Precision Drilling Trust
TSX : PD.UN
TSX : PD.U
NYSE : PDS

Precision Drilling Trust

October 12, 2006 22:30 ET

Precision Drilling Trust Hank Swartout to Become Executive Chairman Effective January 1, 2007

CALGARY, ALBERTA--(CCNMatthews - Oct. 12, 2006) - Precision Drilling Trust ("Precision") announces that its founder, Chairman and Chief Executive Officer Hank Swartout will relinquish his position as Chief Executive Officer and assume the role of Executive Chairman effective January 1, 2007.

As Executive Chairman, Mr. Swartout will continue to provide his strategic vision and guidance to the company that he grew into Canada's largest oilfield services trust. Mr. Swartout's duties as Chief Executive Officer will, effective January 1, 2007, be assumed by Precision's executive team including President and Chief Operating Officer Gene Stahl and Chief Financial Officer Doug Strong.

Today's announcement is a continuation of the transition process that began in September 2005 when Precision announced that after more than 20 years Mr. Swartout would relinquish his position as President.

"Over the last year it has become clear that we have a solid team in place to lead Precision into the future," Mr. Swartout said. "I will stay actively involved in overseeing Precision and the executive team. The vision for the future is in place and we are focused on building on our core values with Precision's key asset - our employees."

In anticipation of his change in role and in accordance with his personal estate plan, Mr. Swartout has sold and intends to continue to sell a number of his units of Precision Drilling Trust in accordance with applicable securities requirements. As reported in Precision's most recent Management Information Circular, Mr. Swartout beneficially owned or directed less than 2% of outstanding units.

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 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 & Chief Operating Officer of
    Precision Drilling Corporation, Administrator of the Trust
    (403) 716-4500
    (403) 264-0251 (FAX)
    or
    Doug Strong, Chief Financial Officer of
    Precision Drilling Corporation, Administrator of the Trust
    (403) 716-4500
    (403) 264-0251 (FAX)
    or
    Precision Drilling Trust
    4200, 150 - 6th Avenue S.W.
    Calgary, Alberta T2P 3Y7
    Website: www.precisiondrilling.com