Grey Wolf, Inc. Company News

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Grey Wolf's Canadian Production Up 14%
Tuesday, February 24, 2009 Grey Wolf Exploration reported that January 2009 production levels averaged over 2,400 barrels of oil equivalent per day, an increase of 14% over the first quarter of 2008.

Precision Closes $172.5MM Public Offering
Wednesday, February 18, 2009 Precision Drilling Trust closed its offering of 46,000,000 trust units at a price of $3.75 per Trust Unit for aggregate gross proceeds of $172.5 million.

Precision Posts Financial Results, Suspends Monthly Cash Distributions
Monday, February 09, 2009 Precision Drilling Trust reported net earnings of $92 million or $0.71 per diluted unit for the quarter ended December 31, 2008, compared to $89 million or $0.71 per diluted unit in the fourth quarter of 2007.

Precision Drilling Appoints 3 Additional Directors to Board
Wednesday, January 14, 2009 Precision has appointed an additional three directors to the Board of Directors of Precision Drilling Corporation.

Precision Drilling Completes Grey Wolf Acquisition
Wednesday, December 24, 2008 Precision Drilling Trust announced that its acquisition of Grey Wolf, Inc. was successfully completed following approval of the merger transaction by Grey Wolf shareholders at Grey Wolf's special meeting of shareholders.

Precision, Grey Wolf Set Merger Consideration Election Deadline
Tuesday, December 16, 2008 Precision Drilling Trust and Grey Wolf have announced the deadline for merger consideration elections in connection with Precision's proposed acquisition of Grey Wolf.

Government Grants Early Termination of HSR for Grey Wolf, Precision
Tuesday, September 30, 2008 Precision and Grey Wolf announced that the Federal Trade Commission has completed its review of the proposed acquisition by Precision of Grey Wolf and has granted early termination of the HSR waiting period.

Precision Snares Grey Wolf in Strategic Merger for Both Companies
Monday, August 25, 2008 Precision Drilling Trust and Grey Wolf, Inc. have announced that their Board of Trustees and Board of Directors, respectively, unanimously approved a definitive merger agreement pursuant to which Precision will acquire Grey Wolf.

Grey Wolf Terminates Merger Agreement
Wednesday, July 16, 2008 Grey Wolf, Inc. announced that its proposed merger with Basic Energy Services, Inc. did not receive sufficient votes from Grey Wolf shareholders to approve the transaction at its special meeting of shareholders held today.

Grey Wolf Plans Tie-In for Horizontal Well in Alberta
Tuesday, July 15, 2008 Grey Wolf announced that its first 100% working interest horizontal well in the Pouce Coupe area of Alberta has been drilled to total depth of 2,955 meters with minimal problems. The well will quickly be tied-in and put on production.

Precision to Reapproach Grey Wolf
Thursday, July 10, 2008 Precision will immediately reapproach the board of directors of Grey Wolf with its June 24, 2008 US$10.00 per share proposal if the merger agreement with Basic Energy is terminated.

Grey Wolf Stays Strong in Pending Merger with Basic
Friday, June 27, 2008 Grey Wolf has determined that the proposal to acquire Grey Wolf by the Precision Drilling Trust is not a proposal superior to its pending strategic merger with Basic Energy Services, Inc.

Precision Offers $10 per Share for Grey Wolf
Wednesday, June 25, 2008 Precision has confirmed that it has provided Grey Wolf with a final business combination proposal for US $10.00 per Grey Wolf share. Precision hopes that shareholders of Grey Wolf opt for Precision over competing firm Basic Energy Services.

Grey Wolf Receives Third Unsolicited Proposal from Precision
Wednesday, June 25, 2008 Grey Wolf has received a third unsolicited proposal to acquire Grey Wolf. Precision's third proposal is to acquire all of Grey Wolf’s common stock for a consideration of US$10.00 per share. Precision's board announces that this is their final offer.

Grey Wolf Announces Response to Unsolicited Proposal
Tuesday, June 17, 2008 Grey Wolf, Inc. received a letter from the board of trustees of Precision Drilling Trust making a second unsolicited proposal to acquire Grey Wolf.

Grey Wolf Spurns Precision Drilling Trust, Sticks with Basic Energy
Thursday, June 12, 2008 Grey Wolf announced that its Board of Directors has carefully analyzed the previously-announced acquisition proposal from the Precision Drilling Trust and has decided to stand by the previously announced merger with Basic Energy Services.

Grey Wolf, Basic Energy Reach Merger Agreement
Monday, April 21, 2008 Based upon closing prices for each company's common stock as of April 18, 2008, the estimated enterprise value of the combined company would be approximately $2.9 billion.

Grey Wolf Third Quarter Results
Monday, October 29, 2007 Grey Wolf reported net income of $35.6 million and revenues of $224 million for the third quarter of 2007.

