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.
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