Precision Drilling Corporation announces intention to issue approximately US$200 Million of common shares
19 Luglio 2004 - 11:23PM
PR Newswire (US)
Precision Drilling Corporation announces intention to issue
approximately US$200 Million of common shares CALGARY, July 19
/PRNewswire-FirstCall/ -- Precision Drilling Corporation
("Precision") is pleased to announce its intention to issue
approximately US$200 million of Common Shares (the "Offering"). The
Offering will be led by TD Securities Inc. and RBC Capital Markets
and will include a syndicate of underwriters (the "Underwriters").
Precision will grant the Underwriters an option to purchase
additional Common Shares at the offering price to cover over-
allotments (the "Over-allotment Option") and for stabilization
purposes. Should the Over-allotment Option be fully exercised, the
total gross proceeds of the issue would be approximately US$220
million. Precision expects to use the net proceeds from the
Offering to pay down indebtedness incurred in connection with the
acquisitions of the land drilling assets of GlobalSanteFe
Corporation and the acquisition of all of the issued and
outstanding shares of Reeves Oilfield Services Limited. Closing of
the Offering is expected to be on or about July 26, 2004. A
conference call and webcast has been scheduled for 3:00 p.m. MST
(5:00 p.m. EST) on Monday, July 19, 2004. Monday, July 19, 2004 at
3:00 p.m. MST (5:00 p.m. EST) Conference call dial in number is
1-800-814-4941 A live webcast of the conference call will be
accessible on Precision's website at
http://www.precisiondrilling.com/ by selecting "Investor Relations"
then "Webcast". An archived recording of the conference call will
be available approximately one hour after the completion of the
call, until July 26, 2004 by dialing 1-877-289-8525, passcode
21050021 followed by the number sign. A shelf registration
statement relating to the common shares of Precision has been filed
with the Securities and Exchange Commission and has been declared
effective. This news release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale
of these securities in the United States prior to registration and
any sale in the United States will be made by means of a prospectus
that may be obtained from TD Securities Inc. at 222 Bay Street,
Ernst & Young Tower, 7th floor, Toronto, Ontario, M5K 1A2 or
from RBC Capital Markets at 200 Bay Street, Royal Bank Plaza, 4th
floor, Toronto, Ontario, M5J 2W7. Certain statements contained in
this press release, including statements relating to matters that
are not historical facts and statements relating to the intention
to sell securities and the ultimate use of proceeds are
forward-looking statements, including under the U.S. Private
SecuritiesLitigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks and uncertainties which
may cause the actual results, performances or achievements of
Precision to be materially different from any future results,
performances or achievements expressed or implied by such
forward-looking statements. Such factors include fluctuations in
the market for oil and gas and related products and services;
competition; the ability to successfully carry out its intentions;
political and economic conditions in countries in which Precision
does business; the demand for services provided by Precision;
changes in laws and regulations, including environmental, to which
Precision is subject and other factors which are described in
further detail in Precision's filings with the Securities and
Exchange Commission. Precision Drilling Corporation (TSX: PD and
PDU; NYSE: PDS) is a global oilfield services company providing a
broad range of drilling, production and evaluation services with
focus on fulfilling customer needs through fit-for-purpose
technologies for the maturing oilfields of the 21st century. With
corporate offices in Calgary, Alberta, Canada and Houston, Texas,
and research facilities in the U.S. and Europe, Precision employs
more than 10,000 people conducting operations in more than 30
countries. Precision is committed to providing efficient and safe
services to create value for our customers, our shareholders and
our employees. DATASOURCE: Precision Drilling Corporation CONTACT:
Hank B. Swartout, Chairman, President and Chief Executive Officer,
or Dale E. Tremblay, Senior Vice President Finance and Chief
Financial Officer, 4200, 150 - 6th Avenue S.W., Calgary, Alberta,
T2P 3Y7, Telephone (403) 716-4500, Fax (403) 264-0251; website:
http://www.precisiondrilling.com/; Archived images on this
organization are available through CNW E-Pix at
http://www.newswire.ca/. Images are free to members of The Canadian
Press. To request a free copy of this organization's annual report,
please go to http://www.newswire.ca/ and click on reports@cnw.
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