Grey Wolf Spurns Precision Drilling Trust, Sticks with Basic Energy

Grey Wolf, Inc. announced that its Board of Directors has carefully analyzed the previously-announced acquisition proposal from the Precision Drilling Trust after receiving advice from financial and legal advisors. Grey Wolf's Board of Directors has concluded that Precision's offer is not superior to Grey Wolf's pending merger with Basic Energy Services, Inc. Grey Wolf also confirmed that the previously-announced merger agreement between Grey Wolf and Basic has not been amended and remains in effect.