Precision Drilling (PDS) 6-K Current report (foreign)

Exhibit 99.2

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)		March31, 2023			December31, 2022
ASSETS
Current assets:
Cash	$	41,619		$	21,587
Accounts receivable		437,258			413,925
Inventory		36,562			35,158
Total current assets		515,439			470,670
Non-current assets:
Income tax recoverable		695			1,602
Deferred tax assets		454			455
Right-of-use assets		59,493			60,032
Property, plant and equipment		2,280,492			2,303,338
Intangibles		18,550			19,575
Investments and other assets		16,276			20,451
Total non-current assets		2,375,960			2,405,453
Total assets	$	2,891,399		$	2,876,123
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	248,140		$	392,053
Income taxes payable		3,379			2,991
Current portion of lease obligations		12,787			12,698
Current portion of long-term debt (Note 5)		2,285			2,287
Total current liabilities		266,591			410,029
Non-current liabilities:
Share-based compensation (Note 7)		17,154			60,133
Provisions and other		7,518			7,538
Lease obligations		52,443			52,978
Long-term debt (Note 5)		1,161,626			1,085,970
Deferred tax liabilities		46,482			28,946
Total non-current liabilities		1,285,223			1,235,565
Shareholders’ equity:
Shareholders’ capital (Note 8)		2,313,746			2,299,533
Contributed surplus		73,035			72,555
Deficit		(1,205,443	)		(1,301,273	)
Accumulated other comprehensive income		158,247			159,714
Total shareholders’ equity		1,339,585			1,230,529
Total liabilities and shareholders’ equity	$	2,891,399		$	2,876,123

See accompanying notes to condensed interim consolidated financial statements.

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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

	Three Months Ended March31,
(Stated in thousands of Canadian dollars, except per share amounts)		2023			2022
Revenue (Note 3)	$	558,607		$	351,339
Expenses:
Operating		339,867			258,974
General and administrative		15,521			55,510
Earnings before income taxes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization		203,219			36,855
Depreciation and amortization		71,543			68,457
Gain on asset disposals		(9,276	)		(3,114	)
Foreign exchange		(483	)		(518	)
Finance charges (Note 6)		22,920			20,730
Loss (gain) on investments and other assets		4,230			(5,569	)
Earnings (loss) before income taxes		114,285			(43,131	)
Income taxes:
Current		841			970
Deferred		17,614			(257	)
		18,455			713
Net earnings (loss)	$	95,830		$	(43,844	)
Net earnings (loss) per share: (Note 9)
Basic	$	7.02		$	(3.25	)
Diluted	$	5.57		$	(3.25	)

See accompanying notes to condensed interim consolidated financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended March31,
(Stated in thousands of Canadian dollars)	2023			2022
Net earnings (loss)	$	95,830		$	(43,844	)
Unrealized loss on translation of assets and liabilities of operations denominated in foreign currency		(4,140	)		(16,971	)
Foreignexchangegain onnetinvestmenthedge withU.S.denominateddebt		2,673			12,768
Comprehensive income (loss)	$	94,363		$	(48,047	)

See accompanying notes to condensed interim consolidated financial statements.

