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT IS HEREBY ENACTED as a by-law of the Corporation as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>DEFINITIONS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. In this by-law and all other by-laws of the Corporation, unless the context otherwise specifies
or requires:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Act&#148; means the <I>Business Corporations Act </I>(Alberta) and the regulations made thereunder, as
from time to time amended, and in the case of such amendment any reference in the by-laws
shall be read as referring to the amended provisions thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;board&#148; means the board of directors of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;by-laws&#148; means the by-laws of the Corporation from time to time in force and effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all terms contained in the by-laws which are defined in the Act shall have the meanings given
to such terms in the Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>words importing the singular number only shall include the plural and vice versa; words
importing the masculine gender shall include the feminine and neuter genders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the headings used in the by-laws are inserted for reference purposes only and are not to be
considered or taken into account in construing the terms or provisions thereof or to be deemed
in any way to clarify, modify or explain the effect of any such terms or provisions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>REGISTERED OFFICE</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. The Corporation shall at all times have a registered office within Alberta. Subject to
subsection (4)&nbsp;of section 20 of the Act, the directors of the Corporation may at any time:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the address of the registered office within Alberta;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designate, or revoke or change a designation of, a records office within Alberta; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designate, or revoke or change a designation of, a post office box within Alberta as the
address for service by mail of the Corporation.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SEAL</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. The corporate seal of the Corporation shall be such as the directors may by resolution from time
to time adopt.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>DIRECTORS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. <U>Number</U>. The number of directors shall be the number fixed by the articles, or where the
articles specify a variable number, the number shall be not less than the minimum and not more than
the maximum number so specified and shall be determined from time to time within such limits by
resolution of the shareholders or the board of directors. At least 25% of the directors shall be
resident Canadians.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. <U>Vacancies</U>. Subject to section 111 of the Act, a quorum of directors may fill a vacancy
among the directors, except a vacancy resulting from an increase in the number or minimum number of
directors or from a failure to elect the number or minimum number of directors required by the
articles. If there is not a quorum of directors, or if there has been a failure to elect the
number or minimum number of directors required by the articles, the directors then in office shall
forthwith call a special meeting of shareholders to fill the vacancy and, if they fail to call a
meeting or if there are no directors then in office, the meeting may be called by any shareholder.
If the shareholders have adopted an amendment to the articles to increase the number or minimum
number of directors, and have not, at the meeting at which they adopted the amendment, elected an
additional number of directors authorized by the amendment, the directors then in office shall
forthwith call a special meeting of shareholders to fill the vacancy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director appointed or elected to fill a vacancy holds office for the unexpired term of his
predecessor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. <U>Powers</U>. Subject to any unanimous shareholder agreement, the directors shall manage the
business and affairs of the Corporation and may exercise all such powers and do all such acts and
things as may be exercised or done by the Corporation and are not expressly directed or required to
be done in some other manner by the Act, the articles, the by-laws, any special resolution of the
Corporation, a unanimous shareholder agreement or by statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. <U>Duties</U>. Every director and officer of the Corporation in exercising his powers and
discharging his duties shall:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>act honestly and in good faith with a view to the best interests of the Corporation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise the care, diligence and skill that a reasonably prudent person would exercise in
comparable circumstances.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. <U>Qualification</U>. The following persons are disqualified from being a director of the
Corporation:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>anyone who is less than 18&nbsp;years of age;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>anyone who</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is a dependent adult as defined in the <I>Dependent Adults Act </I>or is the subject
of a certificate of incapacity under that Act,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is a formal patient as defined in the Mental Health Act,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is the subject of an order under The Mentally Incapacitated Persons Act
appointing a committee of his person or estate or both, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has been found to be a person of unsound mind by a court elsewhere than in
Alberta;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person who is not an individual; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person who has the status of bankrupt.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the articles otherwise provide, a director of the Corporation is not required to hold
shares issued by the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. <U>Term of Office</U>. A director&#146;s term of office (subject to the provisions, if any, of the
Corporation&#146;s articles or any unanimous shareholder agreement, and subject to his election for an
expressly stated term) shall be from the date of the meeting at which he is elected or appointed
until the close of the first annual meeting of shareholders following his election or appointment
or until his successor is elected or appointed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. <U>Election</U>. Subject to sections 106 and 107 of the Act, shareholders of the Corporation
shall, by ordinary resolution at the first meeting of shareholders and at each succeeding annual
meeting at which an election of directors is required, elect directors to hold office for a term
expiring not later than the close of the next annual meeting of shareholders following the
election. A director not elected for an expressly stated term ceases to hold office at the close
of the first annual meeting of shareholders following his election but, if qualified, is eligible
for re-election. Notwithstanding the foregoing, if directors are not elected at a meeting of
shareholders, the incumbent directors continue in office until their successors are elected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a meeting of shareholders fails to elect the number or the minimum number of directors
required by the articles by reason of the disqualification or death of any candidate, the directors
elected at that meeting may exercise all the powers of the directors if the number of directors so
elected constitutes a quorum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. <U>Consent to Election</U>. A person who is elected or appointed a director is not a director
unless he was present at the meeting when he was elected or appointed and did not refuse to act as
a director or, if he was not present at the meeting when he was elected or appointed, he consented
to act as a director in writing before his election or appointment or within 10&nbsp;days after it or he
has acted as a director pursuant to the election or appointment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12. <U>Removal</U>. Subject to sections 107 and 109 of the Act, the shareholders of the
Corporation may by ordinary resolution at a special meeting remove any director from office before
the expiration of his term of office and may, by a majority of votes cast at the meeting, elect any
person in his stead for the remainder of his term.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 3 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. <U>Vacation of Office</U>. A director of the Corporation ceases to hold office when:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he dies or resigns;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he is removed from office; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he becomes disqualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A resignation of a director becomes effective at the time a written resignation is sent to the
Corporation, or at the time specified in the resignation, whichever is later.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14. <U>Validity of Acts</U>. An act of a director or officer is valid notwithstanding an
irregularity in his election or appointment or a defect in his qualification. An act of the
directors or a committee of directors is valid notwithstanding non-compliance with paragraphs 4, 21
or 23 hereof.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>MEETINGS OF DIRECTORS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15. <U>Place of Meeting</U>. Unless the articles otherwise provide, meetings of directors and of
any committee of directors may be held at any place. A meeting of directors may be convened by the
Chairman of the Board (if any), the President or any director at any time and the Secretary shall
upon direction of any of the foregoing convene a meeting of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16. <U>Notice</U>. Notice of the time and place for the holding of any meeting of directors or of
any committee of directors shall be sent to each director or each director who is a member of such
committee, as the case may be, not less than forty-eight (48)&nbsp;hours before the time of the meeting;
provided that a meeting of directors or of any committee of directors may be held at any time
without notice if all the directors or members of such committee are present (except where a
director attends the meeting for the express purpose of objecting to the transaction of any
business on the grounds that the meeting is not lawfully called) or if all the absent directors
waive notice of the meeting. The notice of a meeting of directors shall specify any matter
referred to in subsection (3)&nbsp;of section 115 of the Act that is to be dealt with at the meeting,
but need not specify the purpose or the business to be transacted at the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the first meeting of directors to be held following the election of directors at an annual
or special meeting of the shareholders or for a meeting of directors at which a director is
appointed to fill a vacancy in the board, no notice of such meeting need be given to the newly
elected or appointed director or directors in order for the meeting to be duly constituted,
provided a quorum of the directors is present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17. <U>Waiver of Notice</U>. Notice of any meeting of directors or of any committee of directors
or the time for the giving of any such notice or any irregularity in any meeting or in the notice
thereof may be waived by any director in writing or by telecopy, telegram, cable or telex addressed
to the Corporation or in any other manner, and any such waiver may be validly given either before
or after the meeting to which such waiver relates. Attendance of a director at any meeting of
directors or of any committee of directors is a waiver of notice of such meeting, except when a
director attends a meeting for the express purpose of objecting to the transaction of any business
on the grounds that the meeting is not lawfully called.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 4 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18. <U>Omission of Notice</U>. The accidental omission to give notice of any meeting of directors
or of any committee of directors to or the non-receipt of any notice by any person shall not
invalidate any resolution passed or any proceeding taken at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19. <U>Electronic Participation</U>. A director may participate in a meeting of directors or of
any committee of directors by means of telephone or other communication facilities that permit all
persons participating in the meeting to communicate with each other, and a director participating
in a meeting by those means is deemed for the purposes of the Act and this by-law to be present at
that meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20. <U>Adjournment</U>. Any meeting of directors or of any committee of directors may be
adjourned from time to time by the chairman of the meeting, with the consent of the meeting, to a
fixed time and place. Notice of an adjourned meeting of directors or committee of directors is not
required to be given if the time and place of the adjourned meeting is announced at the original
meeting. Any adjourned meeting shall be duly constituted if held in accordance with the terms of
the adjournment and a quorum is present thereat. The directors who formed a quorum at the original
meeting are not required to form the quorum at the adjourned meeting. If there is no quorum
present at the adjourned meeting, the original meeting shall be deemed to have terminated forthwith
after its adjournment. Any business may be brought before or dealt with at the adjourned meeting
which might have been brought before or dealt with at the original meeting in accordance with the
notice calling the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21. <U>Quorum and Voting</U>. Subject to the articles, a majority of the number of directors
constitutes a quorum at any meeting of directors and, notwithstanding any vacancy among the
directors, a quorum of directors may exercise all the powers of the directors. Subject to
subsections (3)&nbsp;and (4)&nbsp;of section 114 of the Act, directors shall not transact business at a
meeting of directors unless a quorum is present and at least 25% of the directors present are
resident Canadians. Questions arising at any meeting of directors shall be decided by a majority
of votes. In the case of an equality of votes, the chairman of the meeting in addition to his
original vote shall have a second or casting vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22. <U>Resolution in Lieu of Meeting</U>. Subject to the articles or a unanimous shareholder
agreement, a resolution in writing, signed by all the directors entitled to vote on that resolution
at a meeting of directors or committee of directors, is as valid as if it had been passed at a
meeting of directors or committee of directors. A resolution in writing dealing with all matters
required by the Act or this by-law to be dealt
with at a meeting of directors, and signed by all the directors entitled to vote at that meeting,
satisfies all the requirements of the Act and this by-law relating to meetings of directors.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>COMMITTEES OF DIRECTORS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">23. <U>General</U>. The directors may from time to time appoint from their number a managing
director, who must be a resident Canadian, or a committee of directors, at least 25% of whom shall
be resident Canadians, and may delegate to the managing director or such committee any of the
powers of the directors, except that no managing director or committee shall have the authority to:
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submit to the shareholders any question or matter requiring the approval of the shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fill a vacancy among the directors or in the office of auditor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue securities except in the manner and on the terms authorized by the directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declare dividends;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchase, redeem or otherwise acquire shares issued by the Corporation, except in the manner
and on the terms authorized by the directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay a commission referred to in section 42 of the Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approve a management proxy circular;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approve any annual financial statements to be placed before the shareholders of the
Corporation; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt, amend or repeal by-laws of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing and subject to the articles or any unanimous shareholder
agreement, the directors may, by resolution, delegate to a director, managing director or committee
of directors the power to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>borrow money on the credit of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, reissue, sell or pledge debt obligations of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to section 45 of the Act, give a guarantee on behalf of the Corporation to secure
performance of an obligation of any person; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mortgage, hypothecate, pledge or otherwise create a security interest in all or any property
of the Corporation, owned or subsequently acquired, to secure any obligation of the
Corporation.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">24. <U>Audit Committee</U>. Subject to subsection (3)&nbsp;of section 171 of the Act, if any of the
issued shares of the Corporation, or securities of the
Corporation which may or might be exchanged for or converted into shares of the Corporation, were
part of a distribution to the public and the Corporation has more than fifteen shareholders, the
directors shall elect annually from among their number an audit committee to be composed of not
fewer than three directors, a majority of whom are not officers or employees of the Corporation or
any of its affiliates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each member of the audit committee shall serve during the pleasure of the board of directors
and, in any event, only so long as he shall be a director. The directors may fill vacancies in the
audit committee by election from among their number.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee shall have power to fix its quorum at not less than a majority of its
members and to determine its own rules of procedure subject to any regulations imposed by the board
of directors from time to time and to the following paragraph.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auditor of the Corporation is entitled to receive notice of every meeting of the audit
committee and, at the expense of the Corporation, to attend and be heard thereat, and, if so
requested by a member of the audit committee, shall attend every meeting of the committee held
during the term of office of the auditor. The auditor of the Corporation or any member of the
audit committee may call a meeting of the committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee shall review the financial statements of the Corporation prior to approval
thereof by the board and shall have such other powers and duties as may from time to time by
resolution be assigned to it by the board.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>REMUNERATION OF DIRECTORS, OFFICERS AND EMPLOYEES</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">25. Subject to the articles or any unanimous shareholder agreement, the directors of the
Corporation may fix the remuneration of the directors, officers and employees of the Corporation.
