Weatherford Acquires Precision Drilling's Energy Services and International Contract Drilling Divisions

On August 31, 2005, Weatherford International Ltd. of Houston, Texas completed its acquisition of Precision Drilling Corp.'s Energy Services Division and International Contract Drilling Division. The purchase price of US$2.7 billion (based on current share values and exchange rates) was payable in cash and Weatherford's common shares.

Weatherford is one of the largest global providers of technology and services to the drilling and production sectors of the oil and gas industry. The acquisition of Precision's Energy Services Division and International Contract Drilling Division strengthens Weatherford's cased hole wireline and underbalanced product lines and significantly expands its open hole wireline and directional capabilities.

The Weatherford legal team consisted of Burt Martin, general counsel, Joe Henry and Scott Brown; Andrews Kurth LLP as US counsel, with a team that included Bob Jewell, Mark Young, Donna Kim and Robin Brice; and Fraser Milner Casgrain LLP as Canadian counsel, with a team that included Rich Miller, Colleen Cebuliak, Fausto Franceschi, Don Kowalenko, Carman McNary, Tracey Patel, Jeff Read, Robert Roth, Leah Tolton, Barry Zalmanowitz, Dana Bissoondatt, Jennifer Dezell, Kevin Dooley, Brent Epp, Cory Fries, Geoffrey Macleod, Irene Ludwig, Chima Nkemdirim, Don Sommerfeldt and Dave Loader.

Precision was represented by Bob Gray, Josh Westerman and Scott Perlman at Mayer, Brown, Rowe & Maw LLP as US counsel. Precision was also represented by its Canadian counsel Borden Ladner Gervais LLP in Calgary with a team led by Brian Roberts that included Gil Malfair, Britta Wagner and Melissa Smith (commercial and securities), Colin McDonald (competition and Investment Canada) and Stuart Blyth and Ryan Smith (real estate); and by its Canadian tax counsel Felesky Flynn LLP in Calgary with a team led by F. Brent Perry, Q.C., that included John Burghardt and Brett Anderson.