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Covington Advises UBS on $2 Billion Grey Wolf Acquisition

8/25/2008

NEW YORK, NY, August 25, 2008 — Grey Wolf, Inc., a US drilling company, and Precision Drilling Trust, a Canadian oil and natural gas drilling company, today announced an agreement to which Precision will acquire Grey Wolf for about $2 billion in cash and stock. Covington & Burling LLP advised UBS Investment Bank, financial advisor to Grey Wolf, on the transaction.

Grey Wolf is a leading provider of turnkey and contract oil and gas land drilling services in the United States. Precision Drilling Trust is a leading provider of safe, high performance energy services to the North American oil and gas industry. UBS provides investment banking and securities, wealth management, asset management, and retail and corporate banking services worldwide.

The Covington team was led by corporate partner J. D. Weinberg and included associates Frank London and Russell Valdez. All are resident in the firm’s New York office.

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