Precision, Grey Wolf Set Merger Consideration Election Deadline

Precision Drilling Trust and Grey Wolf have announced the deadline for merger consideration elections in connection with Precision's proposed acquisition of Grey Wolf. Grey Wolf shareholders wishing to make an election or amend their election regarding the consideration they would like to receive for their shares of Grey Wolf common stock must deliver to Computershare Trust Company, N.A, the exchange agent, a properly completed letter of transmittal and form of election by 5:00 p.m. CST on Friday, December 19, 2008, the election deadline. Each share of Grey Wolf common stock will be converted, at the holder's option, into $9.02 in cash or 0.4225 of a Precision trust unit, subject to proration, as described in the proxy materials previously sent to Grey Wolf shareholders.

Grey Wolf shareholders who do not properly deliver the letter of transmittal and election form to Computershare Trust Company, N.A at the address specified in those documents prior to the election deadline will forfeit the right to select the form of consideration they would like to receive. If the merger is completed, such non-electing shareholders will be allocated Precision trust units and/or cash in accordance with the formulae of the merger agreement which are dependent upon all elections of other holders of Grey Wolf common stock. Completion of the merger is subject to customary closing conditions, as well as the approval of Grey Wolf shareholders at the special meeting. Closing of the merger is expected to occur promptly after the special meeting of Grey Wolf shareholders on December 23, 2008.