CALGARY, Nov. 7 /CNW/ - Precision Drilling Corporation ("Precision") and
Precision Drilling Trust (the "Trust") jointly announce today the successful
completion of the reorganization of Precision into the Trust by way of Plan of
Arrangement. The units of the Trust will commence trading on both the Toronto
Stock Exchange and the New York Stock Exchange today.
Pursuant to the Plan of Arrangement, holders of common shares of
Precision will receive in exchange for each common share of Precision held (i)
one unit of the Trust, (ii) .2089 common shares of Weatherford International
Ltd., and (iii) $Cdn 6.83 of cash.
As a result of the Plan of Arrangement, the Trust will issue 122,512,799
trust units. Pursuant to the Plan of Arrangement, shareholders were also given
the opportunity to receive limited partnership units ("Exchangeable LP Units")
of Precision Drilling Limited Partnership exchangeable without further
consideration into trust units on a one-for-one basis. Pursuant to the
election forms received, an aggregate of 1,108,597 Exchangeable LP Units will
be issued pursuant to the Plan of Arrangement in lieu of trust units.
%SEDAR: 00002052E