Precision Drilling Trust

Precision Drilling Trust

May 08, 2007 07:00 ET

Hank Swartout Executive Chairman of Precision Drilling Corporation Announces Retirement

CALGARY, ALBERTA--(CCNMatthews - May 8, 2007) - Hank Swartout, Executive Chairman of Precision Drilling Corporation ("Precision" or the "Company"), Administrator of Precision Drilling Trust, has announced that he intends to retire as Executive Chairman and as a Director of Precision later this year.

The Board of Directors of Precision (the "Board") announces that Mr. Swartout's retirement is a continuation of a mutual transition and succession plan. The Board has embarked on a process to recruit a Chief Executive Officer ("CEO") and Mr. Swartout has indicated that he will stay on as Executive Chairman during the interim period until a CEO has been appointed. Mr. Gene Stahl, President and Chief Operating Officer of Precision, has advised that he will not be putting his name forward as a candidate for the CEO position. Mr. Stahl will continue on in his current role and is fully supportive of the search process. At the time of Mr. Swartout's retirement, it is intended that the Board will appoint an independent Chairman.

"Under Hank's leadership, Precision has grown from being a small operator with three drilling rigs to become the largest oilfield service provider in Canada. His contributions to both the Company and the industry have been significant and his vision, guidance and leadership have led Precision to become a true Canadian success story," said Robert Phillips, Precision's Lead Director, speaking on behalf of the Board. "We would like to thank Hank for his many years of dedicated service and the time he has given us to transition Company leadership. We expect the process to be seamless for our employees, customers and unitholders."

Precision Drilling Trust is Canada's largest energy services trust and the leading provider of energy services to the Canadian oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, service rigs, camps, snubbing units, wastewater treatment units and rental equipment backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision Drilling Trust is listed on the Toronto Stock Exchange under the trading symbol "PD.UN" and on the New York Stock Exchange under the trading symbol "PDS".

Contact Information

  • Darren Ruhr, Vice President, Corporate Services
    and Corporate Secretary of Precision Drilling Corporation,
    Administrator of Precision Drilling Trust
    (403) 716-4500
    (403) 264-0251 (FAX)
    Precision Drilling Trust
    4200, 150 - 6th Avenue S.W.
    Calgary, Alberta T2P 3Y7