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

~~PURSUANT~~ Date TOof ~~SECTION~~report 13(Date ORof ~~15(d)~~earliest OFevent ~~THE SECURITIES~~reported): ~~EXCHANGE~~July 8, ~~ACT~~2008 OF(July 8, ~~1934~~2008)

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
Texas (State or Other Jurisdiction of Incorporation)	1-8226 (Commission File Number)	74-2144774 (IRS Employer Identification No.)
(State or Other Jurisdiction	(Commission File Number)	(IRS Employer Identification No.)
10370 Richmond Ave., Suite 600
of Incorporation)
Houston, TX (Address of principal executive offices)		77042 (Zip Code)

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):

oþ 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))


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.

OnAdditional ~~June 24,~~information ~~2008,~~concerning the Grey Wolf, Inc. (“Grey Wolf”) ~~received~~and aBasic ~~third~~Energy ~~unsolicited written proposal~~Services, ~~from~~Inc. ~~the Board of Trustees of Precision Drilling Trust~~ (“~~Precision~~Basic Energy Services”), ~~the~~proposed ~~first~~merger ~~proposal being the subject of our Current Reports on Form 8-K filed on June 10, 2008~~ and ~~June 12,~~concerning ~~2008~~Grey ~~and~~Wolf’s ~~the~~consideration ~~second proposal being the subject~~ of ~~our Current Report on Form 8-K filed on June 19, 2008. The third~~ Precision ~~proposal~~Drilling isTrust’s proposal to acquire all of the common stock of Grey Wolf ~~for~~is ~~total~~attached hereto ~~consideration~~as ~~of US$10~~Exhibit 99.001 ~~per~~and ~~share~~is onincorporated aherein ~~fully~~by ~~diluted~~reference. ~~basis,~~These ~~consisting~~presentation ~~of cash and trust units at the election of~~materials ~~Grey~~contain ~~Wolf’s~~additional ~~shareholders,~~information ~~subject~~(pages to29 ~~proration~~through so36) ~~that~~from the ~~cash~~presentation ~~portion~~materials ~~does~~that ~~not exceed 50% of the~~were ~~aggregate~~filed ~~offer~~by ~~price. In accordance with its fiduciary duties,~~ Grey Wolf’s ~~Board~~on ofForm ~~Directors will~~8-K ~~consider~~on ~~such~~June 27, ~~proposal~~2008. ~~A copy of the third Precision proposal is attached hereto as Exhibit~~ ~~99.1 and is incorporated herein by reference.~~

~~Also~~On ~~on June~~July 258, 2008, Grey Wolf ~~issued~~will mail to certain Grey Wolf shareholders a ~~press~~letter ~~release,~~setting ~~which~~forth the reasons why those shareholders should vote in favor of the Grey Wolf/Basic Energy Services merger. A copy of the letter is attached hereto as Exhibit 99.2 and is incorporated herein by reference.


Item 9.01.		Financial Statements and Exhibits.

(d)

Exhibits:

	99.1		~~Proposal~~Presentation ~~Letter~~materials ~~from~~concerning ~~Precision~~the ~~Drilling~~Grey ~~Trust~~Wolf/Basic ~~dated~~Energy ~~June~~Services ~~24,~~proposed ~~2008~~merger and concerning Grey Wolf’s consideration of Precision Drilling Trust’s proposal
	99.2		~~Grey~~Letter ~~Wolf,~~to ~~Inc.~~certain ~~Press~~Grey ~~Release~~Wolf ~~dated June 25, 2008~~shareholders

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~~July 258, 2008

GREY WOLF, INC. /s/ ~~David~~Donald WJ. ~~Wehlmann~~Guedry, ~~David~~Jr. WDonald J. ~~Wehlmann~~Guedry, ~~Executive~~Jr., Vice President and ~~Chief Financial Officer~~Treasurer

INDEX TO EXHIBITS

Exhibit Number		~~Description of Exhibit~~	Description of Exhibit
~~99.1~~	99.1	~~Proposal Letter from Precision Drilling Trust dated June 24, 2008~~	Presentation materials concerning the Grey Wolf/Basic Energy Services proposed merger and concerning Grey Wolf’s consideration of Precision Drilling Trust’s proposal
~~99.2~~	99.2	~~Grey Wolf, Inc. Press Release dated June 25, 2008~~	Letter to certain Grey Wolf shareholders

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