Item 8.01. Other Events.
On December 15, 2008, Precision Drilling Trust ("Precision") and Grey Wolf, Inc. ("Grey Wolf") issued a joint press release announcing that the election deadline for Grey Wolf shareholders to elect the form of consideration they will receive will be 5:00 p.m. CST on December 19, 2008. Precision and Grey Wolf also reaffirmed that December 23, 2008 is the anticipated closing date for the proposed merger.
A copy of the joint press release is attached as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. Exhibit Number Description of Exhibit 99.1 Joint Press Release dated December 15, 2008

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