Precision Drilling Trust (the Trust or Precision) is engaged in land drilling in North America with drilling rigs operating in gas basin. The Company operates in two business segments: contract drilling services and completion and production services. Precision operated 374 land rigs, 229 service rigs and 100 camps along with catering, rental, snubbing and wastewater services. During the year ended December 31, 2008, Precision’s fleet consisted of 374 rigs with 220 in Canada, 151 in the United States, two in Mexico and one in Chile. On December 23, 2008, the Company acquired Grey Wolf, Inc. (Grey Wolf). Its subsidiaries include Grey Wolf Inc., Kenting Energy Services Inc., LRG Oilfield Services Ltd. McKenzie Caterers (1984) Ltd., Rostel Industries Ltd. and Columbia Oilfield Supply Ltd.