Underwriting AgreementUnderwriting Agreement • February 10th, 2009 • Precision Drilling Trust • Drilling oil & gas wells • Alberta
RBC Dominion Securities Inc. and Deutsche Bank Securities Inc., as co-lead underwriters (the "Co-Lead Underwriters”), and TD Securities Inc., HSBC Securities (Canada) Inc., Cormark Securities Inc., FirstEnergy Capital Corp. and Tristone Capital Inc. (together with the Co-Lead Underwriters, the “Underwriters” and each an “Underwriter”) understand that Precision Drilling Trust (the "Trust”) proposes to issue and sell 46,000,000 Trust Units (as hereinafter defined) (the “Firm Securities”). Upon the terms and subject to the conditions contained herein, the Underwriters hereby severally, but not jointly, agree to purchase from the Trust, in the respective percentages provided for in Article 14 hereof, and by its acceptance hereof the Trust agrees to sell to the Underwriters, at the Closing Time (as hereinafter defined), all but not less than all, of the Firm Securities at a price of U.S.$3.75 per Firm Security (the “Offering Price”), being an aggregate purchase price of U.S.$172,500,000.00.
