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Precision Drilling Confirms Support For Share Exchange Merger With Trinidad

Precision Drilling Corp. (PD.TO,PDS) confirmed its continued support for the strategic share exchange merger with Trinidad Drilling Ltd. (TDG.TO) on the basis of 0.445 of a Precision common share for each Trinidad common share. Precision Drilling said it strongly encourages Trinidad shareholders not to tender their Trinidad Shares to Ensign Energy Services Inc's. (ESI.TO) all cash take-over offer for all of the Trinidad Shares.

Precision's CEO Kevin Neveu said: "We remain committed to our offer and have had positive conversations about the combination's value creation potential with both Trinidad and Precision shareholders. The superior Precision Transaction offers Trinidad shareholders a clear path to realize significant value and to share in the combined company upside. Trinidad investors are not receiving appropriate value by selling to Ensign and exiting their investment now as they will be surrendering their unappreciated value to Ensign at a historically low price."

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