Precision To Acquire CenAlta

On September 11, 2000, Precision Drilling Corporation and CenAlta Energy Services Inc. announced that they had entered an agreement pursuant to which Precision would make a share exchange offer to acquire the outstanding common shares of CenAlta. The offer was subsequently made on September 22, 2000. The acquisition of CenAlta will increase Precision’s service rig fleet to be the largest and most diversified fleet in the Western Canadian Sedimentary Basin. The Precision offer had been the result of a review of strategic alternatives by CenAlta.

In its review of strategic alternatives, including the offer by Precision, CenAlta was represented by Burnet, Duckworth & Palmer with a team that included Gary R. Bugeaud and Allan R. Twa, Q.C. Precision was represented by the Calgary office of Borden Ladner Gervais LLP, with a team consisting of Brian Roberts, George Kelly, Dan Kolibar, Maria Doerksen, Keith Chatwin, Ross Freeman and Colin MacDonald.