CALGARY, Oct. 26 /CNW/ - 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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