Any remuneration paid to a director of the Corporation shall be in addition to the salary paid to
such director in his capacity as an officer or employee of the Corporation. The directors may also
by resolution award special remuneration to any director in undertaking any special services on the
Corporation&#146;s behalf other than the routine work ordinarily required of a director of the
Corporation. The confirmation of any such resolution by the shareholders shall not be required.
The directors, officers and employees shall also be entitled to be paid their travelling and other
expenses properly incurred by them in connection with the affairs of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate remuneration paid to the directors and the aggregate remuneration paid to the
five highest paid officers and employees, other than directors, shall be disclosed to the
shareholders at every annual meeting.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS FOR APPROVAL</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">26. The directors in their discretion may submit any contract, act or transaction for approval,
ratification or confirmation at any annual meeting of the shareholders or at any special meeting of
the shareholders called for the purpose of considering the same and any contract, act or
transaction that shall be approved, ratified or confirmed by resolution passed by a majority of the
votes cast at any such meeting (unless any different or additional requirement is imposed by the
Act or by the Corporation&#146;s articles or any other by-law) shall be as valid and as binding upon the
Corporation and upon all the shareholders as though it had been approved, ratified and/or confirmed
by every shareholder of the Corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONFLICT OF INTEREST</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">27. A director or officer of the Corporation who is a party to a material contract or proposed
material contract with the Corporation, or is a director or an officer of or has a material
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">interest in any person who is a party to a material contract or proposed material contract with the
Corporation shall disclose the nature and extent of his interest at the time and in the manner
provided in the Act. Except as provided in the Act, no such director of the Corporation shall vote
on any resolution to approve such contract. If a material contract is made between the Corporation
and one or more of its directors or officers, or between the Corporation and another person of
which a director or officer of the Corporation is a director or officer or in which he has a
material interest, (i)&nbsp;the contract is neither void nor voidable by reason only of that
relationship, or by reason only that a director with an interest in the contract is present at or
is counted to determine the presence of a quorum at a meeting of directors or committee of
directors that authorized the contract, and (ii)&nbsp;a director or officer or former director or
officer of the Corporation to whom a profit accrues as a result of the making of the contract is
not liable to account to the Corporation for that profit by reason only of holding office as a
director or officer, if the director or officer disclosed his interest in accordance with the
provisions of the Act and the contract was approved by the directors or the shareholders and it was
reasonable and fair to the Corporation at the time it was approved. This paragraph is subject to
any unanimous shareholder agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>FOR THE PROTECTION OF DIRECTORS AND OFFICERS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28. No director or officer for the time being of the Corporation shall be liable to the Corporation
for the acts, receipts, neglects or defaults of any other director or officer or employee or for
joining in any receipt or act for conformity or for any loss, damage or expense happening to the
Corporation through the insufficiency or deficiency of title to any property acquired by the
Corporation or for or on behalf of the Corporation or for the insufficiency or deficiency of any
security in or upon which any of the monies of or belonging to the Corporation shall be placed out
or invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of
any person, firm or corporation including any person, firm or corporation with whom or which any
monies, securities or effects shall be lodged or deposited or for any loss, conversion,
misapplication or misappropriation of or any damage resulting from any dealings with any monies,
securities or other assets belonging to the Corporation or for any other loss,
damage or misfortune whatever which may happen in the execution of the duties of his respective
office of trust or in relation thereto, unless the same shall happen by or through his failure to
exercise the powers and to discharge the duties of his office honestly, in good faith with a view
to the best interests of the Corporation, and in connection therewith to exercise the care,
diligence and skill that a reasonably prudent person would exercise in comparable circumstances,
provided that nothing herein contained shall relieve a director or officer from the duty to act in
accordance with the Act or relieve him from liability under the Act. The directors for the time
being of the Corporation shall not be under any duty or responsibility in respect of any contract,
act or transaction whether or not made, done or entered into in the name or on behalf of the
Corporation, except such as shall have been submitted to and authorized or approved by the
directors. If any director or officer of the Corporation shall be employed by or shall perform
services for the Corporation otherwise than as a director or officer or shall be a member of a firm
or a shareholder, director or officer of a body corporate which is employed by or performs services
for the Corporation, the fact of his being a shareholder, director or officer of the Corporation or
body corporate or member of the firm shall not disentitle such director or officer or such firm or
body corporate, as the case may be, from receiving proper remuneration for such services.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEMNITIES TO DIRECTORS AND OTHERS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">29. (1)&nbsp;Subject to section 124 of the Act, except in respect of an action by or on behalf of the
Corporation or body corporate to procure a judgment in its favour, the Corporation shall indemnify
a director or officer of the Corporation, a former director or officer of the Corporation or a
person who acts or acted at the Corporation&#146;s request as a director or officer of a body corporate
of which the Corporation is or was a shareholder or creditor, and his heirs and legal
representatives, against all costs, charges and expenses, including an amount paid to settle an
action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal or
administrative action or proceeding to which he is made a party by reason of being or having been a
director or officer of the Corporation or body corporate, if:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he acted honestly and in good faith with a view to the best interests of the Corporation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a criminal or administrative action or proceeding that is enforced by a
monetary penalty, he had reasonable grounds for believing that his conduct was lawful.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The Corporation shall, subject to the approval of a Court (as defined in the Act),
indemnify a person referred to in subparagraph 29(1) hereof in respect of an action by or on behalf
of the Corporation or a body corporate to procure a judgment in its favour, to which he is made a
party by reason of being or having been a director or an officer of the Corporation or body
corporate, against all costs, charges and expenses reasonably incurred by him in connection with
such action if he fulfills the conditions set out in subparagraph 29(1)(a) and (b)&nbsp;hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Notwithstanding anything in this paragraph 29, a person referred to in subparagraph 29(1)
shall be entitled to indemnity from the Corporation in respect of all costs, charges and expenses
reasonably incurred by him in connection with the defence of any civil,
criminal or administrative action or proceeding to which he is made a party by reason of being
or having been a director or officer of the Corporation or body corporate, if the person seeking
indemnity:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was substantially successful on the merits of his defence of the action or proceeding; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fulfills the conditions set out in subparagraph 29(1)(a) and (b)&nbsp;hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>OFFICERS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">30. <U>Appointment of Officers</U>. Subject to the articles or any unanimous shareholder
agreement, the directors annually or as often as may be required may appoint from among themselves
a Chairman of the Board and shall appoint a President and a Secretary and if deemed advisable may
appoint one or more Vice-Presidents, a Treasurer and one or more Assistant Secretaries and/or one
or more Assistant Treasurers. None of such officers except the Chairman of the Board need be a
director of the Corporation although a director may be appointed to any office of the Corporation.
Two or more offices of the Corporation may be held by the same person. In case and whenever the
same person holds the offices of Secretary and Treasurer he
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may but need not be known as the
Secretary-Treasurer. The directors may from time to time appoint such other officers, employees
and agents as they shall deem necessary who shall have such authority and shall perform such
functions and duties as may from time to time be prescribed by resolution of the directors. The
directors may from time to time and subject to the provisions of the Act, vary, add to or limit the
duties and powers of any officer, employee or agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">31. <U>Removal of Officers and Vacation of Office</U>. Subject to the articles or any unanimous
shareholder agreement, all officers, employees and agents, in the absence of agreement to the
contrary, shall be subject to removal by resolution of the directors at any time, with or without
cause.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An officer of the Corporation ceases to hold office when he dies, resigns or is removed from
office. A resignation of an officer becomes effective at the time a written resignation is sent to
the Corporation, or at the time specified in the resignation, whichever is later.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32. <U>Vacancies</U>. If the office of President, Vice-President, Secretary, Assistant Secretary,
Treasurer, Assistant Treasurer, or any other office created by the directors pursuant to paragraph
30 hereof shall be or become vacant by reason of death, resignation or in any other manner
whatsoever, the directors shall, in the case of the President and Secretary, and may, in the case
of any other officers, appoint an individual to fill such vacancy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">33. <U>Chairman of the Board</U>. The Chairman of the Board (if any) shall, if present, preside
as chairman at all meetings of the board and of shareholders. He shall sign such contracts,
documents or instruments in writing as require his signature and shall have such other powers and
shall perform such other duties as may from time to time be assigned to him by resolution of the
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">34. <U>President</U>. The President shall be the chief executive officer of the Corporation
(except as may otherwise be specified by the board of directors) and shall, subject to the
direction of the board of directors, exercise general supervision and control over the business and
affairs of the Corporation. In the absence of the Chairman of the Board (if any), and if the
President is also a director of the Corporation, the President shall, when present, preside as
chairman at all meetings of directors and shareholders. He shall sign such contracts, documents or
instruments in writing as require his signature and shall have such other powers and shall perform
such other duties as may from time to time be assigned to him by resolution of the directors or as
are incident to his office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">35. <U>Vice-President</U>. The Vice-President or, if more than one, the Vice-Presidents in order
of seniority, shall be vested with all the powers and shall perform all the duties of the President
in the absence or inability or refusal to act of the President, provided, however, that a
Vice-President who is not a director shall not preside as chairman at any meeting of directors or
shareholders. The Vice-President or, if more than one, the Vice-Presidents shall sign such
contracts, documents or instruments in writing as require his or their signatures and shall have
such other powers and shall perform such other duties as may from time to time be assigned to him
or them by resolution of the directors.
