EX-99.2 5 exh99_2.htm EXHIBIT 99.1
Exhibit 99.2
 

INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)
  
March 31,
2016
    
December 31,
2015
  
ASSETS
            
Current assets:
            
  Cash
  
$
476,356
    
$
444,759
  
  Accounts receivable
    
235,448
      
311,595
  
Income tax recoverable
    
3,380
      
–
  
  Inventory
    
23,665
      
24,245
  
Total current assets
    
738,849
      
780,599
  
Non-current assets:
                
Income tax recoverable
    
–
      
2,917
  
Property, plant and equipment
    
3,670,823
      
3,883,332
  
Intangibles
    
3,147
      
3,363
  
Goodwill
    
206,207
      
208,479
  
Total non-current assets
    
3,880,177
      
4,098,091
  
Total assets
  
$
4,619,026
    
$
4,878,690
  
                 
LIABILITIES AND EQUITY
                
Current liabilities:
                
Accounts payable and accrued liabilities
  
$
193,434
    
$
235,948
  
Income tax payable
    
–
      
7,836
  
Total current liabilities
    
193,434
      
243,784
  
Non-current liabilities:
                
Share based compensation (Note 6)
    
10,334
      
15,201
  
Provisions and other
    
13,272
      
14,520
  
Long-term debt (Note 3)
    
2,042,846
      
2,180,510
  
Deferred tax liabilities
    
285,040
      
303,466
  
Total non-current liabilities
    
2,351,492
      
2,513,697
  
Shareholders' equity:
                
Shareholders' capital (Note 4)
    
2,316,615
      
2,316,321
  
Contributed surplus
    
36,905
      
35,800
  
Deficit
    
(416,896
)
    
(397,013
)
Accumulated other comprehensive income (Note 5)
    
137,476
      
166,101
  
Total shareholders' equity
    
2,074,100
      
2,121,209
  
Total liabilities and shareholders' equity
  
$
4,619,026
    
$
4,878,690
  
See accompanying notes to interim consolidated financial statements.

1
INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (UNAUDITED)

   
Three months ended March 31,
  
(Stated in thousands of Canadian dollars, except per share  amounts)
  
2016
    
2015
  
Revenue
  
$
301,727
    
$
512,120
  
                 
Expenses:
                
Operating
    
171,070
      
300,264
  
General and administrative
    
27,954
      
41,303
  
Restructuring
    
3,439
      
7,169
  
Earnings before income taxes, gain on repurchase of unsecured senior notes, finance charges, foreign exchange and depreciation and amortization
    
99,264
      
163,384
  
Depreciation and amortization
    
95,249
      
116,097
  
Operating earnings
    
4,015
      
47,287
  
Foreign exchange
    
7,581
      
(28,406
)
Finance charges (Note 7)
    
36,237
      
19,682
  
Gain on repurchase of unsecured senior notes (Note 3)
    
(4,873
)
    
–
  
Earnings (loss) before income taxes
    
(34,930
)
    
56,011
  
Income taxes:
                
Current
    
(2,964
)
    
6,303
  
Deferred
    
(12,083
)
    
25,675
  
     
(15,047
)
    
31,978
  
Net earnings (loss)
  
$
(19,883
)
  
$
24,033
  
Net earnings (loss) per share: (Note 8)
                
Basic
  
$
(0.07
)
  
$
0.08
  
Diluted
  
$
(0.07
)
  
$
0.08
  
See accompanying notes to interim consolidated financial statements.
 
