Precision Drilling Corporation announces appointment of Executive Officers
26 Octobre 2005 - 8:28PM
PR Newswire (US)
CALGARY, Oct. 26 /PRNewswire-FirstCall/ -- As previously announced
on September 7, 2005, the Board of Directors of Precision Drilling
Corporation ("Precision") confirmed today that upon the effective
date of conversion to the proposed mutual fund trust structure,
Gene Stahl will be appointed to the position of Chief Operating
Officer and President of Precision, Doug Strong will be appointed
to the position of Chief Financial Officer of Precision and Darren
Ruhr will be appointed Vice President Corporate Services and
Corporate Secretary. Mr. Stahl has been employed with Precision for
the past nine years in a diverse mix of management roles, most
recently as Vice President, Rentals. Mr. Strong is a Chartered
Accountant with nearly twenty years of domestic and international
oilfield service industry experience and has been the Group
Controller for Precision's Canadian drilling business for the past
eight years. Mr. Ruhr has been employed with Precision for the past
eight years, most recently as Director, Information Technology,
Real Estate and Travel. Mr. Stahl is the son-in-law of Mr. Hank
Swartout, who is continuing as Chairman and Chief Executive
Officer. Upon consideration, the provisions of Precision's Code of
Business Conduct and Ethics (the "Code") concerning conflicts of
interest have been waived by the board of directors (the "Board")
of Precision in connection with the appointment of Mr. Stahl and
the ongoing reporting relationship that Mr. Stahl will have to Mr.
Swartout. In reaching their decision, the Board considered the
following factors with respect to Mr. Stahl: - Competence,
commitment and a broad range of experience demonstrated over nine
years of service with Precision; - Knowledge of customer base
across Precision's product lines; - Proven operating performance
with a track record of growth and profitability; and - Demonstrated
leadership skills. In dealing with the waiver of the Code, the
Board took into account the fact that Mr. Swartout is in a
transition role and the Board has implemented a policy whereby Mr.
Swartout is required to recuse himself from any discussions
regarding Mr. Stahl's terms of employment. Upon consideration of
these factors, the board of directors of Precision is satisfied
that a waiver of Precision's Code of Business Conduct and Ethics is
in the best interests of Precision. Precision is listed on the
Toronto Stock Exchange under the trading symbols "PD" and "PD.U"
and on the New York Stock Exchange under the trading symbol "PDS".
DATASOURCE: Precision Drilling Corporation CONTACT: Jan M.
Campbell, Corporate Secretary, 4200, 150 - 6th Avenue S.W.,
Calgary, Alberta, T2P 3Y7, Telephone: (403) 716-4500, Fax: (403)
264-0251, Website: http://www.precisiondrilling.com/; Archived
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