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36. <U>Secretary</U>. The Secretary shall give or cause to be given notices for all meetings of
directors, any committee of directors and shareholders when directed to do so and shall, subject to
the provisions of the Act, maintain the records referred to in subsections (1), (3)&nbsp;and (5)&nbsp;of
section 21 of the Act. He shall sign such contracts, documents or instruments in writing as
require his signature and shall have such other powers and shall perform such other duties as may
from time to time be assigned to him by resolution of the directors or as are incident to his
office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">37. <U>Treasurer</U>. Subject to the provisions of any resolution of the directors, the Treasurer
shall have the care and custody of all the funds and securities of the Corporation and shall
deposit the same in the name of the Corporation in such bank or banks or with such other depositary
or depositaries as the directors may by resolution direct. He shall prepare and maintain adequate
accounting records. He shall sign such contracts, documents or instruments in writing as require
his signature and shall have such other powers and shall perform such other duties as may from time
to time be assigned to him by resolution of the directors or as are incident to his office. He may
be required to give such bond for the faithful performance of his duties as the directors in their
uncontrolled discretion may require and no director shall be liable for failure to require any such
bond or for the insufficiency of any such bond or for any loss by reason of the failure of the
Corporation to receive any indemnity thereby provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">38. <U>Assistant Secretary and Assistant Treasurer</U>. The Assistant Secretary or, if more than
one, the Assistant Secretaries in order of seniority, and the Assistant Treasurer or, if more than
one, the Assistant Treasurers in order of seniority, shall be vested with all the powers and shall
perform all the duties of the Secretary and Treasurer, respectively, in the absence or inability or
refusal to act of the Secretary or Treasurer as the case may be. The Assistant Secretary or, if
more than one, the Assistant Secretaries and the Assistant Treasurer or, if more than one, the
Assistant Treasurers shall sign such contracts, documents or instruments in writing as require his
or their signatures
respectively and shall have such other powers and shall perform such other duties as may from time
to time be assigned to him or them by resolution of the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">39. <U>Managing Director</U>. The directors may from time to time appoint from their number a
Managing Director who must be a resident Canadian and may delegate to the Managing Director any of
the powers of the directors subject to the limits on authority provided by subsection (3)&nbsp;of
section 115 of the Act. The Managing Director shall conform to all lawful orders given to him by
the directors and shall at all reasonable times give to the directors or any of them all
information they may require regarding the affairs of the Corporation. Any agent or employee
appointed by the Managing Director shall be subject to discharge by the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">40. <U>Duties of Officers may be Delegated</U>. In case of the absence or inability or refusal to
act of any officer of the Corporation or for any other reason that the directors may deem
sufficient, the directors may delegate all or any of the powers of such officer to any other
officer or to any director for the time being.
</DIV>



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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SHAREHOLDERS&#146; MEETINGS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">41. <U>Annual Meeting</U>. Subject to sections 131 and 132 of the Act, the annual meeting of
shareholders shall be held at the registered office of the Corporation or at a place elsewhere
within Alberta determined by the directors on such day in each year and at such time as the
directors may determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">42. <U>Special Meetings</U>. The directors of the Corporation may at any time call a special
meeting of shareholders to be held on such day and at such time and, subject to section 131 of the
Act, at such place within Alberta as the directors may determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">43. <U>Meeting on Requisition of Shareholders</U>. The holders of not less than five percent (5%)
of the issued shares of the Corporation that carry the right to vote at a meeting sought to be held
may requisition the directors to call a meeting of shareholders for the purposes stated in the
requisition. The requisition shall state the business to be transacted at the meeting and shall be
sent to each director and to the registered office of the Corporation. Subject to subsection (3)
of section 142 of the Act, upon receipt of the requisition, the directors shall call a meeting of
shareholders to transact the business stated in the requisition. If the directors do not within
twenty-one days after receiving the requisition call a meeting, any shareholder who signed the
requisition may call the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">44. <U>Notice</U>. A notice in writing of a meeting of shareholders stating the day, hour and
place of meeting and if special business is to be transacted thereat, stating (i)&nbsp;the nature of
that business in sufficient detail to permit the shareholder to form a reasoned judgment on that
business and (ii)&nbsp;the text of any special resolution to be submitted to the meeting, shall be sent
to each shareholder entitled to vote at the meeting, who on the record date for notice is
registered on the records of the Corporation or its transfer agent as a shareholder, to each
director of the Corporation and to the auditor of the Corporation not less than 21&nbsp;days and not
more than 50&nbsp;days (exclusive of the day of mailing and of the day for which notice is given) before
the date of the meeting; provided that a meeting of shareholders may be held for any purpose on any
day and at any time and, subject to section 131 of the Act, at any place without notice if all the
shareholders and all other persons entitled to attend such meeting are present in person or
represented by proxy at the meeting (except where a shareholder or other person attends the meeting
for the express purpose of objecting to the transaction of any business on the grounds that the
meeting is not lawfully called) or if all the shareholders and all other persons entitled to attend
such meeting and not present in person nor represented by proxy thereat waive notice of the
meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director of the Corporation is entitled to receive notice of and to attend and be heard at
every meeting of shareholders of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auditor of the Corporation is entitled to receive notice of every meeting of shareholders
of the Corporation and, at the expense of the Corporation, to attend and be heard at every meeting
on matters relating to his duties as auditor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">45. <U>Waiver of Notice</U>. Notice of any meeting of shareholders or the time for the giving of
any such notice or any irregularity in any meeting or in the notice thereof may be waived by any
shareholder, the duly appointed proxy of any shareholder, any director or the
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">auditor of the Corporation in writing or by telecopy, telegram, cable or telex addressed to the
Corporation or in any other manner, and any such waiver may be validly given either before or after
the meeting to which such waiver relates. Attendance of a shareholder or any other person entitled
to attend a meeting of shareholders is a waiver of notice of such meeting, except when he attends a
meeting for the express purpose of objecting to the transaction of any business on the grounds that
the meeting is not lawfully called.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">46. <U>Omission of Notice</U>. The accidental omission to give notice of any meeting of
shareholders to or the non-receipt of any notice by any person shall not invalidate any resolution
passed or any proceeding taken at any such meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">47. <U>Record Dates</U>. The directors may fix in advance a date as the record date for the
determination of shareholders (i)&nbsp;entitled to receive payment of a dividend, (ii)&nbsp;entitled to
participate in a liquidation distribution or (iii)&nbsp;for any other purpose except the right to
receive notice of or to vote at a meeting of shareholders, but such record date shall not precede
by more than 50&nbsp;days the particular action to be taken.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors may also fix in advance a date as the record date for the determination of
shareholders entitled to receive notice of a meeting of shareholders, but such record date shall
not precede by more than 50&nbsp;days or by less than 21&nbsp;days the date on which the meeting is to be
held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If no record date is fixed,
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the record date for the determination of shareholders entitled to receive notice of a meeting
of shareholders shall be</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the close of business on the last business day preceding the day on which
the notice is sent; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if no notice is sent, the day on which the meeting is held; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the record date for the determination of shareholders for any purpose other than to establish
a shareholder&#146;s right to receive notice of a meeting or to vote shall be at the close of
business on the day on which the directors pass the resolution relating to that purpose.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">48. <U>Chairman of the Meeting</U>. In the absence of the Chairman of the Board (if any), the
President and any Vice-President who is a director, the shareholders present entitled to vote shall
elect another director as chairman of the meeting and if no director is present or if all the
directors present decline to take the chair then the shareholders present shall elect one of their
number to be chairman.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">49. <U>Votes</U>. Votes at meetings of shareholders may be given either personally or by proxy.
Every question submitted to any meeting of shareholders shall be decided on a show of hands except
when a ballot is required by the chairman of the meeting or is demanded by a shareholder or
proxyholder entitled to vote at the meeting. A shareholder or proxyholder may demand a ballot
either before or on the declaration of the result of any vote by show of hands.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At every meeting at which he is entitled to vote, every shareholder present in person and every
proxyholder shall have one (1)&nbsp;vote on a show of hands. Upon a ballot at which he is entitled to
vote every shareholder present in person or by proxy shall (subject to the provisions, if any, of
the articles) have one (1)&nbsp;vote for every share registered in his name. In the case of an equality
of votes the chairman of the meeting shall not, either on a show of hands or on a ballot, have a
second or casting vote in addition to the vote or votes to which he may be entitled as a
shareholder or proxyholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any meeting, unless a ballot is demanded by a shareholder or proxyholder entitled to vote
at the meeting a declaration by the chairman of the meeting that a resolution has been carried
unanimously or by a particular majority or lost or not carried by a particular majority shall be
conclusive evidence of the fact without proof of the number or proportion of votes recorded in
favour of or against the resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any meeting a ballot is demanded on the election of a chairman or on the question of
adjournment or termination, the ballot shall be taken forthwith without adjournment. If a ballot
is demanded on any other question or as to the election of directors, the ballot shall be taken in
such manner and either at once or later at the meeting or after adjournment as the chairman of the
meeting directs. The result of a ballot shall be deemed to be the resolution of the meeting at
which the ballot was demanded. A demand for a ballot may be withdrawn.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">50. <U>Right to Vote</U>. Subject to section 139 of the Act or unless the articles otherwise
provide, each share of the Corporation entitles the holder of it to one vote at a meeting of
shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where a body corporate or association is a shareholder of the Corporation, any individual
authorized by a resolution of the directors or governing body of the body corporate or association
to represent it at meetings of shareholders of the Corporation is the person entitled to vote at
all such meetings of shareholders in respect of the shares held by such body corporate or
association.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where a person holds shares as a personal representative, such person or his proxy is the
person entitled to vote at all meetings of shareholders in respect of the shares so held by him.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where a person mortgages, pledges or hypothecates his shares, such person or his proxy is the
person entitled to vote at all meetings of shareholders in respect of such shares so long as such
person remains the registered owner of such shares unless, in the instrument creating the mortgage,
pledge or hypothec, he has expressly empowered the person holding the mortgage, pledge or hypothec
to vote in respect of such shares, in which case, subject to the articles, such holder or his proxy
is the person entitled to vote in respect of the shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where two or more persons hold shares jointly, one of those holders present at a meeting of
shareholders may in the absence of the others vote the shares, but if two or more of those persons
who are present, in person or by proxy, vote, they shall vote as one on the shares jointly held by
them.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">51. <U>Proxies</U>. Every shareholder, including a shareholder that is a body corporate, entitled
to vote at a meeting of shareholders may by means of a proxy appoint a proxyholder and one or more
alternate proxyholders, who are not required to be shareholders, to attend and act at the meeting
in the manner and to the extent authorized by the proxy and with the authority conferred by the
proxy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An instrument appointing a proxyholder shall be in written or printed form and shall be
executed by the shareholder or by his attorney authorized in writing and is valid only at the
meeting in respect of which it is given or any adjournment of that meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An instrument appointing a proxyholder may be in the following form or in any other form which
complies with the requirements of the Act:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The undersigned shareholder of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> hereby appoints
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U>, whom failing,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
 as the nominee of the
undersigned to attend and act for and on behalf of the undersigned at the
meeting of the shareholders of the said Corporation to be held on the &#95;&#95;&#95;
day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20&#95;&#95;&#95;and at any adjournment thereof in the same manner, to
the same extent and with the same power as if the undersigned were
