Filed by Precision Drilling Trust
Pursuant to Rule 425 under the Securities Act of 1933 and
deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934
Subject Company: Grey Wolf, Inc.
Commission File Number: 001-08226

The Agreement and Plan of Merger, dated August 24, 2008, for Precision Drilling Trust’s acquisition of Grey Wolf, Inc. was filed by Precision Drilling Trust under cover of Form 6-K today and is incorporated by reference into this filing.