Precision Drilling Corporation announces filing of a universal debt and equity shelf prospectus
10 Mai 2004 - 4:52PM
PR Newswire (US)
Precision Drilling Corporation announces filing of a universal debt
and equity shelf prospectus CALGARY, May 10 /PRNewswire-FirstCall/
-- Precision Drilling Corporation ("Precision") announced that it
has filed a Preliminary Base Shelf Prospectus with securities
regulators in each of the provinces of Canada and with the
Securities and Exchange Commission in the United States in respect
of US$1,000,000,000 of debt securities and common shares to be sold
in both Canada and the United States from time to time. Once
Precision's final Base Shelf Prospectus has been filed with
applicable securities regulators in Canada and the Securities and
Exchange Commission in the United States it is Precision's
intention to sell approximately up to US$240 million of common
shares under the Base Shelf Prospectus. Precision will use the net
proceeds from the sale of the common shares to partially finance
the previously announced acquisition of the land drilling business
assets of GlobalSanteFe Corporation and the acquisition of all of
the issued and outstanding shares of Reeves Oilfield Services
Limited, which proposed acquisition was announced earlier today. A
registration statement relating to these securities has been filed
with the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective. This news release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale
of these securities in any State in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such State. Certain statements
contained in this press release, including statements relating to
matters that are not historical facts and statements relating to
the intention to sell securities and the ultimate use of proceeds
are forward- looking statements, including under the U.S. Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks and uncertainties which
may cause the actual results, performances or achievements of
Precision to be materially different from any future results,
performances or achievements expressed or implied by such
forward-looking statements. Such factors include fluctuations in
the market for oil and gas and related products and services;
competition; the ability to successfully carry out its intentions;
political and economic conditions in countries in which Precision
does business; the demand for services provided by Precision;
changes in laws and regulations, including environmental, to which
Precision is subject and other factors which are described in
further detail in Precision's filings with the Securities and
Exchange Commission. Precision Drilling Corporation (TSX: PD and
PDU; NYSE: PDS) is a global oilfield services company providing a
broad range of drilling, production and evaluation services with
focus on fulfilling customer needs through fit-for- purpose
technologies for the maturing oilfields of the 21st century. With
corporate offices in Calgary, Alberta, Canada and Houston, Texas,
and research facilities in the U.S. and Europe, Precision employs
more than 10,000 people conducting operations in more than 30
countries. Precision is committed to providing efficient and safe
services to create value for our customers, our shareholders and
our employees. DATASOURCE: Precision Drilling Corporation CONTACT:
Hank B. Swartout, Chairman, President and Chief Executive Officer,
or Dale E. Tremblay, Senior Vice President Finance and Chief
Financial Officer, 4200, 150 - 6th Avenue S.W., Calgary, Alberta
T2P 3Y7, Telephone (403) 716-4500; Fax (403) 264-0251; website:
http://www.precisiondrilling.com/; Archived images on this
organization are available through CNW E-Pix at
http://www.newswire.ca/. Images are free to members of The Canadian
Press. To request a free copy of this organization's annual report,
please go to http://www.newswire.ca/ and click on reports@cnw.
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