personally present at the said meeting or such adjournment thereof.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dated the &#95;&#95;&#95; day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Signature of Shareholder<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors may specify in a notice calling a meeting of shareholders a time not exceeding
forty-eight (48)&nbsp;hours, excluding Saturdays, Sundays and holidays, preceding the meeting or an
adjournment of the meeting before which time proxies to be used at the meeting must be deposited
with the Corporation or its agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairman of the meeting of shareholders may in his discretion accept any written
communication (including without limitation any telecopy, telegram, cable or telex) as to the
authority of anyone claiming to vote on behalf of and to represent a shareholder notwithstanding
that no instrument of proxy conferring such authority has been deposited with the Corporation, and
any votes given in accordance with such written communication accepted by the chairman of the
meeting shall be valid and shall be counted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">52. <U>Electronic Participation</U>. A shareholder or any other person entitled to attend a
meeting of shareholders may participate in the meeting by means of telephone or other communication
facilities that permit all persons participating in the meeting to communicate with each other and
a person participating in such a meeting by those means is deemed for the purposes of the Act and
this by-law to be present at the meeting.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">53. <U>Adjournment</U>. The chairman of the meeting may with the consent of the meeting adjourn
any meeting of shareholders from time to time to a fixed time and place and if the meeting is
adjourned by one or more adjournments for an aggregate of less than thirty (30)&nbsp;days it is not
necessary to give notice of the adjourned meeting other than by announcement at the time of an
adjournment. If a meeting of shareholders is adjourned by one or more adjournments for an
aggregate of thirty (30)&nbsp;days or more, notice of the adjourned meeting shall be given as for an
original meeting but, unless the meeting is adjourned by one or more adjournments for an aggregate
of more than ninety (90)&nbsp;days, subsection (1)&nbsp;of section 149 of the Act does not apply.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any adjourned meeting shall be duly constituted if held in accordance with the terms of the
adjournment and a quorum is present thereat. The persons who formed a quorum at the original
meeting are not required to form the quorum at the adjourned meeting. If there is no quorum
present at the adjourned meeting, the original meeting shall be deemed to have terminated forthwith
after its adjournment. Any business may be brought before or dealt with at the adjourned meeting
which might have been brought before or dealt with at the original meeting in accordance with the
notice calling the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">54. <U>Quorum</U>. Two (2)&nbsp;persons present and each holding or representing by proxy at least one
(1)&nbsp;issued share of the Corporation shall be a quorum at any meeting of shareholders for the
election of a chairman of the meeting and for the adjournment of the meeting to a fixed time and
place but not for the transaction of any other business; for all other purposes two (2)&nbsp;persons
present and holding or representing by proxy one-twentieth of the shares entitled to vote at the
meeting shall be a quorum. If a quorum is present at the opening of a meeting of shareholders, the
shareholders present may proceed with the business of the meeting, notwithstanding that a quorum is
not present throughout the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, if the Corporation has only one shareholder, or one shareholder
holding a majority of the shares entitled to vote at the meeting, that shareholder present in
person or by proxy constitutes a meeting and a quorum for such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">55. <U>Resolution in Lieu of Meeting</U>. A resolution in writing signed by all the shareholders
entitled to vote on that resolution is as valid as if it had been passed at a meeting of the
shareholders. A resolution in writing dealing with all matters required by the Act or this by-law
to be dealt with at a meeting of shareholders, and signed by all the shareholders entitled to vote
at that meeting, satisfies all the requirements of this Act or the by-law relating to meetings of
shareholders.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SHARES AND TRANSFERS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">56. <U>Issuance</U>. Subject to the articles, any unanimous shareholder agreement and to section
30 of the Act, shares in the Corporation may be issued at the times and to the persons and for the
consideration that the directors determine; provided that a share shall not be issued until the
consideration for the share is fully paid in money or in property or past service that is not less
in value than the fair equivalent of the money that the Corporation would have received if the
share had been issued for money.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 16 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">57. <U>Security Certificates</U>. A security holder is entitled at his option to a security
certificate that complies with the Act or a non-transferable written acknowledgment of his right to
obtain a security certificate from the Corporation in respect of the securities of the Corporation
held by him. Security certificates shall (subject to compliance with section 48 of the Act) be in
such form as the directors may from time to time by resolution approve and such certificates shall
be signed by at least one director or officer of the Corporation or by or on behalf of a registrar,
transfer agent or branch transfer agent of the Corporation, or by a trustee who certifies it in
accordance with a trust indenture. Any signatures required on a security certificate may be
printed or otherwise mechanically reproduced on it. If a security certificate contains a printed
or mechanically reproduced signature of a person, the Corporation may issue the security
certificate, notwithstanding that the person has ceased to be a director or an officer of the
Corporation, and the security certificate is as valid as if he were a director or an officer at the
date of its issue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">58. <U>Agent</U>. The directors may from time to time by resolution appoint or remove (i)&nbsp;one or
more trust companies registered under the Trust Companies Act as its agent or agents to maintain a
central securities register or registers or (ii)&nbsp;an agent or agents to maintain a branch securities
register or registers for the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">59. <U>Dealings with Registered Holder</U>. Subject to the Act, the Corporation may treat the
registered owner of a security as the person exclusively entitled to vote, to receive notices, to
receive any interest, dividend or other payments in respect of the security, and otherwise to
exercise all the rights and powers of an owner of the security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">60. <U>Surrender of Security Certificates</U>. Subject to the Act, no transfer of a security
issued by the Corporation shall be registered unless or until the security certificate representing
the security to be transferred has been presented for registration or, if no security certificate
has been issued by the Corporation in respect of such security, unless or until a duly executed
transfer in respect thereof has been presented for registration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">61. <U>Defaced, Destroyed, Stolen or Lost Security Certificates</U>. In case of the defacement,
destruction, theft or loss of a security certificate, the fact of such defacement, destruction,
theft or loss shall be reported by the owner to the Corporation or to an agent of the Corporation
(if any), on behalf of the Corporation, with a statement verified by oath or statutory declaration
as to the defacement, destruction, theft or loss and the circumstances concerning the same and with
a request for the issuance of a new security certificate to replace the one so defaced, destroyed,
stolen or lost. Upon the giving to the Corporation (or if there be an agent, hereinafter in this
paragraph referred to as the &#147;Corporation&#146;s agent&#148;, then to the Corporation and the Corporation&#146;s
agent) of a bond of a surety company (or other security approved by the directors) in such form as
is approved by the directors or by the Chairman of the Board (if any), the President, a
Vice-President, the Secretary or the Treasurer of the Corporation, indemnifying the Corporation
(and the Corporation&#146;s agent if any) against all loss, damage or expense, which the Corporation
and/or the Corporation&#146;s agent may suffer or be liable for by reason of the issuance of a new
security certificate to such owner, and provided the Corporation or the Corporation&#146;s agent does
not have notice that the security has been acquired by a bona fide purchaser and before such
purchaser has received a new, reissued or re-registered security, a new security certificate may be
issued in replacement of the one defaced, destroyed, stolen or lost, if such issuance is ordered
and authorized by any one of the Chairman of the Board (if any), the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 17 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">President, a Vice-President, the Secretary or the Treasurer of the Corporation or by resolution of
the directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">62. <U>Enforcement of Lien for Indebtedness</U>. If the articles of the Corporation provide that
the Corporation has a lien on the shares registered in the name of a shareholder or his legal
representative for a debt of that shareholder to the Corporation, the directors of the Corporation
may sell any such shares in such manner as they think fit until the debt has been paid in full. No
sale shall be made until such time as the debt ought to be paid and until a demand and notice in
writing stating the amount due and demanding payment and giving notice of intention to sell in
default shall have been served on the holder or his legal representative of the shares subject to
the lien and default shall have been made in payment of such debt for seven days after service of
such notice. Upon any such sale, the proceeds shall be applied, firstly, in payment of all costs
of such sale, and, secondly, in satisfaction of such debt and the residue (if any) shall be paid to
such shareholder or his legal representative or as he shall direct. Upon any such sale, the
directors may enter or cause to be entered the purchaser&#146;s name in the securities register of the
Corporation as holder of the shares, and the purchaser shall not be bound to see to the regularity
or validity of, or be affected by, any irregularity or invalidity in the proceedings, or be bound
to see to the application of the purchase money, and after his name or the name of his legal
representative has been entered in the securities register, the regularity and validity of the sale
shall not be impeached by any person.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>DIVIDENDS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">63. The directors may from time to time by resolution declare and the Corporation may pay dividends
on its issued shares, subject to the provisions (if any) of the Corporation&#146;s articles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors shall not declare and the Corporation shall not pay a dividend if there are
reasonable grounds for believing that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation is, or would be after the payment be, unable to pay its liabilities as they
become due; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the realizable value of the Corporation&#146;s assets would thereby be less than the aggregate of
its liabilities and stated capital of all classes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may pay a dividend by issuing fully paid shares of the Corporation and,
subject to section 43 of the Act, the Corporation may pay a dividend in money or property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">64. In case several persons are registered as the joint holders of any securities of the
Corporation, any one of such persons may give effectual receipts for all dividends and payments on
account of dividends, principal, interest and/or redemption payments in respect of such securities.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 18 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>VOTING SECURITIES IN OTHER BODIES CORPORATE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">65. All securities of any other body corporate carrying voting rights held from time to time by the
Corporation may be voted at all meetings of shareholders, bondholders, debenture holders or holders
of such securities, as the case may be, of such other body corporate and in such manner and by such
person or persons as the directors of the Corporation shall from time to time determine and
authorize by resolution. The duly authorized signing officers of the Corporation may also from
time to time execute and deliver for and on behalf of the Corporation proxies and arrange for the
issuance of voting certificates or other evidence of the right to vote in such names as they may
determine without the necessity of a resolution or other action by the directors.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>NOTICES, ETC.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">66. <U>Service</U>. Any notice or document required by the Act, the articles or the by-laws to be
sent to any shareholder or director of the Corporation may be delivered personally to or sent by
mail addressed to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the shareholder at his latest address as shown in the records of the Corporation or its
transfer agent; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the director at his latest address as shown in the records of the Corporation or in the last
notice filed under section 106 or 113 of the Act.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such notice or document shall be deemed to have been sent on the day of personal delivery or
mailing. With respect to every notice or document sent by mail it shall be sufficient to prove
that the envelope or wrapper containing the notice or document was properly addressed and put into
a post office or into a post office letter box.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">67. <U>Failure to Locate Shareholder</U>. If the Corporation sends a notice or document to a
shareholder and the notice or document is returned on three consecutive occasions because the
shareholder cannot be found, the Corporation is not required to send any further notices or
documents to the shareholder until he informs the Corporation in writing of his new address.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">68. <U>Shares Registered in More than one Name</U>. All notices or documents shall, with respect
to any shares in the capital of the Corporation registered in more than one name, be sent to
whichever of such persons is named first in the records of the Corporation and any notice or
document so sent shall be deemed to have been duly sent to all the holders of such shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">69. <U>Persons Becoming Entitled by Operation of Law</U>. Every person who by operation of law,
transfer or by any other means whatsoever shall become entitled to any shares in the capital of the
Corporation shall be bound by every notice or document in respect of such shares which prior to his
name and address being entered on the records of the Corporation in respect of such shares shall
