Precision Drilling completes conversion to income trust structure

Date Closed: 11/07/2005

Value: C$6.5 billion

On November 7, 2005, Precision Drilling Corp., a Calgary-based oil and gas drilling and service rig contractor, completed its conversion to an income trust structure by way of a plan of arrangement to become Precision Drilling Trust. Shareholders of Precision received, in exchange for each common share of Precision held: (i) one unit of the trust, (ii) .2089 common shares of Weatherford International Ltd. and (iii) $6.83 of cash, for total consideration of over $6.5 billion.

In connection with the conversion, Precision was represented by BLG, as corporate and securities counsel, with a team that included Brian Roberts, Robert Kopstein, Bill Sirett, Dan Kolibar, Gil Malfair, John Poetker, Britta Wagner and Anthony Rasoulis.