UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): June 25, 2008 (June 24, 2008)

Grey Wolf, Inc.

(Exact name of registrant as specified in its charter)


Texas	1-8226	74-2144774
(State or Other Jurisdiction	(Commission File Number)	(IRS Employer Identification No.)
of Incorporation)


10370 Richmond Ave., Suite 600
Houston, TX		77042
(Address of principal executive offices)		(Zip Code)

(713) 435-6100
(Registrant’s telephone number, including area code)

(Not Applicable)
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Items.

On June 24, 2008, Grey Wolf, Inc. (“Grey Wolf”) received a third unsolicited written proposal from the Board of Trustees of Precision Drilling Trust (“Precision”), the first proposal being the subject of our Current Reports on Form 8-K filed on June 10, 2008 and June 12, 2008 and the second proposal being the subject of our Current Report on Form 8-K filed on June 19, 2008. The third Precision proposal is to acquire all of the common stock of Grey Wolf for total consideration of US$10.00 per share on a fully diluted basis, consisting of cash and trust units at the election of Grey Wolf’s shareholders, subject to proration so that the cash portion does not exceed 50% of the aggregate offer price. In accordance with its fiduciary duties, Grey Wolf’s Board of Directors will consider such proposal. A copy of the third Precision proposal is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Also on June 25, 2008, Grey Wolf issued a press release, which is attached hereto as Exhibit 99.2 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits:

	99.1		Proposal Letter from Precision Drilling Trust dated June 24, 2008

	99.2		Grey Wolf, Inc. Press Release dated June 25, 2008

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 25, 2008


	GREY WOLF, INC.
	/s/ David W. Wehlmann
	David W. Wehlmann,
	Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS


Exhibit Number		Description of Exhibit

99.1		Proposal Letter from Precision Drilling Trust dated June 24, 2008

99.2		Grey Wolf, Inc. Press Release dated June 25, 2008

GREY WOLF INC 8-K