have been duly sent to the person or persons from whom he derives his title to such shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 19 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">70. <U>Deceased Shareholder</U>. Any notice or document sent to any shareholder in accordance
with paragraph 66 hereof shall, notwithstanding that such shareholder be then deceased and whether
or not the Corporation has notice of his decease, be deemed to have been duly sent in respect of
the shares held by such shareholder (whether held solely or with other persons) until some other
person be entered in his stead in the records of the Corporation as the holder or one of the
holders thereof and shall be deemed to have been duly sent to his heirs, executors, administrators
and legal representatives and all persons (if any) interested with him in such shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">71. <U>Signatures upon Notices</U>. The signature of any director or officer of the Corporation
upon any notice may be written, stamped, typewritten or printed or partly written, stamped,
typewritten or printed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">72. <U>Computation of Time</U>. All computations of time required to be made pursuant to the
articles or by-laws of the Corporation shall be made (i)&nbsp;in accordance with the provisions of the
Interpretation Act, to the extent such provisions are applicable, and (ii)&nbsp;in any other case, in
accordance with the customary meaning ascribed to the words requiring such computation of time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">73. <U>Proof of Service</U>. A certificate of any officer of the Corporation in office at the
time of the making of the certificate or of an agent of the Corporation as to facts in relation to
the sending of any notice or document to any shareholder, director, officer or auditor or
publication of any notice or document shall be conclusive evidence thereof and shall be binding on
every shareholder, director, officer or auditor of the Corporation, as the case may be.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CUSTODY OF SECURITIES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">74. All securities (including without limitation warrants) owned by the Corporation may be lodged
(in the name of the Corporation) with a chartered bank or a trust company or in a safety deposit
box or, if so authorized by resolution of the directors, with such other depositaries or in such
other manner as may be determined from time to time by the directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All securities (including without limitation warrants) belonging to the Corporation may be
issued and held in the name of a nominee or nominees of the Corporation (and if issued or held in
the names of more than one nominee shall be held in the names of the nominees jointly with right of
survivorship) and shall be endorsed in blank with endorsement guaranteed in order to enable
transfer thereof to be completed and registration thereof to be effected.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>EXECUTION OF CONTRACTS, ETC.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">75. Contracts, documents or instruments in writing requiring the signature of the Corporation may
be signed by any director or officer alone or any person or persons authorized by resolution of the
directors and all contracts, documents or instruments in writing so signed shall be binding upon
the Corporation without any further authorization or formality. The directors are authorized from
time to time by resolution to appoint any person or persons on
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 20 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">behalf of the Corporation either to sign contracts, documents or instruments in writing generally
or to sign specific contracts, documents or instruments in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporate seal of the Corporation may, when required, be affixed by any director or
officer to contracts, documents or instruments in writing signed by him as aforesaid or by the
person or persons appointed as aforesaid by resolution of the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;contracts, documents or instruments in writing&#148; as used in this by-law shall include
deeds, mortgages, hypothecs, charges, cheques, drafts, orders for the payment of money, notes,
acceptances, bills of exchange, conveyances, transfers and assignments of property, real or
personal, immovable or movable, agreements, releases, receipts and discharges for the payment of
money or other obligations, conveyances, transfers and assignments of securities and all paper
writings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The signature or signatures of any director, officer or any person or persons appointed as
aforesaid by resolution of the directors may, if specifically authorized by resolution of the
directors, be printed, engraved, lithographed or otherwise mechanically reproduced upon all
contracts, documents or instruments in writing or bonds, debentures or other securities of the
Corporation executed or issued by or on behalf of the Corporation and all contracts, documents or
instruments in writing or securities of the Corporation on which the signature or signatures of any
of the foregoing persons shall be so reproduced, by authorization by resolution of the directors,
shall be deemed to have been manually signed by such persons whose signature or signatures is or
are so reproduced and shall be as valid to all intents and purposes as if they had been signed
manually and notwithstanding that the persons whose signature or signatures is or are so reproduced
may have ceased to hold office at the date of the delivery or issue of such contracts, documents or
instruments in writing or securities of the Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>FISCAL PERIOD</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">76. The fiscal period of the Corporation shall terminate on such day in each year as the board of
directors may from time to time by resolution determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENACTED the 1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> day of June, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<I>Kevin A. Neveu</I>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;<I>Joanne L. Alexander</I>&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, General Counsel and<br>
Corporate Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This By-law was originally adopted on March&nbsp;4, 2010 by 1521500 Alberta Ltd. Pursuant to a
Plan of Arrangement involving Precision Drilling Trust, Precision Drilling Limited Partnership,
1194312 Alberta Ltd., Precision Drilling Corporation, 1521502 Alberta Ltd. and 1521500 Alberta
Ltd., this By-law became the By-Law of Precision Drilling Corporation effective June&nbsp;1, 2010 and
was deemed to have been confirmed by the shareholders of Precision Drilling Corporation pursuant to
the said Plan of Arrangement.</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 21 -<!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>o62921pexv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Exhibit&nbsp;5.1</B><BR><BR><BR>
</DIV>


<DIV align="left">
<TABLE style="font-size: 7.5pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 3pt" valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o62921po6292108.gif" alt="(Bennett Jones Logo)"></TD>
    <TD>&nbsp;</TD>
<TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">4500 Bankers Hall East, 855 &#150; 2nd Street SW<BR>
Calgary, Alberta, Canada T2P 4K7<BR>
Tel 403.298.3100 &nbsp;&nbsp;&nbsp;&nbsp;Fax 403.265.7219<BR>
www.bennettjones.com</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt">June&nbsp;17, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Precision Drilling Corporation <BR>
Suite&nbsp;4200,150 &#150; 6th Avenue S.W.<BR>
Calgary, AB T2P 3Y7
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs/Mesdames:
</DIV>


<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Re:</B>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amended and Restated Employee Stock Option Plan of Precision Drilling Corporation</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We have acted as Canadian counsel to Precision Drilling Corporation (&#147;Precision&#148;), a corporation
amalgamated under the laws of the Province of Alberta, in connection with Post-Effective Amendment
No.&nbsp;1 to the Registration Statement on Form&nbsp;S-8 (No.&nbsp;333-159965) (the &#147;Registration Statement&#148;)
filed by Precision with the Securities and Exchange Commission (the &#147;Commission&#148;) under the
Securities Act of 1933, as amended, relating to the issuance by Precision of common shares (the
&#147;Shares&#148;) in connection with the exercise of options pursuant to an amended and restated employee
stock option plan (the &#147;Option Plan&#148;). This opinion is being delivered in connection with the
Registration Statement, to which this opinion appears as an exhibit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have examined the Registration Statement and the Option Plan, which has been filed with the
Commission as an exhibit to the Registration Statement. We also have examined the originals, or
duplicate, certified, conformed, telecopied or photostatic copies, of such corporate records,
agreements, documents and other instruments and have made such other investigations as we have
considered necessary or relevant for the purposes of this opinion. With respect to the accuracy of
factual matters material to this opinion, we have relied upon certificates or comparable documents
and representations of public officials and of representatives of Precision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In giving this opinion, we have assumed the genuineness of all signatures, the legal capacity of
natural persons, the authenticity of all documents submitted to us as originals, the conformity to
authentic original documents of all documents submitted to us as duplicates, certified, conformed,
telecopied or photostatic copies and the authenticity of the originals of such latter documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based and relying upon the foregoing, and subject to the qualifications, assumptions and
limitations stated herein, we are of the opinion that when the Shares are issued in accordance with
the terms of the Option Plan, the Shares will be validly issued as fully paid and non-assessable
shares of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion is based upon and limited to the laws of the Province of Alberta and the federal laws
of Canada applicable therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the filing of this opinion as Exhibit&nbsp;5.1 to the
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Yours very truly,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o62921po6292103.gif" alt="(-s- Bennett Jones LLP)">
</DIV>


<DIV align="center" style="font-size: 7pt; margin-top: 112pt"><FONT face="Helvetica,Arial,sans-serif">CALGARY &nbsp;&nbsp;&#149;&nbsp;&nbsp; TORONTO &nbsp;&nbsp;&#149;&nbsp;&nbsp; EDMONTON &nbsp;&nbsp;&#149;&nbsp;&nbsp; OTTAWA
</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>o62921pexv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o62921po6292105.gif" alt="(KPMG LOGO)">
</DIV>

<DIV align="right">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR style="font-size: 3pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif"><B>KPMG LLP</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif"><B>Chartered Accountants</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Telephone</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Helvetica,Arial,sans-serif">(403) 691-8000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif">2700 205 &#150; 5th Avenue SW</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Telefax</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Helvetica,Arial,sans-serif">(403) 691-8008</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif">Calgary AB T2P 4B9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Internet</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Helvetica,Arial,sans-serif">www.kpmg.ca</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 48pt"><B>Consent of Independent Registered Public Accounting Firm</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 15pt">The Board of Directors of Precision Drilling Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We consent to the incorporation by reference in the
Post-Effective Amendment No.&nbsp;1 Registration Statement on Form&nbsp;S-8 (No.&nbsp;333-159965) of Precision
Drilling Corporation of our reports dated March&nbsp;10, 2010 with respect to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#151;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the consolidated balance sheets of Precision Drilling Trust (the &#147;Trust&#148;) as at
December&nbsp;31, 2009 and 2008, and the related consolidated statements of earnings and retained
earnings (deficit), comprehensive income (loss), and cash flow for each of the years in the three-year period
ended December&nbsp;31, 2009; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#151;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effectiveness of internal control over financial reporting as of December 31, 2009</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">which reports appear in the Annual Report on Form 40-F of the Trust for the year ended December 31, 2009.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">We also consent to the incorporation by reference in the above
mentioned Registration Statement of our report dated April&nbsp;7, 2010 with respect to balance sheet
of 1521500 Alberta Ltd. as at April&nbsp;7, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt"><IMG src="o62921po6292106.gif" alt="(KPMG LOGO)"></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chartered Accountants</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Calgary, Canada<BR>
June&nbsp;17, 2010</DIV>


<DIV align="left" style="font-size: 6pt; margin-top: 166pt; margin-left: 40%"><FONT face="Helvetica,Arial,sans-serif">KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG<BR>
network of independent member firms affiliated with KPMG International Cooperative<BR>
(&#147;KPMG International&#148;), a Swiss entity.<BR>
KPMG Canada provides services to KPMG LLP.</FONT>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>o62921pexv23w2.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF FELESKY FLYNN LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">June&nbsp;17, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Post-Effective Amendment No.&nbsp;1 to the Registration Statement on Form S-8
(No.&nbsp;333-159965) (the &#147;Form S-8&#148;) of Precision Drilling Corporation (the &#147;Corporation&#148;) to be filed
with the United States Securities and Exchange Commission (the &#147;SEC&#148;) on June&nbsp;17, 2010 under the
United States Securities Exchange Act of 1933, as amended (the &#147;Securities Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the reference to our name contained under the headings &#147;Experts&#148; and
&#147;Certain Canadian Federal Income Tax Considerations&#148; in the management information circular (the
&#147;Circular&#148;) of Precision Drilling Trust dated April&nbsp;7, 2010, furnished to the SEC on April&nbsp;15, 2010
on Form 6-K, which Circular is incorporated by reference in the Form S-8, and to the incorporation
by reference in the Form&nbsp;S-8 of our opinion referred under the heading &#147;Certain Canadian Federal
Income Tax Considerations&#148; in the Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In giving such consent we do not thereby admit that we are in the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>Sincerely,<BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Felesky Flynn LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Felesky Flynn LLP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>7
<FILENAME>o62921pexv23w3.htm
<DESCRIPTION>EX-23.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF TD SECURITIES INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to Post-Effective Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-8 (No.