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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended March31,
(Stated in thousands of Canadian dollars)		2023			2022
Cash provided by (used in):
Operations:
Net earnings (loss)	$	95,830		$	(43,844	)
Adjustments for:
Long-term compensation plans		(4,117	)		31,212
Depreciation and amortization		71,543			68,457
Gain on asset disposals		(9,276	)		(3,114	)
Foreign exchange		(502	)		(271	)
Finance charges		22,920			20,730
Income taxes		18,455			713
Loss (gain) on investments and other assets		4,230			(5,569	)
Income taxes paid		(171	)		(227	)
Interest paid		(39,375	)		(38,161	)
Interest received		116			29
Funds provided by operations		159,653			29,955
Changes in non-cash working capital balances		(131,297	)		(95,249	)
		28,356			(65,294	)
Investments:
Purchase of property, plant and equipment		(50,795	)		(36,402	)
Proceeds on sale of property, plant and equipment		7,765			2,847
Business acquisitions		(28,000	)		—
Purchase of investments and other assets		(55	)		—
Changes in non-cash working capital balances		(7,732	)		3,212
		(78,817	)		(30,343	)
Financing:
Issuance of long-term debt		139,049			88,124
Repayments of long-term debt		(61,344	)		(8,190	)
Repurchase of share capital		(4,993	)		—
Issuance of common shares on the exercise of options		—			1,396
Lease payments		(1,961	)		(1,567	)
		70,751			79,763
Effect of exchange rate changes on cash		(258	)		(612	)
Increase (decrease) in cash		20,032			(16,486	)
Cash, beginning of period		21,587			40,588
Cash, end of period	$	41,619		$	24,102

See accompanying notes to condensed interim consolidated financial statements.

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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(Stated in thousands of Canadian dollars)		Shareholders’ Capital			Contributed Surplus		Accumulated Other Comprehensive Income			Deficit			Total Equity
Balance at January 1, 2023	$	2,299,533		$	72,555	$	159,714		$	(1,301,273	)	$	1,230,529
Net earnings for the period		—			—		—			95,830			95,830
Other comprehensive loss for the period		—			—		(1,467	)		—			(1,467	)
Settlement of Executive Performance and Restricted Share Units		19,206			—		—			—			19,206
Share repurchases		(4,993	)		—		—			—			(4,993	)
Share-based compensation expense		—			480		—			—			480
Balance at March31, 2023	$	2,313,746		$	73,035	$	158,247		$	(1,205,443	)	$	1,339,585

(Stated in thousands of Canadian dollars)		Shareholders’ Capital		Contributed Surplus			Accumulated Other Comprehensive Income			Deficit			Total Equity
Balance at January 1, 2022	$	2,281,444	$	76,311		$	134,780		$	(1,266,980	)	$	1,225,555
Net loss for the period		—		—			—			(43,844	)		(43,844	)
Other comprehensive loss for the period		—		—			(4,203	)		—			(4,203	)
Share options exercised		1,970		(574	)		—			—			1,396
Settlement of Executive Performance Share Units		14,083		—			—			—			14,083
Share-based compensation reclassification		—		(219	)		—			—			(219	)
Share-based compensation expense		—		646			—			—			646
Balance at March31, 2022	$	2,297,497	$	76,164		$	130,577		$	(1,310,824	)	$	1,193,414

See accompanying notes to condensed interim consolidated financial statements.

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NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Tabular amounts are stated in thousands of Canadian dollars except share numbers and per share amounts)

NOTE 1. DESCRIPTION OF BUSINESS

Precision Drilling Corporation (Precision or the Corporation) is incorporated under the laws of the Province of Alberta, Canada and is a provider of contract drilling and completion and production services primarily to oil and natural gas and geothermal exploration and production companies in Canada, the United States and certain international locations.

NOTE 2. BASIS OF PRESENTATION

(a) Statement of Compliance

These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee.

The condensed interim consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Corporation as at and for the year ended December 31, 2022.

These condensed interim consolidated financial statements were prepared using accounting policies and methods of their application consistent with those used in the preparation of the Corporation’s consolidated annual financial statements for the year ended December 31, 2022.

These condensed interim consolidated financial statements were approved by the Board of Directors on April 25, 2023.

(b) Use of Estimates and Judgements

The preparation of the condensed interim consolidated financial statements requires management to make estimates and judgements that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingencies. These estimates and judgements are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The estimation of anticipated future events involves uncertainty and, consequently, the estimates used in preparation of the condensed interim consolidated financial statements may change as future events unfold, more experience is acquired, or the Corporation’s operating environment changes.

Significant estimates and judgements used in the preparation of these condensed interim consolidated financial statements remained unchanged from those disclosed in the Corporation’s consolidated annual financial statements for the year ended December 31, 2022.

