Precision Drilling buys Grey Wolf

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Grey Wolf Inc, will be purchased by Precision Drilling Trust of Canada. Grey Wolf Inc has been a rival of Precison Drilling Trust, and now the two companies will merge, and create one of the largest oil and gas rig operations in North America. An announcement was made that just one month earlier share holders of Grey Wolf Inc, turned down the purchase of Basic Energy Services Inc.
Precision Drilling is the largest gas and oil driller in Canada and for five dollars per share in cash and 0.1883 issued precision trust units per common share of Grey Wolf. Grey Wolf is Houston based. Back in June Precision Drilling made the first unsolicited bid for Grey Wolf. In an announcement both companies made an agreement that shareholders of Grey Wolf will own twenty five percent of the merged companies, along with three American company directors to be added to the board at Percisions.
Once these companies merge their fleet will consist of 229 service rigs, over 370 drilling rigs, and will also provide catering and camp, rig manufacturing and repair, a turnkey drilling business. Financial results through the month of June base that the merged companies recieve annual revenue of more than one billion dollars.

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Hopefully this merger will allow the U.S. and Canada to obtain more oil for less money in the future. I'm sure Canada could use the help as well as us. Also at least this company isn't going to another country, as so many others have in the past, taking our jobs away.

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I believe this will be very helpful in the costs of fuel for both us and Canada. It is also nice that all these jobs wont be going over seas to another country. This merger will hopefully have a real positive impact on our economy.