333-159965) (the &#147;Form S-8&#148;) of Precision Drilling Corporation (the &#147;Corporation&#148;) to be filed with
the United States Securities and Exchange Commission (the &#147;SEC&#148;) on June&nbsp;17, 2010 under the United
States Securities Exchange Act of 1933, as amended (the &#147;Securities Act&#148;).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the references to us in the management information circular (the &#147;Circular&#148;)
of Precision Drilling Trust dated April&nbsp;7, 2010, furnished to the SEC on April&nbsp;15, 2010 on Form
6-K, which Circular is incorporated by reference in the Form S-8, and to the incorporation by
reference in the Form S-8 of our fairness opinion dated February&nbsp;11, 2010, which opinion appears as
Appendix&nbsp;E in the Circular.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In giving such consent we do not thereby admit that we are in the category of persons whose consent
is required under Section&nbsp;7 of the Securities Act.</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;TD SECURITIES INC.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TD SECURITIES INC.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">June&nbsp;17, 2010<BR>
Calgary, Alberta
</DIV>



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<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>o62921pexv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>AMENDED AND RESTATED EMPLOYEE STOCK OPTION PLAN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(amended and restated as of May&nbsp;31, 2010)
</DIV>







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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDED AND RESTATED EMPLOYEE STOCK OPTION PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS the Employee Trust Unit Option Plan of Precision Drilling Trust (the &#147;<B>Trust</B>&#148;) (the
&#147;<B>Original Plan</B>&#148;) was established effective May&nbsp;6, 2009 to provide for the granting of options
(&#147;<B>Trust Unit Options</B>&#148;) to Participants (as defined herein) to purchase trust units of the Trust
(&#147;<B>Trust Units</B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND WHEREAS on May&nbsp;31, 2010, pursuant to the Arrangement (as defined herein): (i)&nbsp;1521500
Alberta Ltd. (&#147;<B>AcquisitionCo</B>&#148;) (a predecessor to the Corporation (as defined herein)) acquired all
of the assets, business and undertaking of the Trust and assumed all of the liabilities of the
Trust; (ii)&nbsp;all issued and outstanding Trust Unit Options granted pursuant to the Original Plan
became options under an agreement with AcquisitionCo to acquire an equivalent number of common
shares in the capital of AcquisitionCo; and (iii)&nbsp;the existence of the Trust was terminated;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND WHEREAS on June&nbsp;1, 2010, pursuant to the Arrangement: (i)&nbsp;1194312 Alberta Ltd. and
AcquisitionCo amalgamated to form PDC Acquisition Ltd.; and (ii)&nbsp;Precision Drilling Corporation and
PDC Acquisition Ltd. amalgamated to form Precision Drilling Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND WHEREAS the Board (as defined herein) wishes to amend the Original Plan to give effect to
the Arrangement without affecting any of the rights, privileges, restrictions and conditions of the
Trust Unit Options granted pursuant to the Original Plan, except as expressly amended herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE the Original Plan is hereby amended and restated as follows;
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>The Plan</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A stock option plan pursuant to which Options to purchase Shares may be granted to the
officers and key employees of the Precision Group is hereby established on the terms set
forth below. The Plan governs all Trust Unit Options granted pursuant to the Original Plan
which were formerly exercisable for Trust Units and any Options granted from and after the
date hereof which are exercisable for Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Purpose</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purpose of the Plan is to advance the interests of the Precision Group by encouraging
the officers and key employees of the Precision Group to acquire Shares, thereby (i)
increasing the proprietary interests of such persons in the Corporation, (ii)&nbsp;aligning the
interests of such persons with the interests of the shareholders of the Corporation
generally, (iii)&nbsp;encouraging such persons to remain associated with the Precision Group and
(iv)&nbsp;furnishing such persons with an additional incentive in their efforts on behalf of the
Precision Group.</TD>
</TR>




</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Defined Terms</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where used herein, the following terms shall have the following meanings, respectively:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>AcquisitionCo</B>&#148; has the meaning set out in the recitals hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Arrangement</B>&#148; means the plan of arrangement under section 193 of the <I>Business Corporations
Act </I>(Alberta) involving, among others, the Corporation, AcquisitionCo and the Trust
completed on May&nbsp;31 and June&nbsp;1, 2010 providing for, among other things, the conversion of
the Trust from an income fund structure to a corporate structure;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Black-Out Period</B>&#148; means the period of time when, pursuant to any policies of the
Corporation, any securities of the Corporation may not be traded by certain Persons as
designated by the Corporation, including any holder of an Option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Board</B>&#148; means the board of directors of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Canadian Option</B>&#148; means an Option pursuant to which the Option Price is stated and payable
in Canadian dollars;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Cause</B>&#148; means, unless otherwise defined in the applicable agreement evidencing the grant of
an Option hereunder, any act or omission that would entitle the Employer to terminate the
Participant&#146;s employment without notice or compensation under the common law for just cause,
including, without in any way limiting its meaning under the common law:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any improper conduct by the Participant which is materially detrimental to the
Employer; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the willful failure of the Participant to properly carry out his or her duties
on behalf of the Employer or to act in accordance with the reasonable direction of the
Employer;
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Change of Control</B>&#148; means the occurrence of any of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any transaction at any time and by whatever means pursuant to which any Person
or any group of two or more Persons acting jointly or in concert (other than the
Corporation or any wholly-owned subsidiary of the Corporation) hereafter acquires the
direct or indirect &#147;beneficial ownership&#148; (as defined in the <I>Business Corporations Act</I>
(Alberta)) of, or acquires the right to exercise control or direction over, securities
of the Corporation representing 50% or more of the then issued and outstanding voting
securities of the Corporation in any manner whatsoever, including, without limitation,
as a result of a takeover bid, an issuance or exchange of securities, an amalgamation
of the Corporation with any other entity, an arrangement, a capital reorganization or
any other business combination or reorganization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale, assignment or other transfer of all or substantially all of the
assets of the Corporation to a Person or any group of two or more Persons acting
jointly or in concert (other than a wholly-owned subsidiary of the Corporation);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dissolution or liquidation of the Corporation, except in connection with
the distribution of assets of the Corporation to one or more Persons which were
wholly-owned subsidiaries of the Corporation prior to such event;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence of a transaction requiring approval of the Corporation&#146;s
shareholders whereby the Corporation is acquired through consolidation, merger,
exchange of securities, purchase of assets, amalgamation, statutory arrangement or
otherwise by any Person or any group of two or more Persons acting jointly or in
concert (other than an exchange of securities with a wholly-owned subsidiary of the
Corporation); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Board passes a resolution to the effect that an event comparable to an
event set forth in this definition has occurred;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided that an event described in this definition shall not constitute a Change of Control
where such event occurs as a result of a Permitted Reorganization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Code</B>&#148; means the U.S. Internal Revenue Code of 1986, as amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Constructive Dismissal</B>&#148; has the meaning ascribed thereto pursuant to the common law, unless
otherwise defined in the applicable agreement evidencing the grant of an Option hereunder,
and shall include, without in any way limiting its meaning under the common law, any
material change (other than a change which is clearly consistent with a promotion) imposed
by the Employer without the Participant&#146;s consent to the Participant&#146;s title,
responsibilities or reporting relationships, or a reduction of the Participant&#146;s
compensation except where such reduction is applicable to all officers, if the Participant
is an officer, or all employees, if the Participant is an employee, of the Employer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Continuing Entity</B>&#148; has the meaning set out in Section&nbsp;10.1;
</TD>
</TR>
</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Continuing Entity Options</B>&#148; has the meaning set out in Section&nbsp;10.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Control Period</B>&#148; means the period commencing on the date of the Change of Control and ending
180&nbsp;days after the date of the Change of Control;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Corporation</B>&#148; means Precision Drilling Corporation and includes any successor corporation
thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Date of Grant</B>&#148; of an Option means the date an Option is granted to a Participant under the
Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Disability</B>&#148; means where the Participant:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is to a substantial degree unable, due to illness, disease, affliction, mental
or physical disability or similar cause, to fulfill his obligations as an officer or
employee of the Employer either for any consecutive 12&nbsp;month period or for any period
of 18&nbsp;months (whether or not consecutive) in any consecutive 24&nbsp;month period; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is declared by a court of competent jurisdiction to be mentally incompetent or
incapable of managing his affairs;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Employer</B>&#148; means with respect to a Participant, the entity in the Precision Group that
employs the Participant or that employed the Participant immediately prior to his or her
Termination Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Fair Market Value</B>&#148; means, on any particular date, the fair market value of a Share as
determined by the Board in accordance with the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of a Share issuable upon the exercise of a Canadian Option, the Fair
Market Value shall mean the weighted average trading price of a Share on the TSX during
the last five trading days prior to that particular date on which at least a board lot
of Shares has so traded or, if a board lot has not traded on a particular day, the
average of the bid and asked prices; provided, however, that if the Shares are not then
listed and posted for trading on the TSX, then the Fair Market Value shall mean the
weighted average trading price of a Share on the NYSE during the last five trading days
prior to that particular date on which at least a board lot of Shares has so traded or,
if a board lot has not traded on a particular day, the average of the bid and asked
prices converted to Canadian dollars using the Noon Buying Rate; and provided further,
that if the Shares are not then listed and posted for trading on the NYSE, then the
Fair Market Value shall mean the weighted average trading price of a Share on such
stock exchange in Canada or the United States on which the Shares are then listed and
posted for trading during the last five trading days prior to that particular date
(and, if in United States dollars, converted to Canadian dollars using the Noon Buying
Rate) or, if the Shares are not then listed and posted for trading on any stock
exchange in Canada or the United States, then the Fair Market Value shall mean the fair
market value per</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Share (in Canadian dollars) as determined by the Board in its sole discretion and to
the extent applicable, in accordance with Section&nbsp;409A of the Code;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of a Share issuable upon the exercise of a U.S. Option, the Fair
Market Value shall mean the weighted average trading price of a Share on the NYSE
during the last five trading days prior to that particular date on which at least a
board lot of Shares has so traded or, if a board lot has not traded on a particular
day, the average of the bid and asked prices; provided, however, that if the Shares are
not then listed and posted for trading on the NYSE, then the Fair Market Value shall
mean the weighted average trading price of a Share on the TSX during the last five
trading days prior to that particular date on which at least a board lot of Shares has
so traded or, if a board lot has not traded on a particular day, the average of the bid
and asked prices converted to United States dollars using the Noon Buying Rate; and
provided further, that if the Shares are not then listed and posted for trading on the
TSX, then the Fair Market Value shall mean the weighted average trading price of a
Share on such stock exchange in Canada or the United States on which the Shares are
then listed and posted for trading during the last five trading days prior to that
particular date (and, if in Canadian dollars, converted to United States dollars using
the Noon Buying Rate) or, if the Shares are not then listed and posted for trading on
any stock exchange in Canada or the United States, then the Fair Market Value shall
mean the fair market value per Share (in United States dollars) as determined by the
Board in its sole discretion and to the extent applicable, in accordance with Section
409A of the Code; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fair Market Value of a Share shall be rounded up to the nearest whole
cent;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided, however, that if a determination of Fair Market Value is required to be
made on a date which is within five trading days of May&nbsp;31, 2010, being the initial
effective date of the Arrangement, the determination of the Fair Market Value shall
be made with reference to the weighted average trading price of a Trust Unit on the
applicable stock exchange for such number of days as is necessary to ensure that the
Fair Market Value of an Option is calculated on the basis of five trading days;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Insider</B>&#148; means an insider as defined in the TSX Company Manual, as amended from time to
time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>ITA</B>&#148; means the <I>Income Tax Act </I>(Canada), R.S.C. 1985 (5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Supp.), c. 1, including
the regulations promulgated thereunder, as amended from time to time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Leave of Absence</B>&#148; means any period during which, pursuant to the prior written approval of
the Participant&#146;s Employer, the Participant is considered to be on an approved leave of
absence but does not provide any services to his or her Employer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Noon Buying Rate</B>&#148; means the noon buying rate for the applicable currency published by the
Bank of Canada on the relevant date;
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>NYSE</B>&#148; means the New York Stock Exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Option</B>&#148; means an option to purchase Shares granted in accordance with the Plan by the
Corporation to an officer or other key employee of the Precision Group, subject to the
provisions contained herein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Option Price</B>&#148; means, in respect of any particular Option, the price per Share at which