NOTE 3. Revenue

(a) Disaggregation of revenue

The following table includes a reconciliation of disaggregated revenue by reportable segment. Revenue has been disaggregated by primary geographical market and type of service provided.

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Three Months Ended March31, 2023		Contract Drilling Services		Completion and Production Services		Corporate and Other		Inter- Segment Eliminations			Total
United States	$	254,138	$	4,077	$	—	$	(14	)	$	258,201
Canada		201,678		70,446		—		(1,978	)		270,146
International		30,260		—		—		—			30,260
	$	486,076	$	74,523	$	—	$	(1,992	)	$	558,607
Day rate/hourly services	$	473,665	$	74,523	$	—	$	(14	)	$	548,174
Shortfall payments/idle but contracted		883		—		—		—			883
Turnkey drilling services		8,988		—		—		—			8,988
Other		2,540		—		—		(1,978	)		562
	$	486,076	$	74,523	$	—	$	(1,992	)	$	558,607

Three Months Ended March31, 2022		Contract Drilling Services		Completion and Production Services		Corporate and Other		Inter- Segment Eliminations			Total
United States	$	141,265	$	4,038	$	—	$	(1	)	$	145,302
Canada		138,517		34,200		—		(1,043	)		171,674
International		34,363		—		—		—			34,363
	$	314,145	$	38,238	$	—	$	(1,044	)	$	351,339
Day rate/hourly services	$	298,050	$	38,238	$	—	$	(193	)	$	336,095
Turnkey drilling services		14,738		—		—		—			14,738
Other		1,357		—		—		(851	)		506
	$	314,145	$	38,238	$	—	$	(1,044	)	$	351,339

(b) Seasonality

Precision has operations that are carried on in Canada which represent approximately 48% (2022 - 49%) of consolidated revenue for the three months ended March 31, 2023 and 38% (2022 - 37%) of consolidated total assets as at March 31, 2023. The ability to move heavy equipment in Canadian oil and natural gas fields is dependent on weather conditions. As warm weather returns in the spring, the winter's frost comes out of the ground rendering many secondary roads incapable of supporting the weight of heavy equipment until they have thoroughly dried out. The duration of this “spring break-up” has a direct impact on Precision’s activity levels. In addition, many exploration and production areas in northern Canada are accessible only in winter months when the ground is frozen hard enough to support equipment. The timing of freeze up and spring break-up affects the ability to move equipment in and out of these areas. As a result, late March through May is traditionally Precision’s slowest time in this region.

NOTE 4. SEGMENTED INFORMATION

The Corporation has two reportable operating segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, oilfield equipment rental and camp and catering services. The Corporation provides services primarily in Canada, the United States and certain international locations.

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Three Months Ended March31, 2023		Contract Drilling Services			Completion and Production Services			Corporate and Other			Inter- Segment Eliminations			Total
Revenue	$	486,076		$	74,523		$	—		$	(1,992	)	$	558,607
Earnings before income taxes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization		189,123			17,406			(3,310	)		—			203,219
Depreciation and amortization		65,555			3,731			2,257			—			71,543
Gain on asset disposals		(8,580	)		(566	)		(130	)		—			(9,276	)
Total assets		2,570,030			187,913			133,456			—			2,891,399
Capital expenditures		48,824			1,783			188			—			50,795

Three Months Ended March31, 2022		Contract Drilling Services			Completion and Production Services			Corporate and Other			Inter- Segment Eliminations			Total
Revenue	$	314,145		$	38,238		$	—		$	(1,044	)	$	351,339
Earnings before income taxes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization		71,174			6,539			(40,858	)		—			36,855
Depreciation and amortization		62,653			3,350			2,454			—			68,457
Gain on asset disposals		(1,882	)		(1,170	)		(62	)		—			(3,114	)
Total assets		2,432,067			135,577			125,240			—			2,692,884
Capital expenditures		35,228			1,000			174			—			36,402

A reconciliation of total segment earnings before income taxes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization to net earnings (loss) is as follows:

