Precision still committed to Grey Wolf deal - CEO

(In U.S. dollars)

CALGARY, Alberta, Oct 23 (Reuters) - Precision Drilling Trust (PD_u.TO) is committed to closing its $2 billion takeover of Grey Wolf Inc GW.A by year-end despite the credit crunch and falling oil prices, Precision Chief Executive Kevin Neveu said on Thursday.

Neveu told analysts that Precision, Canada's biggest drilling contractor, has solid financing for the deal and that the strategic rationale remains valid.

"From our first conversations as early as February last year through the basic process, it's been strategic," he said. "Our mid- to long-term view on North American natural gas drilling hasn't changed. There's no question there's short-term uncertainty, but this is a deal for strategic reasons, it's got great value for us ... we're continuing to close the deal." (Reporting by Jeffrey Jones; editing by Rob Wilson)