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

   
Three months ended March 31,
  
(Stated in thousands of Canadian dollars)
  
2016
    
2015
  
Net earnings (loss)
  
$
(19,883
)
  
$
24,033
  
Unrealized gain (loss)  on translation of assets and liabilities of operations denominated in foreign currency
    
(154,098
)
    
204,467
  
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt, net of tax
    
125,473
      
(156,890
)
Comprehensive income (loss)
  
$
(48,508
)
  
$
71,610
  
See accompanying notes to interim consolidated financial statements.
2
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)

   
Three months ended March 31,
  
(Stated in thousands of Canadian dollars)
  
2016
    
2015
  
Cash provided by (used in):
            
Operations:
            
Net earnings (loss)
  
$
(19,883
)
  
$
24,033
  
Adjustments for:
                
Long-term compensation plans
    
7,524
      
3,407
  
Depreciation and amortization
    
95,249
      
116,097
  
Gain on repurchase of unsecured senior notes (Note 3)
    
(4,873
)
    
–
  
Foreign exchange
    
7,983
      
(29,445
)
Finance charges
    
36,237
      
19,682
  
Income taxes
    
(15,047
)
    
31,978
  
Other
    
(378
)
    
1,399
  
Income taxes paid
    
(5,767
)
    
(5,696
)
Income taxes recovered
    
–
      
862
  
Interest paid
    
(8,031
)
    
(7,449
)
Interest received
    
579
      
318
  
Funds provided by operations
    
93,593
      
155,186
  
Changes in non-cash working capital balances
    
18,581
      
59,952
  
     
112,174
      
215,138
  
Investments:
                
Purchase of property, plant and equipment
    
(27,161
)
    
(225,822
)
Proceeds on sale of property, plant and equipment
    
2,157
      
2,876
  
Changes in non-cash working capital balances
    
(26,109
)
    
(54,627
)
     
(51,113
)
    
(277,573
)
Financing:
                
Repurchase of unsecured senior notes (Note 3)
    
(8,409
)
    
–
  
Debt issue costs
    
–
      
(975
)
Dividends paid
    
–
      
(20,497
)
Issuance of common shares on the exercise of options
    
190
      
–
  
     
(8,219
)
    
(21,472
)
Effect of exchange rate changes on cash and cash equivalents
    
(21,245
)
    
41,610
  
Increase (decrease)  in cash and cash equivalents
    
31,597
      
(42,297
)
Cash and cash equivalents, beginning of period
    
444,759
      
491,481
  
Cash and cash equivalents, end of period
  
$
476,356
    
$
449,184
  
See accompanying notes to interim consolidated financial statements.

3
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)



(Stated in thousands of Canadian dollars)
  
Shareholders'
capital
    
Contributed
surplus
    
Accumulated
other
comprehensive
income
(Note 5)
    
Deficit
    
Total
equity
  
Balance at January 1, 2016
  
$
2,316,321
    
$
35,800
    
$
166,101
    
$
(397,013
)
  
$
2,121,209
  
Net loss for the period
    
–
      
–
      
–
      
(19,883
)
    
(19,883
)
Other comprehensive loss for the period
    
–
      
–
      
(28,625
)
    
–
      
(28,625
)
Share options exercised (Note 4)
    
294
      
(104
)
    
–
      
–
      
190
  
Share based compensation expense (Note 6)
    
–
      
1,209
      
–
      
–
      
1,209
  
Balance at March 31, 2016
  
$
2,316,615
    
$
36,905
    
$
137,476
    
$
(416,896
)
  
$
2,074,100
  
 

(Stated in thousands of Canadian dollars)
  
Shareholders'
capital
    
Contributed
surplus
    
Accumulated
other
comprehensive
income
    
Retained
earnings
    
Total
equity
  
Balance at January 1, 2015
  
$
2,315,539
    
$
31,109
    
$
46,292
    
$
48,426
    
$
2,441,366
  
Net earnings for the period
    
–
      
–
      
–
      
24,033
      
24,033
  
Other comprehensive income for the period
    
–
      
–
      
47,577
      
–
      
47,577
  
Dividends
    
–
      
–
      
–
      
(20,497
)
    
(20,497
)
Share based compensation expense (Note 6)
    
–
      
1,201
      
–
      
–
      
1,201
  
Balance at March 31, 2015
  
$
2,315,539
    
$
32,310
    
$
93,869
    
$
51,962
    
$
2,493,680
  
See accompanying notes to interim consolidated financial statements.
4
 
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Tabular amounts are stated in thousands of Canadian dollars except share numbers and per share amounts)
NOTE 1. DESCRIPTION OF BUSINESS
Precision Drilling Corporation ("Precision" or the "Corporation") is incorporated under the laws of the Province of Alberta, Canada and is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. The address of the registered office is Suite 800, 525 - 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1G1.