	Three Months Ended March31,
		2023			2022
Total segment earnings before income taxes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization	$	203,219		$	36,855
Deduct:
Depreciation and amortization		71,543			68,457
Gain on asset disposals		(9,276	)		(3,114	)
Foreign exchange		(483	)		(518	)
Finance charges		22,920			20,730
Loss (gain) on investments and other assets		4,230			(5,569	)
Income taxes		18,455			713
Net earnings (loss)	$	95,830		$	(43,844	)

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NOTE 5. LONG-TERM DEBT

		U.S. Denominated Facilities					Canadian Facilities and Translated U.S. Facilities
			March31,			December31,		March31,			December31,
			2023			2022		2023			2022
Current Portion of Long-Term Debt
Canadian Real Estate Credit Facility	US	$	—	US	$	—	$	1,333		$	1,333
U.S. Real Estate Credit Facility			704			704		952			954
	US	$	704	US	$	704	$	2,285		$	2,287
Long-Term Debt
Senior Credit Facility	US	$	102,059	US	$	44,000	$	137,923		$	59,620
Canadian Real Estate Credit Facility			—			—		16,000			16,334
U.S. Real Estate Credit Facility			8,213			8,389		11,099			11,368
Unsecured Senior Notes:
7.125% senior notes due 2026			347,765			347,765		469,970			471,225
6.875% senior notes due 2029			400,000			400,000		540,560			542,004
	US	$	858,037	US	$	800,154		1,175,552			1,100,551
Less net unamortized debt issue costs and original issue discount								(13,926	)		(14,581	)
							$	1,161,626		$	1,085,970

		Senior Credit Facility			Unsecured Senior Notes			Canadian Real Estate Credit Facility			U.S. Real Estate Credit Facility			Debt Issue Costs and Original Issue Discount			Total
Current	$	—		$	—		$	1,333		$	954		$	—		$	2,287
Long-term		59,620			1,013,229			16,334			11,368			(14,581	)		1,085,970
December 31, 2022		59,620			1,013,229			17,667			12,322			(14,581	)		1,088,257
Changes from financing cash flows:
Proceeds from Senior Credit Facility		139,049			—			—			—			—			139,049
Repayment of Senior Credit Facility		(60,772	)		—			—			—			—			(60,772	)
Repayment of Real Estate Credit Facility		—			—			(334	)		(238	)		—			(572	)
		137,897			1,013,229			17,333			12,084			(14,581	)		1,165,962
Amortization of debt issue costs		—			—			—			—			655			655
Foreign exchange adjustment		26			(2,699	)		—			(33	)		—			(2,706	)
March31, 2023	$	137,923		$	1,010,530		$	17,333		$	12,051		$	(13,926	)	$	1,163,911
Current	$	—		$	—		$	1,333		$	952		$	—		$	2,285
Long-term		137,923			1,010,530			16,000			11,099			(13,926	)		1,161,626
March31, 2023	$	137,923		$	1,010,530		$	17,333		$	12,051		$	(13,926	)	$	1,163,911

At March 31, 2023, Precision was in compliance with the covenants of the Senior Credit Facility and Real Estate Credit Facilities.

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NOTE 6. FINANCE CHARGES

	Three Months Ended March31,
		2023			2022
Interest:
Long-term debt	$	21,213		$	19,161
Lease obligations		862			659
Other		155			85
Income		(104	)		(34	)
Amortization of debt issue costs, loan commitment fees and original issue discount		794			859
Finance charges	$	22,920		$	20,730

NOTE 7. SHARE-BASED COMPENSATION PLANS

Liability Classified Plans

		Restricted Share Units (a)			Performance Share Units (a)			Non-Management Directors’ DSUs (b)			Total
December31, 2022	$	38,190		$	100,858		$	12,297		$	151,345
Expensed during period		(30	)		(8,333	)		(3,732	)		(12,095	)
Settlement in shares		(2,102	)		(17,104	)		—			(19,206	)
Payments and redemptions		(26,409	)		(47,475	)		—			(73,884	)
Foreign exchange		111			188			—			299
March31, 2023	$	9,760		$	28,134		$	8,565		$	46,459
Current	$	7,997		$	21,308		$	—		$	29,305
Long-term		1,763			6,826			8,565			17,154
	$	9,760		$	28,134		$	8,565		$	46,459

