Precision Drilling Trust has declared the successful completion of its acquisition of Grey Wolf, Inc. (Grey Wolf) and the preliminary merger consideration election results.

Final tabulation of the merger consideration elections has now been completed, and the cash merger consideration elections substantially exceeded the amount of cash available for cash elections.

Accordingly, former Grey Wolf shareholders who properly chose to receive all-cash merger consideration will receive a prorated amount of cash consideration in the amount of US$5.39 and 0.1700 of a Precision trust unit for each share of Grey Wolf common stock, while Grey Wolf shareholders who chose to receive Precision trust units or who did not make a timely and valid merger consideration election will receive 0.4225 of a Precision trust unit for each share of Grey Wolf common stock.

Tags: Precision Drilling Trust