NOTE 2. BASIS OF PRESENTATION
(a) Statement of Compliance
These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Corporation as at and for the year ended December 31, 2015.
These condensed consolidated interim financial statements were prepared using accounting policies and methods of their application consistent with those used in the preparation of the Corporation's consolidated audited annual financial statements for the year ended December 31, 2015.
These condensed consolidated interim financial statements were approved by the Board of Directors on April 22, 2016.

(b) Seasonality
Precision has operations that are carried on in Canada which represent approximately 45% (2015 - 46%) of consolidated total assets as at March 31, 2016 and 41% (2015 - 42%) of consolidated revenue for the three months ended March 31, 2016. The ability to move heavy equipment in Canadian oil and natural gas fields is dependent on weather conditions. As warm weather returns in the spring, the winter's frost comes out of the ground rendering many secondary roads incapable of supporting the weight of heavy equipment until they have thoroughly dried out. The duration of this "spring break-up" has a direct impact on Precision's activity levels. In addition, many exploration and production areas in northern Canada are accessible only in winter months when the ground is frozen hard enough to support equipment. The timing of freeze up and spring break-up affects the ability to move equipment in and out of these areas. As a result, late March through May is traditionally Precision's slowest time in this region.

(c) Reclassification of prior period amounts
Certain comparative amounts have been reclassified to conform to the presentation adopted in the current period.

5
NOTE 3. LONG-TERM DEBT
   
March 31,
    
December 31,
  
   
2016
    
2015
  
Secured credit facility
  
$
–
    
$
–
  
Unsecured senior notes:
                
6.625% senior notes due 2020 (US$650 million)
    
843,115
      
899,600
  
6.5% senior notes due 2021 (US$390.2 million)
    
506,089
      
553,600
  
5.25% senior notes due 2024 (US$400 million)
    
518,840
      
553,600
  
6.5% senior notes due 2019
    
200,000
      
200,000
  
     
2,068,044
      
2,206,800
  
Less net unamortized debt issue costs
    
(25,198
)
    
(26,290
)
   
$
2,042,846
    
$
2,180,510
  
                 
During the first quarter of 2016 Precision repurchased and cancelled US$9.8 million of the 6.5% senior notes due 2021 for an aggregate purchase price of US$6.2 million.

During April 2016, Precision agreed with its lending group to amend certain financial covenants governing its senior credit facility. This amendment will among other things: (i) temporarily reduce the Adjusted EBITDA (as defined in the debt agreement) to interest expense coverage ratio of greater than 2:1 to 1.5:1 for the period up to and including March 31, 2018, reverting to 2.5:1 thereafter until maturity of the facility; (ii) permit second lien debt up to US$400 million subject to certain terms and conditions; (iii) amend certain negative covenants to, among other things, prevent distributions during the covenant relief period; (iv) add a new covenant which limits borrowing on the facility to a maximum draw of $50 million if the only purpose is to accumulate cash; (v) add a new covenant that restricts the repurchase and redemption of unsecured debt subject to a pro-forma minimum liquidity of US$500 million.
Long-term debt obligations at March 31, 2016 will mature as follows:

2019
 
  
$
200,000
  
2020
    
843,115
  
Thereafter
    
1,024,929
  
   
$
2,068,044
  
 NOTE 4. SHAREHOLDERS' CAPITAL
   
Number
    
Amount
  
Common shares
            
Balance December 31, 2015
    
292,912,090
    
$
2,316,321
  
Options exercised:
                