(a) Restricted Share Units and Performance Share Units

A summary of the activity under the Restricted Share Unit (RSU) and the Performance Share Unit (PSU) plans are presented below:

	RSUs Outstanding		PSUs Outstanding
December31, 2022	495,168		1,136,671
Granted	65,257		121,350
Redeemed	(264,622	)	(431,598	)
Forfeited	(5,465	)	(7,400	)
March31, 2023	290,338		819,023

(b) Non-Management Directors – Deferred Share Units Plan

A summary of the activity under the non-management director Deferred Share Unit (DSU) plan is presented below:

	DSUs Outstanding
December31, 2022	118,774
Granted	4,565
March31, 2023	123,339

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Equity Settled Plans

(c) Executive Restricted Share Units Plan

Precision granted Executive RSUs to certain senior executives with the intention of settling them in voting shares of the Corporation either issued from treasury or purchased in the open market. Granted units vest annually over a three-year term.

	Executive RSUs Outstanding		Weighted Average Fair Value
December31, 2022	—	$	—
Granted	46,740		96.90
March31, 2023	46,740	$	96.90

The per unit weighted average fair value of the Executive RSUs granted during 2023 was $96.90 estimated on the grant date using a Black-Scholes option pricing model with the following assumptions: average risk-free interest rate of 4%, average expected life of two years, expected forfeiture rate of 5% and expected volatility of 68%. Included in net earnings (loss) for the quarter ended March 31, 2023 was an expense of $0.5 million (2022 – nil).

(d) Option Plan

A summary of the activity under the option plan is presented below:

Canadian share options	Outstanding		Range of Exercise Price				Weighted Average Exercise Price	Exercisable
December31, 2022 and March31, 2023	23,055	$	87.00	—	145.97	$	113.01	23,055

U.S. share options	Outstanding			Range of Exercise Price (US$)				Weighted Average Exercise Price (US$)	Exercisable
December31, 2022	141,748		$	51.20	—	111.47	$	84.84	141,748
Forfeited	(8,595	)		64.20	—	64.20		64.20
March31, 2023	133,153		$	51.20	—	111.47	$	86.17	133,153

(e) Non-Management Directors – Deferred Share Unit Plan

As at March 31, 2023, there were 1,470 (2022 – 1,470) deferred share units outstanding.

NOTE 8. SHAREHOLDERS’ CAPITAL

Common shares	Number		Amount
December 31, 2022	13,558,525		2,299,533
Settlement of PSUs and RSUs	230,336		19,206
Share repurchases	(67,073	)	(4,993	)
March31, 2023	13,721,788		2,313,746

NOTE 9. PER SHARE AMOUNTS

The following tables reconcile net earnings (loss) and weighted average shares outstanding used in computing basic and diluted net earnings (loss) per share:

	Three Months Ended March31,
		2023			2022
Net earnings (loss) - basic	$	95,830		$	(43,844	)
Effect of share options and other equity compensation plans		(13,244	)		—
Net earnings (loss) - diluted	$	82,586		$	(43,844	)

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	Three Months Ended March31,
(Stated in thousands)		2023	2022
Weighted average shares outstanding – basic		13,648	13,479
Effect of share options and other equity compensation plans		1,191	—
Weighted average shares outstanding – diluted		14,839	13,479

NOTE 10. FAIR VALUES OF FINANCIAL INSTRUMENTS

The carrying values of cash, accounts receivable, and accounts payable and accrued liabilities approximates their fair value due to the relatively short period to maturity of the instruments. At the end of each reporting period, investments and other assets are measured at their estimated fair value, with changes in fair value recognized in profit or loss. Amounts drawn on the Senior Credit Facility and the Canadian and U.S. Real Estate Credit Facilities are measured at amortized cost and approximate fair value as this indebtedness is subject to floating rates of interest. The fair value of the unsecured senior notes at March 31, 2023 was approximately $964 million (December 31, 2022 – $965 million).

