Precision to Reapproach Grey Wolf

In response to inquiries, Precision Drilling Trust clarified for its unitholders that it will immediately reapproach the board of directors of Grey Wolf, Inc. with its June 24, 2008 US$10.00 per share proposal if the merger agreement with Basic Energy Services, Inc. is terminated.

Precision will await the outcome of the vote of the Grey Wolf shareholders on July 15, 2008 with interest. As previously disclosed, Precision is strongly of the view that its proposal is fully priced and fair to the Grey Wolf shareholders and provides a superior alternative to a merger with Basic.

Precision continues to firmly believe that the combination of Grey Wolf and Precision represents a highly compelling long-term value creation strategy for both Precision and Grey Wolf securityholders. In the absence of a determination by the board of directors of Grey Wolf that Precision's proposal is reasonably likely to result in a superior proposal to Grey Wolf's shareholders as compared to the alternative offered by the proposed merger with Basic, Precision is unable to engage Grey Wolf in negotiations and discussions in relation to its proposal as Grey Wolf is precluded from doing so under the terms of its merger agreement with Basic.