Cash consideration
    
32,500
      
190
  
Reclassification from contributed surplus
    
-
      
104
  
Balance March  31, 2016
    
292,944,590
    
$
2,316,615
  
 
6

NOTE 5. ACCUMULATED OTHER COMPREHENSIVE INCOME
   
Unrealized
Foreign Currency
Translation Gains
    
Foreign Exchange
Loss on Net
Investment Hedge
    
Accumulated Other
Comprehensive
Income
  
 
Balance, December 31, 2015
  
$
663,886
    
$
(497,785
)
  
$
166,101
  
 
Other comprehensive income (loss)
    
(154,098
)
    
125,473
      
(28,625
)
 
Balance, March 31, 2016
  
$
509,788
    
$
(372,312
)
  
$
137,476
  
NOTE 6. SHARE BASED COMPENSATION PLANS

Liability Classified Plans
   
Restricted
Share
Units(a)
    
Performance
Share
Units(a)
    
Share
Appreciation
Rights(b)
    
Non-
Management
Directors'
DSUs(c)
    
Total
  
Balance, December 31, 2015
  
$
10,459
    
$
19,624
    
$
6
    
$
2,383
    
$
32,472
  
Expensed during the period
    
469
      
767
      
5
      
227
      
1,468
  
Payments
    
(5,362
)
    
(9,100
)
    
–
      
–
      
(14,462
)
Balance, March 31, 2016
  
$
5,566
    
$
11,291
    
$
11
    
$
2,610
    
$
19,478
  
                                         
Current
  
$
3,794
    
$
5,339
    
$
11
    
$
–
    
$
9,144
  
Long-term
    
1,772
      
5,952
      
–
      
2,610
      
10,334
  
   
$
5,566
    
$
11,291
    
$
11
    
$
2,610
    
$
19,478
  


 (a) Restricted Share Units and Performance Share Units
 A summary of the activity under the restricted share unit (RSUs) and the performance share unit (PSUs) plans are presented below:
   
RSUs
Outstanding
    
PSUs
Outstanding
  
December 31, 2015
    
2,896,818
      
4,898,455
  
Granted
    
1,847,300
      
3,301,900
  
Redeemed
    
(1,234,324
)
    
(1,083,127
)
Forfeitures
    
(138,114
)
    
(105,296
)
 
March 31, 2016
    
3,371,680
      
7,011,932
  
 
7
(b) Share Appreciation Rights
A summary of the activity under the share appreciation rights plan is presented below:

   
Outstanding
    
Range of
Exercise Price (US$)
    
Weighted
Average
Exercise Price
(US$)
    
Exercisable
  
December 31, 2015
    
343,132
    
$
15.22 –17.38
    
$
15.93
      
343,132
  
Forfeitures
    
(82,068
)
    
17.38–17.38
      
17.38
          
March 31, 2016
    
261,064
    
$
15.22–15.79
    
$
15.47
      
261,064
  


(c)  Non-Management Directors – Deferred Share Unit Plan
A summary of the activity under the non-management director deferred share unit plan is presented below:

   
Outstanding
  
December 31, 2015
    
428,028
  
Granted
    
49,783
  
 
March 31, 2016
    
477,811
  


Equity Settled Plans
(d)  Non-Management Directors
Prior to January 1, 2012, Precision had a deferred share unit plan for non-management directors. Under the plan fully vested deferred share units were granted quarterly based upon an election by the non-management director to receive all or a portion of their compensation in deferred share units. These deferred share units are redeemable into an equal number of common shares any time after the director's retirement.
Deferred share units outstanding as at December 31, 2015 and March 31, 2016 were 195,743.
8
(e) Option Plan

A summary of the activity under the option plan is presented below:
Canadian share options
  
Outstanding
  
Range of
Exercise Price
  
Weighted
Average
Exercise Price
  
 
 
 
Exercisable
December 31, 2015
  
6,168,596
$
 5.22
–
14.50
$
8.93
  
3,870,673
Granted
  
615,200
  
4.46
–
4.46
  
4.46
    
Exercised
  
(32,500)
  
5.85
–
5.85
  
5.85
    
Forfeitures
  
(45,500)
  
