CALGARY, June 15 /CNW/ - Precision Drilling Corporation ("Precision")
announces that it is undertaking an examination of the available strategic
alternatives with respect to its Canadian contract drilling, service rig,
snubbing, rentals, and related services businesses, including determining the
viability and method of conversion to an income trust. Although the Board of
Directors has not made any decision with respect to any specific course of
action at this time, it has retained the appropriate accounting, financial,
legal and tax advisors to assist it in identifying and assessing issues
pertaining to a conversion to an income trust and to report back to the Board
of Directors as soon as reasonably possible. Any conversion alternatives
available to Precision will be subject to review by, and approval of the Board
of Directors and will also be subject to receipt of all required shareholder
and regulatory approvals.
In addition, Precision is examining strategic alternatives with respect
to its industrial and plant maintenance business.
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