Precision Drilling Trust

Precision Drilling Trust

August 18, 2006 17:01 ET

Precision Drilling Trust Closes Acquisition of Oilfield Camp Wastewater Treatment Business

CALGARY, ALBERTA--(CCNMatthews - Aug. 18, 2006) - Precision Drilling Trust ("Precision" or the "Trust") announced today the closing of the acquisition of Terra Water Group Ltd. ("Terra Water"), a privately owned wastewater treatment business suited for oilfield camps and wellsite accommodation units. Terra Water will operate as a separate business unit within Precision's Completion and Production segment. Terra Water is an Alberta based company that operates 40 wastewater treatment units for the traditional drilling rig camp market in western Canada. The cash purchase price was funded from existing working capital and available credit facilities.

"The acquisition represents a nice tuck-in service to Precision's existing camp and wellsite unit rental businesses and will serve to further strengthen our diverse product offerings. Terra Water has quickly established itself as a leader in its market and we welcome the management and employees of Terra Water to the Precision family", stated Gene Stahl, President and Chief Operating Officer for Precision Drilling Corporation, Administrator of the Trust.

Precision Drilling Trust is Canada's largest energy services trust. Headquartered in Calgary, Alberta, Precision is 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 is listed on the Toronto Stock Exchange under the trading symbol "PD.UN" and in U.S. dollars "PD.U" and on the New York Stock Exchange under the trading symbol "PDS".

Contact Information

  • Gene Stahl
    President and Chief Operating Officer of
    Precision Drilling Corporation, Administrator of the Trust
    (403) 716-4500
    (403) 264-0251 (FAX)
    Precision Drilling Trust
    4200, 150 - 6th Avenue S.W.
    Calgary, Alberta, Canada T2P 3Y7