Government Grants Early Termination of HSR for Grey Wolf, Precision

Precision Drilling Trust and Grey Wolf, Inc. have 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 Hart-Scott-Rodino ("HSR") waiting period, effective September 26, 2008.

Termination of the HSR waiting period satisfies one of the conditions to completion of the merger between Precision and Grey Wolf. Completion of the merger is also subject to approval of the merger agreement by Grey Wolf shareholders, receipt of other regulatory approvals and satisfaction of other closing conditions set forth in the merger agreement.