Grey Wolf Acquires Two New Rigs for Work in the Rocky Mountains
Wednesday, September 26, 2007 Grey Wolf has entered into three-year term contracts with two exploration and production companies to deploy two new 1,500 horsepower built-for-purpose rigs.

Grey Wolf Reports 2Q07 Results
Thursday, August 02, 2007 Grey Wolf reported net income of $41.7 million for the three months ended June 30, 2007 compared with net income of $57.9 million for the second quarter of 2006.

Matrixx to Boost Stake in South La. Prospect
Tuesday, May 22, 2007 Matrixx Resource Holdings, Inc. has agreed to acquire an additional interest in the Clovelly oil and gas prospect in Lafourche Parish, La.

Century Issues Ops Update
Thursday, April 05, 2007 Century Petroleum Corp. on Thursday provided an update of its present operations.

Grey Wolf Reports Record Earnings
Monday, February 26, 2007 Grey Wolf, Inc. reported net income of $52.5 million, or $0.24 per share on a diluted basis, for the three months ended December 31, 2006, compared with net income of $38.2 million, or $0.17 per share on a diluted basis, for the fourth quarter 2005.

Grey Wolf Chief's Surgery a Success
Wednesday, February 07, 2007 Grey Wolf, Inc. said late Tuesday that Thomas P. Richards, the company's chairman, president, and chief executive officer, underwent successful heart bypass surgery.

Grey Wolf to Repurchase $100 Million in Stock
Friday, May 26, 2006 The Board of Directors of Grey Wolf have authorized the Company to repurchase from time to time up to $100 million of common stock in open market or in privately negotiated block-trade transactions.

Grey Wolf Sees Record First Quarter
Tuesday, May 02, 2006 Grey Wolf reported net income of $54.2 million, or $0.24 per share on a diluted basis, for the three months ended March 31, 2006 compared with net income of $23.0 million, or $0.10 per share on a diluted basis, for the first quarter of 2005.

Grey Wolf Rig Damaged by Fire
Friday, March 10, 2006 Grey Wolf reports that early this morning it experienced a fire on one of its drilling rigs. Rig 84, a 2,000 horsepower diesel electric rig, was drilling under a daywork contract in South Louisiana when the incident occurred.

Grey Wolf Reports Record Operating Results
Thursday, February 23, 2006 Grey Wolf reported net income of $38.2 million, or $0.17 per share on a diluted basis, for the three months ended December 31, 2005 compared with net income of $10.5 million, or $0.05 per share on a diluted basis, for the fourth quarter of 2004.

Grey Wolf Returns Rigs to Operating Status
Wednesday, September 28, 2005 Grey Wolf says operations were suspended on 40 of the Company's 108-marketed rigs in anticipation of the hurricane. The Company has returned to work 37 of these 40 rigs and expects minimal financial impact related to the hurricane on these rigs.

Grey Wolf Increases 2005 Capital Expenditure Program
Tuesday, September 20, 2005 The Board of Directors of Grey Wolf Exploration reports that as a result of the Company's recent drilling success, it has authorized a second increase in 2005 capital spending to a total of $32 million from the previously approved $25.0 million.

Grey Wolf Increases Credit Facility to $100 Million
Thursday, January 06, 2005 Grey Wolf has amended its credit facility with the existing lenders and a new lender in the facility increasing the amount that can be borrowed under the facility from $75 million to $100 million.

Grey Wolf Reports First Quarter 2004 Results
Tuesday, April 27, 2004 Grey Wolf reported a net loss of $6.4 million, or $0.04 per share on a diluted basis, for the three months ended March 31, 2004, compared with a net loss of $9.6 million, or $0.05 per share on a diluted basis, for the first quarter of 2003.

Grey Wolf Exercises Options for Senior Notes
Thursday, April 22, 2004 Grey Wolf reports that one of the initial purchasers in the Company's previously announced private offering of $100.0 million aggregate principal amount of floating rate contingent convertible senior notes due 2024 has exercised its full option to purchase an additional $25.0 million aggregate principal amount of the notes.

Grey Wolf Closes Acquisition of New Patriot Drilling
Wednesday, April 07, 2004 Grey Wolf has closed the previously announced acquisition of New Patriot Drilling Corp.

Grey Wolf Completes Private Offering
Thursday, April 01, 2004 Grey Wolf, Inc. has completed its previously announced private offering of $100.0 million aggregate principal amount of floating rate contingent convertible senior notes due 2024.

Grey Wolf Acquires New Patriot Drilling
Monday, March 08, 2004 Grey Wolf has agreed to acquire all of the outstanding stock and stock equivalents of New Patriot Drilling Corp. for $16.3 million in cash and 4,610,480 shares of Grey Wolf common stock.