5.85
–
10.67
  
8.65
    
March 31, 2016
  
6,705,796
$
5.22
–
14.50
$
8.54
  
4,870,245


U.S. share options
  
Outstanding
  
Range of
Exercise Price
(US$)
  
Weighted
Average
Exercise Price (US$)
  
 
 
 
Exercisable
  
December 31, 2015
  
4,582,237
$
 4.95
–
15.21
$
8.30
  
2,468,185
Granted
  
2,010,000
  
3.21
–
3.21
  
3.21
    
Forfeitures
  
(53,429)
  
4.95
–
10.74
  
9.82
    
March 31, 2016
  
6,538,808
$
3.21
–
15.21
$
6.73
  
3,388,429
 
The per option weighted average fair value of the share options granted during 2016 was $1.75 estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: average risk-free interest rate 1%, average expected life of four years, expected forfeiture rate of 5% and expected volatility of 50%. Included in net earnings (loss) for the three months ended March 31, 2016 is an expense of $1.2 million (2015 - $1.2 million).

 
NOTE 7. FINANCE CHARGES
   
Three months ended March 31,
  
   
2016
    
2015
  
Interest:
            
Long-term debt
  
$
35,352
    
$
32,083
  
Other
    
175
      
667
  
Income
    
(598
)
    
(14,092
)
Amortization of debt issue costs
    
1,308
      
1,024
  
Finance charges
  
$
36,237
    
$
19,682
  

 
9
NOTE 8. PER SHARE AMOUNTS
The following tables reconcile the net earnings (loss) and weighted average shares outstanding used in computing basic and diluted earnings per share:
   
Three months ended March 31,
  
   
2016
    
2015
  
 
Net earnings (loss) - basic and diluted
  
$
(19,883
)
  
$
24,033
  
                 
   
Three months ended March 31,
  
(Stated in thousands)
    
2016
      
2015
  
Weighted average shares outstanding – basic
    
292,919
      
292,820
  
Effect of stock options and other equity compensation plans
    
–
      
597
  
Weighted average shares outstanding – diluted
    
292,919
      
293,417
  
 
NOTE 9. SEGMENTED INFORMATION
The Corporation operates primarily in Canada, the United States and certain international locations, in two industry segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, directional drilling, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, snubbing units, coil tubing services, oilfield equipment rental, camp and catering services, and wastewater treatment units.

Three months ended March 31, 2016
  
Contract
Drilling
Services
    
Completion
and
Production
Services
    
Corporate
and Other
    
Inter-
Segment
Eliminations
    
Total
  
Revenue
  
$
274,837
    
$
28,454
    
$
–
    
$
(1,564
)
  
$
301,727
  
Operating earnings
    
31,338
      
(9,417
)
    
(17,906
)
    
–
      
4,015
  
Depreciation and amortization
    
84,279
      
7,210
      
3,760
      
–
      
95,249
  
Total assets
    
3,936,936
      
213,458
      
468,632
      
–
      
4,619,026
  
Goodwill
    
206,207
      
–
      
–
      
–
      
206,207
  
Capital expenditures
    
24,733
      
343
      
2,085
      
–
      
27,161
  

Three months ended March 31, 2015
  
Contract
Drilling
Services
    
Completion
and
Production
Services
    
Corporate
and Other
    
Inter-
Segment
Eliminations
    
Total
  
Revenue
  
$
448,065
    
$
66,082
    
$
–
    
$
(2,027
)
  
$
512,120
  
Operating earnings
    
76,365
      
(1,701
)
    
(27,377
)
    
–
      
47,287
  
Depreciation and amortization
    
103,831
      
8,758
      
3,508
      
–
      
116,097
  
Total assets
    
4,577,606
      
383,412
      
531,629
      
–
      
5,492,647
  
Goodwill
    
205,592
      
16,968
      
–
      
–
      
222,560
  
Capital expenditures
    
222,594
      
1,523
      
1,705
      
–
      
225,822
  

 
10

The Corporation's operations are carried on in the following geographic locations:
Three months ended  March 31, 2016
  