Shares may be purchased under that Option, as the same may be adjusted in accordance with
Article&nbsp;8 hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Original Plan</B>&#148; has the meaning set out in the recitals hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Participant</B>&#148; means an officer or other key employee of the Precision Group to whom an
Option has been granted and which Option, or portion thereof, remains unexercised and has
not been surrendered;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Permitted Reorganization</B>&#148; means a reorganization of the Precision Group in circumstances
where the shareholdings or ultimate ownership remains substantially the same upon completion
of the reorganization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Person</B>&#148; means any individual, sole proprietorship, partnership, firm, entity,
unincorporated association, unincorporated syndicate, unincorporated organization, trust,
body corporate, agency and, where the context requires, any of the foregoing when they are
acting as trustee, executor, administrator or other legal representative;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Plan</B>&#148; means the Original Plan, as amended and restated effective May&nbsp;31, 2010 and as the
same may be further amended or varied from time to time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Precision Group</B>&#148; means the Corporation and any corporation with which the Corporation does
not deal at arm&#146;s length, within the meaning of the ITA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Restricted Options</B>&#148; has the meaning set out in Section&nbsp;5.9;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Retirement</B>&#148; means the normal retirement of the Participant from employment with the
Employer or the early retirement of the Participant pursuant to any applicable retirement
plan of the Employer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Shares</B>&#148; means the common shares in the capital of the Corporation as presently constituted
or any shares in the capital of the Corporation into which such common shares are changed,
reclassified, subdivided, consolidated or converted or which are
substituted for such common shares, or as such common shares may further be changed, reclassified, subdivided,
consolidated, converted or substituted;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Substitution Event</B>&#148; means a Change of Control pursuant to which the Shares are converted
into, or exchanged for, other property, whether in the form of securities of another entity,
cash or otherwise;
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Termination Date</B>&#148; means the Participant&#146;s last day of active employment with the Employer,
regardless of the reason for the termination of employment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Trust</B>&#148; has the meaning set out in the recitals hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Trust Unit Options</B>&#148; has the meaning set out in the recitals hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Trust Units</B>&#148; has the meaning set out in the recitals hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>TSX</B>&#148; means The Toronto Stock Exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>U.S. Option</B>&#148; means an Option pursuant to which the Option Price is stated and payable in
United States dollars; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>U.S. Taxpayer</B>&#148; means a person who is a citizen or permanent resident of the United States
for the purposes of the Code or for whom Options granted under the Plan would otherwise be
subject to United States federal income taxation under the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Administration of the Plan</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall be administered by the Corporation. The Corporation shall effect the grant of
Options under the Plan, in accordance with determinations made by the Board pursuant to the
provisions of the Plan, including as to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the officers and other key employees of the Precision Group to whom Options
will be granted;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Shares which shall be the subject of each Option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Option Price in respect of each Option (subject to Section&nbsp;5.7 hereof); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any and all terms and conditions in addition to (and not inconsistent with)
those contained herein which are to be attached to any or all such Options including,
without limitation, whether the Options shall be Canadian Options or U.S. Options;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the execution and delivery of instruments in writing in such form or forms as shall have
been approved by the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board may from time to time adopt such policies, guidelines, rules and regulations for
administering the Plan as it may deem proper and in the best interests of the Corporation and
may, subject to applicable law, delegate any of its powers hereunder to a committee of the
Board. To the extent the Board considers it desirable to meet the requirements of the
performance-based compensation exception of Section 162(m) of the Code, the Plan shall be
administered by a committee of two or more &#147;outside directors&#148; (within the meaning of Section
162(m) of the Code).</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Granting of Options</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board from time to time may grant Options to such officers and other key employees of the
Precision Group as the Board shall determine; provided, however, that Options may be granted
to an officer or other key employee of the Precision Group who is a U.S. Taxpayer only if the
corporation or entity (that is part of the Precision Group) for which he or she provides
services would, together with the Corporation, be classified as the &#147;service recipient&#148; (as
defined in Section&nbsp;409A of the Code) with respect to such officer or other key employee. Each
grant of an Option shall be made by virtue of the employment of the Participant with the
Precision Group and subject to the terms and conditions contained herein and may be subject to
additional terms and conditions (not inconsistent herewith) determined by the Board from time
to time. Unless otherwise provided in the applicable agreement evidencing the grant of an
Option hereunder, all Options shall vest and become exercisable as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1/3 of the Options shall vest on the first anniversary of the Date of Grant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an additional 1/3 of the Options shall vest on the second anniversary of the
Date of Grant; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the final 1/3 of the Options shall vest on the third anniversary of the Date of
Grant.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options granted to any Participant shall be approved by the shareholders of the Corporation
if the rules of any stock exchange on which the Shares are listed require such approvals.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless prohibited by applicable law or rules of a stock exchange on which the Shares are
listed for trading, Canadian Options or U.S. Options may be granted to a Participant without
regard to such Participant&#146;s domicile or residence for tax purposes. United States taxpayers
that are Participants may receive Canadian Options and Canadian taxpayers that are
Participants may receive U.S. Options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The aggregate number of Shares reserved by the Corporation for issuance under the Plan and
all other security based compensation arrangements of the Corporation shall not exceed
11,103,253 Shares, the aggregate number of Shares so reserved for issuance in any one fiscal
year shall not exceed 1% of the issued and outstanding Shares and the aggregate number of
Shares so reserved for issuance to any one individual shall not exceed 2% of the issued and
outstanding Shares. The proportion of Shares reserved by the Corporation for issuance under
the Plan in any one fiscal year to any one individual shall not exceed 25% of the Shares so
reserved for issuance under the Plan during such fiscal year.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;5.5</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Shares issuable to Insiders of the Corporation, at any time, under all
security based compensation arrangements of the Corporation, including the Plan, cannot exceed
10% of the issued and outstanding Shares; and</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Shares issued to Insiders of the Corporation, within any one year
period, under all security based compensation arrangements of the Corporation,
including the Plan, cannot exceed 10% of the issued and outstanding Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any Option granted under the Plan shall expire or terminate for any reason without having
been exercised or surrendered in full, any unpurchased Shares to which such Option relates
shall be available for the purposes of the granting of Options under the Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board shall, at the time an Option is granted under the Plan, fix the Option Price in
respect of such Option and such Option Price shall not be less than the Fair Market Value on
the Date of Grant. If the Option is a Canadian Option, the Option Price shall be stated and
payable in Canadian dollars, and if the Option is a U.S. Option, the Option Price shall be
stated and payable in United States dollars.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;5.9, an Option must be exercised or surrendered within a period of time
not exceeding seven years from the Date of Grant (or such shorter period of time as the Board
may determine and specify in connection with the grant of the Option), otherwise the Option
shall expire immediately after the applicable period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except if not permitted by the TSX or NYSE, if any Options may not be exercised due to any
Black-Out Period being in effect at any time within the 3 business day period prior to the
normal expiry date of such Options (the &#147;<B>Restricted Options</B>&#148;), the expiry date of all
Restricted Options shall be extended for a period of 7 business days following the end of the
Black-Out Period (or such longer period as permitted by the TSX or NYSE and approved by the
Board).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provision hereof, Options granted pursuant to the Arrangement in
exchange for and in sole consideration for the disposition of options originally granted under
the Original Plan shall have an Option Price equal to the Option Price (as defined in the
Original Plan) of the exchanged option and shall have the other terms and conditions provided
in the Plan and the applicable agreement governing such exchanged option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Exercise or Surrender of Options</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of the Plan and the terms and conditions of the Option, an Option
or any portion thereof may be exercised from time to time by delivery to the Corporation at
its registered office of a notice in writing signed by the Participant or, in the case of the
Participant&#146;s death or incapacity, the Participant&#146;s legal personal representative. This
notice shall state the intention of the Participant, or, in the case of the Participant&#146;s
death or incapacity, the Participant&#146;s legal personal representative, to exercise the Option
or a portion thereof and the number of Shares in respect of which the Option is then being
exercised, and must be accompanied by payment to the Corporation in full of the applicable
Option Price (including any applicable withholding tax) in the currency in which the Option
Price is denominated for the Shares which are the subject of the exercise.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As an alternative to the exercise of an Option pursuant to Section&nbsp;6.1, a Participant shall
be entitled, at his or her election, to surrender for cancellation, unexercised, any vested
Option which is otherwise then exercisable and, in consideration for such surrender for
cancellation, to receive a cash payment in an amount equal to the positive difference, if any,
obtained by subtracting the aggregate Option Price of the surrendered Option from the then
current Fair Market Value of the Shares subject to the surrendered Option, less applicable
source withholdings. The Board has the sole discretion to consent or disapprove of the
election of the Participant to surrender any vested Option pursuant to this Section&nbsp;6.2. If
the Board disapproves of the election, the Participant may (i)&nbsp;exercise the Option under
Section&nbsp;6.1, or (ii)&nbsp;retract the request to surrender such Option and retain the Option. If
the Board approves of the election, the Board shall make the cash payment to the Participant
in respect of the surrendered Option within 30&nbsp;days. Any cash payment in accordance with this
Section&nbsp;6.2 shall be payable in Canadian dollars, if made with respect to a Canadian Option,
and in United States dollars, if made with respect to a U.S. Option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Non-Assignability of Options</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Option granted to a Participant is non-assignable and non-transferable except pursuant
to laws of succession and, except in the case of the Participant&#146;s death or incapacity,
shall be exercisable or surrendered only by the Participant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Adjustments</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appropriate adjustments in the number of Shares subject to the Plan and, with respect to
Options granted or to be granted, in the respective numbers of Shares optioned and in the
respective Option Prices, shall be made by the Board to give effect to adjustments in the
number of Shares resulting from subdivisions or consolidations of the Shares or the payment of
dividends in kind of Shares by the Corporation (other than dividends in kind of Shares paid in
lieu of cash dividends in the ordinary course) or to give effect to reclassifications or
conversions of the Shares or any other relevant changes in the authorized or issued capital of
the Corporation or any other event in respect of which, in the opinion of the Board, such an
adjustment would be necessary to preserve the Participant&#146;s rights hereunder and under the
Options, in all such cases which occur subsequent to the approval of the Plan by the Board;
provided that no Option shall be adjusted to result in the issuance of a fractional Share and
all fractions shall be rounded down; provided further that an Option, which is intended to be
exempt from Section&nbsp;409A of the Code, shall be adjusted in accordance with Section&nbsp;409A in
order to remain exempt from Section&nbsp;409A.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Termination of Employment</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Sections&nbsp;9.2, 9.3, 9.4, 9.5, 9.6 and 9.7, and to the terms of any particular
Option, all rights to purchase Shares pursuant to an Option or to surrender such Option shall
expire and terminate immediately upon the Participant holding such Option ceasing to be an
officer or employee of the Precision Group, provided that if such employment of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 10 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Participant is terminated for Cause, such rights shall terminate immediately upon
notification being given to the Participant of such termination for Cause.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by reason
of the death of the Participant, the unexercised part of such Option shall become fully vested
and may be exercised or surrendered (including such part, if any, thereof which, but for this
Section&nbsp;9.2, would not otherwise be able to be exercised or surrendered) at any time within 12
months of the Participant&#146;s Termination Date unless otherwise provided in the terms of a
particular Option. Any Option that remains unexercised shall be immediately forfeited upon
the expiration of such 12&nbsp;month period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by reason
of Disability or Leave of Absence, such Option shall continue to vest in accordance with its
terms and may be exercised (if such Option is fully vested) or surrendered until the normal
expiry of the Option in accordance with its terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by reason
of Retirement, such Option shall continue to vest in accordance with its terms and may be
exercised (if such Option is fully vested) or surrendered at any time within 24&nbsp;months of the
Participant&#146;s Termination Date unless otherwise provided in the terms of a particular Option.
