Precision Drilling Establishes Bridge Credit Facility

Precision Drilling Corp. completed the establishment of a $400 million bridge credit facility from the Royal Bank of Canada on May 18, 2004, to be used to complete the purchase of land-based drilling rigs and related assets and personnel from GlobalSantaFe Corp.

Precision was represented by William Guinan and Brian Roberts of Borden Ladner Gervais in Calgary. The Royal Bank of Canada was represented by Cal Johnson of Burnet, Duckworth & Palmer in Calgary.