Precision Drilling Trust Completes Conversion to Corporation
01 Giugno 2010 - 4:29PM
Marketwired
Precision Drilling Corporation ("Precision" or the "Corporation")
is pleased to announce the completion of the previously announced
reorganization of Precision Drilling Trust (the "Trust") to a
corporation (the "Conversion"). Pursuant to the Conversion, all
outstanding units of the Trust and all outstanding exchangeable
units of Precision Drilling Limited Partnership were exchanged for
common shares of the Corporation on a one-for-one basis.
The common shares of Precision are expected to commence trading
on the Toronto Stock Exchange, under the symbol "PD" on or about
June 4, 2010, and on the New York Stock Exchange, under the symbol
"PDS", on or about June 2, 2010. Trust units are delisted
concurrent with the commencement of trading of the common shares in
each case.
Most holders of trust units are not required to take any action
as your broker will facilitate the conversion from units to shares.
Registered Unitholders, who hold certificates directly, are
reminded to follow the "Procedure for Exchange on Securities" on
page 31 of the April 7, 2010 Information Circular which can be
found at
http://www.precisiondrilling.com/InvestorCentre/AnnualMeeting.cfm.
"Precision is pleased to have the conversion completed and the
benefits that come with a corporate capital structure which is well
understood in all capital markets. This is an important step in our
high performance high value strategic growth plan", stated Kevin
Neveu, President and Chief Executive Officer of Precision.
About Precision
Precision is a leading provider of safe, high performance energy
services to the North American oil and gas industry. Precision
provides customers with access to an extensive fleet of contract
drilling rigs, service rigs, camps, snubbing units, wastewater
treatment units and rental equipment backed by a comprehensive mix
of technical support services and skilled, experienced
personnel.
Precision is headquartered in Calgary, Alberta, Canada.
Contacts: David Wehlmann, Executive Vice President, Investor
Relations Precision Drilling Corporation 403.716.4575 403.716.4755
(FAX) www.precisiondrilling.com
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