Any Option that remains unexercised shall be immediately forfeited upon the expiration of such
24&nbsp;month period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by reason
of voluntary resignation (i)&nbsp;the unvested part of the Option shall be cancelled immediately
and may not be exercised or surrendered and (ii)&nbsp;the vested part of such Option may be
exercised or surrendered at any time within 30&nbsp;days of the Participant&#146;s Termination Date, but
only to the extent that the Participant was entitled to exercise or surrender such Option at
the Participant&#146;s Termination Date. Any Option that remains unexercised shall be immediately
forfeited upon the expiration of such 30&nbsp;day period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by reason
of termination other than for Cause, such Option shall continue to vest in accordance with its
terms and may be exercised (if such Option is fully vested) or surrendered at any time within
90&nbsp;days of the Participant&#146;s Termination Date. Any Option that remains unexercised shall be
immediately forfeited upon the expiration of such 90&nbsp;day period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, a Change of Control
shall occur and the Participant shall cease to be an officer or employee of the Employer by
reason of termination:</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Employer or by the entity that has entered into a valid and binding
agreement with the Corporation and/or other members of the Precision Group to effect
the Change of Control at any time after such agreement is entered into or during the
Control Period and such termination was for any reason other than for Cause; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Participant within 30&nbsp;days after an act of Constructive Dismissal,
provided such act of Constructive Dismissal occurs during the Control Period;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Participant&#146;s Options shall become fully vested and may be exercised or surrendered by
the Participant (including such part, if any, thereto which, but for this Section&nbsp;9.7, would
not otherwise be able to be exercised or surrendered) at any time within 90&nbsp;days of the
Participant&#146;s Termination Date. Any Option that remains unexercised shall be immediately
forfeited upon the expiration of such 90&nbsp;day period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan does not confer upon a Participant any right with respect to continuation as an
officer or employee with the Precision Group nor does it interfere in any way with the right
of the Participant or the Precision Group to terminate the Participant&#146;s employment at any
time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">9.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options shall not be affected by any change of employment of the Participant so long as the
Participant continues to be employed by the Precision Group.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Substitution Event</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless Section&nbsp;10.2 applies, upon the occurrence of a Substitution Event or a Permitted
Reorganization, where the surviving or acquiring entity (the &#147;<B>Continuing Entity</B>&#148;) is a
corporation, then the Continuing Entity shall substitute or replace similar options to
purchase securities in the Continuing Entity (&#147;<B>Continuing Entity Options</B>&#148;) for the Options
outstanding under the Plan on substantially the same terms and conditions as the Plan. For
greater certainty, no consideration other than Continuing Entity Options shall be received and
the excess of the aggregate fair market value of the securities of the Continuing Entity
subject to the Continuing Entity Options immediately after the substitution or replacement
over the aggregate option price of such securities under the Continuing Entity Options shall
not exceed the excess of the aggregate Fair Market Value of the Shares subject to the
outstanding Options immediately before such substitution or replacement over the aggregate
Option Price of such Shares. Any such substitution or replacement shall, at all times, be
made in compliance with the provisions of subsection 7(1.4) of the ITA and Section&nbsp;409A of the
Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Continuing Entity does not (or, upon the occurrence of the Substitution
Event or Permitted Reorganization, will not) substitute or replace Continuing Entity
Options for the Options outstanding under the Plan on the same terms as described in
Section&nbsp;10.1;</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Board determines, acting reasonably, that such substitution or replacement
is not practicable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Board determines, acting reasonably, that such substitution or replacement
would give rise to adverse tax results, under the ITA or the Code, to holders of
Options; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the securities of the Continuing Entity are not (or, upon the occurrence of the
Substitution Event or Permitted Reorganization, will not be) listed and posted for
trading on a recognizable stock exchange;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the outstanding Options shall become fully vested and may be exercised or surrendered by the
Participant (including such part, if any, thereto which, but for this Section&nbsp;10.2, would
not otherwise be able to be exercised or surrendered) at any time after the Participant
receives written notice from the Board of such accelerated vesting and prior to the
occurrence of the Substitution Event or Permitted Reorganization; provided, however, that
such vesting, exercise or surrender shall be, unless otherwise determined in advance by the
Board, effective immediately prior to, and shall be conditional on, the consummation of such
Substitution Event or Permitted Reorganization. Any Options that have not been exercised or
surrendered pursuant to this Section&nbsp;10.2 shall be forfeited and cancelled without
compensation to the holder thereof upon the consummation of such Substitution Event or
Permitted Reorganization.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Decisions of the Board</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">11.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All decisions and interpretations of the Board respecting the Plan or any Options shall be
conclusive and binding on the Corporation and the Participants and their respective legal
personal representatives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Amendment or Discontinuance of Plan</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the policies, rules and regulations of any lawful authority having jurisdiction
over the Corporation (including any exchange on which the Shares are listed for trading), the
Board may at any time, without further action by, or approval of, the holders of Shares, amend
the Plan or any Option granted under the Plan in such respects as it may consider advisable
and, without limiting the generality of the foregoing, it may do so to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that Options granted under the Plan will comply with any provisions
respecting stock options in the income tax or other laws in force in any country or
jurisdiction of which a Person to whom an Option has been granted may from time to time
perform services or be resident;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make amendments of a procedural or &#147;housekeeping&#148; nature;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the termination provisions of an Option granted under the Plan which
does not entail an extension of the expiry date of the Option beyond the original
expiry date of the Option; or</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->
</DIV>

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





<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminate the Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any such amendments shall, if made, become effective on the date selected by the Board. The
Board may not, however, without the consent of the Option holder, except as permitted by
provisions of Articles 8 or 10 hereof, alter or impair any of the rights or obligations
under any Option theretofore granted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">12.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding Section&nbsp;12.1, approval of the holders of Shares will be required in order to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase the maximum number of Shares reserved for issuance under the Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the Option Price in respect of any Option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend the period of time during which an Option must be exercised or
surrendered;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase any limit on grants of Options to Insiders of the Corporation set out
in the Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>add any form of financial assistance by the Corporation for the exercise of any
Option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expand the circumstances under which Options may be assigned or transferred as
permitted by Article&nbsp;7 hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend the class of eligible participants under the Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend this Article&nbsp;12; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant additional powers to the Board to amend the Plan or any Option without
the approval of holders of Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Government Regulation</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation&#146;s obligation to issue and deliver Shares on the exercise of any Option is
subject to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the satisfaction of all requirements under applicable securities laws in
respect thereof and obtaining all regulatory approvals as the Corporation shall
determine to be necessary or advisable in connection with the authorization, issuance
or sale of such Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the admission of such Shares to listing on any stock exchange on which Shares
may then be listed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt from the Participant of such representations, agreements and
undertakings as to future dealings in such Shares as the Corporation determines to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->
</DIV>

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







<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be necessary or advisable in order to safeguard against the violation of the
securities or income tax laws of any jurisdiction.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall take all reasonable steps to obtain such approvals and registrations
as may be necessary for the issuance of such Shares in compliance with applicable securities
laws and for the listing of such Shares on any stock exchange on which Shares are then
listed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">13.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Precision Group may withhold from any amount payable to a Participant, either under the
Plan, or otherwise, such amount as may be necessary so as to ensure that the Precision Group
will be able to comply with the applicable provisions of any federal, provincial or local law
relating to the withholding of tax or other required deductions, including on the amount, if
any, includable in the income of a Participant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Participant&#146;s Rights</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall not have any rights as a shareholder of the Corporation in respect of
any Shares issuable pursuant to an Option until the issuance of Shares upon the exercise of
the Option or a portion thereof, and then only with respect to the Shares so issued. For
greater certainty, a Participant shall not have the right or be entitled to exercise any
voting rights, receive dividends or have or be entitled to any other rights as a shareholder
of the Corporation in respect of any Options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Approvals</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">15.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Shares cannot be issued to a Participant upon the exercise of an Option for any reason
which, in the opinion of the Board, acting reasonably, would result in undue expense to the
Corporation as a result of the Corporation being required to comply with non-Canadian
regulatory requirements, the obligation of the Corporation to issue such Shares shall
terminate and any funds paid to the Corporation in connection with the exercise of such Option
will be returned to the relevant Participant as soon as practicable. In such circumstances,
such Participant shall be deemed to have elected to surrender the Option in accordance with
Section&nbsp;6.2 and such Participant shall be paid the amount specified in that Section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Effective Date</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Original Plan was effective from May&nbsp;6, 2009 until May&nbsp;30, 2010 and the Plan is
effective from May&nbsp;31, 2010.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