Financial assets and liabilities recorded or disclosed at fair value in the consolidated statement of financial position are categorized based upon the level of judgement associated with the inputs used to measure their fair value. Hierarchical levels are based on the amount of subjectivity associated with the inputs in the fair value determination and are as follows:

Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level III—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

The estimated fair value of unsecured senior notes is based on level II inputs. The fair value is estimated considering the risk-free interest rates on government debt instruments of similar maturities, adjusted for estimated credit risk, industry risk and market risk premiums.

NOTE 11. BUSINESS COMBINATIONS

On July 27, 2022, Precision acquired the well servicing business and associated rental assets of High Arctic Energy Services Inc. for consideration of $38 million. On the date of acquisition, Precision made a $10 million cash payment. The remaining balance of $28 million was paid during the first quarter of 2023.

NOTE 12. INVESTMENTS AND OTHER ASSETS

Subsequent to March 31, 2023, Precision committed to a $5 million equity investment in CleanDesign Income Corp. (CleanDesign), a key supplier of Precision’s EverGreen™ Battery Energy Storage Systems (BESS). The investment provides Precision with key BESS and power management technologies and is aligned with the Company’s overall emissions reduction strategy.

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SHAREHOLDER INFORMATION   STOCK EXCHANGE LISTINGS  Shares of Precision Drilling Corporation are listed on the Toronto Stock Exchange under the trading symbol PD and on the New York Stock Exchange under the trading symbol PDS.   TRANSFER AGENT AND REGISTRAR Computershare Trust Company of Canada Calgary, Alberta   TRANSFER POINT Computershare Trust Company NA Canton, Massachusetts   Q1 2023 TRADING PROFILE Toronto (TSX: PD) High: $116.60 Low: $61.79 Close: $69.45 Volume Traded: 7,910,252   New York (NYSE: PDS) High: US$86.94 Low: US$44.92 Close: US$51.42 Volume Traded: 4,662,200   ACCOUNT QUESTIONS Precision’s Transfer Agent can help you with a variety of shareholder related services, including: •  change of address •  lost unit certificates •  transfer of shares to another person •  estate settlement   Computershare Trust Company of Canada 100 University Avenue 9th Floor, North Tower Toronto, Ontario M5J 2Y1 Canada   1-800-564-6253 (toll free in Canada and the United States) 1-514-982-7555 (international direct dialing) Email: service@computershare.com   ONLINE INFORMATION To receive news releases by email, or to view this interim report online, please visit Precision’s website at www.precisiondrilling.com and refer to the Investor Relations section. Additional information relating to Precision, including the Annual Information Form, Annual Report and Management Information Circular has been filed with SEDAR and is available at www.sedar.com and on the EDGAR website www.sec.gov CORPORATE INFORMATION   DIRECTORS Michael R. Culbert William T. Donovan Brian J. Gibson Steven W. Krablin Susan M. MacKenzie Lori A. Lancaster Kevin O. Meyers Kevin A. Neveu David W. Williams   OFFICERS Kevin A. Neveu President and Chief Executive Officer   Veronica H. Foley Chief Legal & Compliance Officer   Carey T. Ford Chief Financial Officer   Shuja U. Goraya Chief Technology Officer   Darren J. Ruhr Chief Administrative Officer   Gene C. Stahl President, North American Drilling   AUDITORS KPMG LLP Calgary, Alberta   HEAD OFFICE Suite 800, 525 8th Avenue SW Calgary, Alberta, T2P 1G1 Canada Telephone: 403-716-4500 Facsimile: 403-264-0251 Email: info@precisiondrilling.com www.precisiondrilling.com

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