10:06 AM EST - Precision Drilling Corporation : announced today that it has reached an agreement with the Canada Revenue Agency to resolve a tax reassessment made by the CRA and disputed by Precision. As previously disclosed in public filings, on February 9, 2011, Precision received a notice of reassessment from the CRA for federal tax and interest totaling $216 million relating to a transaction that occurred in the 2005 tax year. Precision objected to the reassessment and was required to pay $108 million toward the reassessed balance as part of the appeal process. Precision Drilling Corporation
shares T.PD are trading down $0.56 at $12.45.
