Precision Drilling Completes Equity Offering

On July 20, 2004, Precision Drilling Corp. completed a public offering of common shares in Canada and the US for gross proceeds of US$199,200,000. The purpose of the offering was to repay short-term indebtedness incurred to purchase all of the shares of Reeves Oilfield Services Ltd. and the land drilling business assets from GlobalSantaFe Corp. TD Securities Inc. and RBC Dominion Securities Inc. co-managed the dealer syndicate for the offering, which included UBS Securities Canada Inc., Raymond James Ltd., FirstEnergy Capital Corp., Dundee Securities Corp., GMP Securities Ltd. and Tristone Capital Inc. In addition, those same underwriters exercised and closed an over-allotment option on August 9, 2004 for common shares of Precision in the amount of US$20 million.

Precision was represented in Canada by Borden Ladner Gervais in Calgary, with a team that included Brian Roberts, Dan Kolibar, Ross Freeman, Gillain Malfair and Scott Iredale; and, for US law purposes, by Paul, Weiss, Rifkind, Wharton & Garrison, with a team that included Andrew Foley, Ian Putnam and Sheila Gibb.

The dealers were represented for US law purposes by Skadden, Arps, Slate, Meagher & Flom, with a team that included Christopher Morgan, Jason Saltzman, Raziel Zisman and Sally Whitehead, and for Canadian law purposes by Burnet, Duckworth & Palmer, with a team that included Grant Zawalsky, Stephen Chetner and Jeremy Matthies.