Canada
    
United States
    
International
    
Inter-
Segment
Eliminations
    
Total
  
Revenue
  
$
124,755
    
$
135,094
    
$
43,628
    
$
(1,750
)
  
$
301,727
  
Total assets
    
2,094,586
      
1,908,938
      
615,502
      
–
      
4,619,026
  
Three months ended March 31, 2015
  
Canada
    
United States
    
International
    
 
Inter-
Segment
Eliminations
    
Total
  
Revenue
  
$
213,946
    
$
244,327
    
$
60,506
    
$
(6,659
)
  
$
512,120
  
Total assets
    
2,395,806
      
2,376,701
      
720,140
      
–
      
5,492,647
  


NOTE 10. FAIR VALUES OF FINANCIAL INSTRUMENTS
The carrying value of cash, accounts receivable, and accounts payable and accrued liabilities approximate their fair value due to the relatively short period to maturity of the instruments. The fair value of the unsecured senior notes at March 31, 2016 was approximately $1,628 million (December 31, 2015 - $1,736 million).
Financial assets and liabilities recorded or disclosed at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are based on the amount of subjectivity associated with the inputs in the fair determination and are as follows:

Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life.
Level III—Inputs reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

The estimated fair value of unsecured senior notes is based on level II inputs. The fair value is estimated considering the risk free interest rates on government debt instruments of similar maturities, adjusted for estimated credit risk, industry risk and market risk premiums.

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SHAREHOLDER INFORMATION
STOCK EXCHANGE LISTINGS
Shares of Precision Drilling Corporation are listed on the Toronto Stock Exchange under the trading symbol PD and on the New York Stock Exchange under the trading symbol PDS.
TRANSFER AGENT AND REGISTRAR
Computershare Trust Company of Canada
 Calgary, Alberta
TRANSFER POINT
Computershare Trust Company NA
 Canton, Massachusetts
Q1 2016 TRADING PROFILE
Toronto (TSX: PD)
High: $6.64
Low: $3.42
Close: $5.44
Volume Traded: 143,132,377
New York (NYSE: PDS)
High: US$4.99
Low: US$2.43
Close: US$4.20
Volume Traded: 202,208,200
ACCOUNT QUESTIONS
Precision's Transfer Agent can help you with a variety of shareholder related services, including:
• change of address
• lost unit certificates
• transfer of shares to another person
• estate settlement
Computershare Trust Company of Canada
100 University Avenue
9th Floor, North Tower
Toronto, Ontario M5J 2Y1
 Canada
1-800-564-6253 (toll free in Canada and the United States)
1-514-982-7555 (international direct dialing)
Email: service@computershare.com
ONLINE INFORMATION
To receive news releases by email, or to view this interim report online, please visit Precision's website at www.precisiondrilling.com and refer to the Investor Relations section. Additional information relating to Precision, including the Annual Information Form, Annual Report and Management Information Circular has been filed with SEDAR and is available at www.sedar.com and on the EDGAR website www.sec.gov
  
CORPORATE INFORMATION

DIRECTORS
William T. Donovan
Brian J. Gibson
Allen R. Hagerman, FCA
Catherine J. Hughes
Steven W. Krablin
Stephen J.J. Letwin
Kevin O. Meyers
Kevin A. Neveu
Robert L. Phillips

OFFICERS
Kevin A. Neveu
President and Chief Executive Officer

Niels Espeland
President, International

Douglas B. Evasiuk
Senior Vice President, Sales and Marketing

Veronica Foley
Senior Vice President, General Counsel and Corporate Secretary

Carey Ford
Senior Vice President and Chief Financial Officer

Darren J. Ruhr
Senior Vice President, Corporate Services

Gene C. Stahl
President, Drilling Operations

AUDITORS
KPMG LLP
Calgary, Alberta

HEAD OFFICE
Suite 800, 525-8th Avenue SW
Calgary, Alberta, Canada T2P 1G1
Telephone: 403-716-4500
Facsimile: 403-264-0251
Email: info@precisiondrilling.com
www.precisiondrilling.com
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