Precision Drilling Corporation

Precision Drilling Corporation

March 05, 2015 17:17 ET

Precision Drilling Corporation Announces Supreme Court of Canada Denies Leave to Appeal Decision by the Ontario Court of Appeal

CALGARY, ALBERTA--(Marketwired - March 5, 2015) - Precision Drilling Corporation ("Precision") (TSX:PD)(NYSE:PDS) announced today that the Supreme Court of Canada denied the Ontario Minister of Revenue's application for leave to appeal the Ontario Court of Appeal decision dated August 7, 2014, in favour of Precision's wholly owned subsidiary Inter-Leasing, Inc. The decision concerned reassessments for Ontario income tax for Inter-Leasing, Inc's, 2001 through 2004 taxation years.

The decision by the Supreme Court of Canada brings this matter to an end. Precision will reflect the $55 million paid to the Ontario tax authorities in 2008, related to the reassessed taxation years, as a current receivable until this amount plus interest and costs is received from the Ontario Minister of Revenue.

About Precision

Precision is a leading provider of safe and High Performance, High Value services to the oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, directional drilling services, well service and snubbing rigs, coil tubing services, camps, rental equipment, and water treatment units backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto Stock Exchange under the trading symbol "PD" and on the New York Stock Exchange under the trading symbol "PDS".

Contact Information

  • Precision Drilling Corporation
    Carey Ford
    Vice President, Finance and Investor Relations
    403.716.4755 (FAX)