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Precision Drilling Corporation CEO Discusses Q3 2010 Results - Earnings Call Transcript

To capitalize on market opportunities Precision has increased its anticipated capital expenditures by $29 million to a total of $218 million for the full year of 2010. That's broken into $60 million planned for maintenance and infrastructure spending, $84 million for rig upgrades, $74 million for expansion capital spending and then there is an additional $82 million that will roll over into 2011 for expansion projects which was initiated in 2010. I want to comment briefly on conversion to IFRS as this has been previously disclosed the transition to IFRS as of January 1, 2011.

We are on schedule with the project and progressing well. There will be a number of changes which are primarily in non-cash to our financial statements once IFRS is implemented. As outlined in our press release, the largest impacts will be the following. Under IFRS 3 we intend to restate the December 2008 acquisition at Grey Wolf. This is expected to reduce Precision balance sheet by the amount of that the goodwill recorded on the acquisition of $465 million with an equivalent reduction in shareholders capital.

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