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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (14772)	1/12/1999 1:57:00 PM
From: Kerm Yerman	Read Replies (6) of 15196

SERVICE SECTOR / Precision Drilling Corporation - RBOP(TM) Patent Infringement Settled Calgary, Jan. 12 /CNW/ - Precision Drilling Corporation (''Precision'') announces that its subsidiary Inter-Tech Drilling Solutions, Inc. has reached an out of court settlement with Varco Shaffer, Inc. (''Shaffer'') in its Rotating Blowout Preventer (''RBOP(TM)'') patent infringement suit. Both parties have agreed that the terms of the settlement agreement shall remain confidential, however, it can be disclosed that Shaffer has acknowledged that certain RBOP(TM) patents are valid and enforceable. In addition, as part of the settlement, a patent license with a royalty provision has been issued to Shaffer. The RBOP(TM) is a proprietary rotary well control device which is used mainly in underbalanced drilling (''UBD''). UBD enables some wells to be drilled with minimal formation damage. Reducing this damage yields a more productive well. Precision is a world leader in underbalanced drilling providing RBOP(TM) surface separation equipment and engineering expertise to oil and gas operations globally in both the land and offshore markets. Precision Drilling Corporation is listed on The Toronto Stock Exchange under the ticker symbol PD and on the New York Stock Exchange under the ticker symbol PDS.

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