Precision Drilling Appoints Executive Officers
As previously announced on September 7, 2005, the Board of Directors of Precision Drilling Corporation ("Precision") confirmed today that upon the effective date of conversion to the proposed mutual fund trust structure, Gene Stahl will be appointed to the position of Chief Operating Officer and President of Precision, Doug Strong will be appointed to the position of Chief Financial Officer of Precision and Darren Ruhr will be appointed Vice President Corporate Services and Corporate Secretary. Mr. Stahl has been employed with Precision for the past nine years in a diverse mix of management roles, most recently as Vice President, Rentals. Mr. Strong is a Chartered Accountant with nearly twenty years of domestic and international oilfield service industry experience and has been the Group Controller for Precision's Canadian drilling business for the past eight years. Mr. Ruhr has been employed with Precision for the past eight years, most recently as Director, Information Technology, Real Estate and Travel.
Mr. Stahl is the son-in-law of Mr. Hank Swartout, who is continuing as Chairman and Chief Executive Officer.
Upon consideration, the provisions of Precision's Code of Business Conduct and Ethics (the "Code") concerning conflicts of interest have been waived by the board of directors (the "Board") of Precision in connection with the appointment of Mr. Stahl and the ongoing reporting relationship that Mr. Stahl will have to Mr. Swartout. In reaching their decision, the Board considered the following factors with respect to Mr. Stahl:
- Competence, commitment and a broad range of experience demonstrated over nine years of service with Precision; - Knowledge of customer base across Precision's product lines; - Proven operating performance with a track record of growth and profitability; and - Demonstrated leadership skills.
In dealing with the waiver of the Code, the Board took into account the fact that Mr. Swartout is in a transition role and the Board has implemented a policy whereby Mr. Swartout is required to recuse himself from any discussions regarding Mr. Stahl's terms of employment.
Upon consideration of these factors, the board of directors of Precision is satisfied that a waiver of Precision's Code of Business Conduct and Ethics is in the best interests of Precision.
Precision is listed on the Toronto Stock Exchange under the trading
symbols "PD" and "PD.U" and on the New York Stock Exchange under the trading symbol "PDS".
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