X0303 4 2009-01-01 0 0000759153 PARTICLE DRILLING TECHNOLOGIES INC/NV PDRT 0001304096 Greywolf Capital Management LP 4 MANHATTANVILLE ROAD, SUITE 201 PURCHASE NY 10577 0 0 1 1 Member of Group Owning 10% 0001267114 GREYWOLF CAPITAL PARTNERS II LP C/O GREYWOLF CAPITAL MANAGEMENT LP 4 MANHATTANVILLE ROAD, SUITE 201 PURCHASE NY 10577 0 0 1 1 Member of Group Owning 10% 0001272848 GREYWOLF CAPITAL OVERSEAS FUND C/O GREYWOLF CAPITAL MANAGEMENT LP 4 MANHATTANVILLE ROAD, SUITE 201 PURCHASE NY 10577 0 0 1 1 Member of Group Owning 10% 0001304265 Greywolf Advisors LLC C/O GREYWOLF CAPITAL MANAGEMENT LP 4 MANHATTANVILLE ROAD, SUITE 201 PURCHASE NY 10577 0 0 1 1 Member of Group Owning 10% 0001304271 Greywolf GP LLC C/O GREYWOLF CAPITAL MANAGEMENT LP 4 MANHATTANVILLE ROAD, SUITE 201 PURCHASE NY 10577 0 0 1 1 Member of Group Owning 10% 0001304264 Savitz Jonathan C/O GREYWOLF CAPITAL MANAGEMENT LP 4 MANHATTANVILLE ROAD, SUITE 201 PURCHASE NY 10577 0 0 1 1 Member of Group Owning 10% Common Stock, par value $0.001 per share 2009-01-01 4 J 0 132751 D 1096896 D Common Stock, par value $0.001 per share 2009-01-01 4 J 0 580273 D 1897042 D Common Stock, par value $0.001 per share 2009-01-01 4 J 0 1897042 D 0 D Common Stock, par value $0.001 per share 1096896 I See Footnotes Common Stock, par value $0.001 per share 2993938 I See Footnotes Common Stock, par value $0.001 per share 2993938 I See Footnotes Common Stock, par value $0.001 per share 2993938 I See Footnotes Warrant to Purchase Common Stock 3.25 2009-01-01 4 J 0 5021 D 2007-04-22 2011-10-19 Common Stock 5021 41479 D Warrant to Purchase Common Stock 3.25 2009-01-01 4 J 0 24244 D 2007-04-22 2011-10-19 Common Stock 24244 79256 D Warrant to Purchase Common Stock 3.25 2009-01-01 4 J 0 79256 D 2007-04-22 2011-10-19 Common Stock 79256 0 D Warrant to Purchase Common Stock 3.25 2007-04-22 2011-10-19 Common Stock 41479 41479 I See Footnotes Warrant to Purchase Common Stock 3.25 2007-04-22 2011-10-19 Common Stock 120735 120735 I See Footnotes Warrant to Purchase Common Stock 3.25 2007-04-22 2011-10-19 Common Stock 120735 120735 I See Footnotes Warrant to Purchase Common Stock 3.25 2007-04-22 2011-10-19 Common Stock 120735 120735 I See Footnotes The entities and individual identified in the footnotes of this Form 4 and certain affiliated entites that are filing a Form 3 on the same date as the filing of this Form 4 with respect to the securities described in this Form 4 (the "Greywolf SPVs Form 3") may be deemed members of a group holding equity securities of the Issuer. The filing of this Form 4 shall not be deemed an admission that such entities and individual are members of such group. The amount of securities shown in this row is owned directly by Greywolf Capital Partners II LP ("Greywolf Capital II"). The amount of securities shown in this row is owned directly by Greywolf Capital Overseas Fund ("Greywolf Overseas"). The amount of securities shown in this row is directly owned by Greywolf Capital II. As the general partner of Greywolf Capital II, Greywolf Advisors LLC (the "General Partner") may be deemed to be the beneficial owner of the Issuer's securities held by Greywolf Capital II. The General Partner hereby disclaims any beneficial ownership of any of the Issuer's securities reported herein for purposes of Section 16 under the Securities Exchange Act of 1934, as amended (the "'34 Act"), or otherwise, except as to securities representing its pro rata interest in, and interest in the profits of, Greywolf Capital II. The amount of securities shown in this row is directly owned by Greywolf Capital II and Greywolf Capital Overseas Master Fund ("Greywolf Master Overseas" and, together with Greywolf Capital II, the "Greywolf Funds"), which is a newly-organized Cayman Islands exempted company established as a master offshore investment fund for Greywolf Overseas. As the investment manager of the Greywolf Funds, Greywolf Capital Management LP (the "Investment Manager") may be deemed to be the beneficial owner of the Issuer's securities held by the Greywolf Funds. The Investment Manager hereby disclaims any beneficial ownership of any of the Issuer's securities reported herein for purposes of Section 16 under the '34 Act or otherwise, except to the extent of its pecuniary interest, if any. The amount of securities shown in this row is directly owned by the Greywolf Funds. As the general partner of the Investment Manager, Greywolf GP LLC (the "Investment Manager General Partner") may be deemed to be the beneficial owner of the Issuer's securities held by the Greywolf Funds. The Investment Manager General Partner hereby disclaims any beneficial ownership of any of the Issuer's securities reported herein for purposes of Section 16 under the '34 Act or otherwise, except as to securities representing its pro rata interest in, and interest in the profits of, the Investment Manager. The amount of securities shown in this row is directly owned by the Greywolf Funds. As the senior managing member of the General Partner and the sole managing member of the Investment Manager General Partner, Jonathan Savitz may be deemed to be the beneficial owner of the Issuer's securities held by the Greywolf Funds. Jonathan Savitz hereby disclaims any beneficial ownership of any of the Issuer's securities reported herein for purposes of Section 16 under the '34 Act or otherwise, except to the extent of his pecuniary interest, if any. The reporting person contributed the securities to GCP II SPV I, a newly-established Cayman Islands exempted company established to hold and sell assets, as part of the consideration in exchange for shares of GCP II SPV I received by the reporting person. The reporting person contributed the securities to GCOF SPV I, a newly-established Cayman Islands exempted company established to hold and sell assets, as part of the consideration in exchange for shares of GCOF SPV I received by the reporting person. The reporting person contributed the securities to Greywolf Master Overseas, as part of the consideration in exchange for shares of Greywolf Master Overseas received by the reporting person. For information regarding the total number of securities of the Issuer beneficially owned by certain affiliated entities, see the Greywolf SPVs Form 3. Subject to adjustment. /s/ Jonathan Savitz, for himself and as authorized signatory for each of the entities listed in footnotes (2) through (6). 2009-01-05 . 2009-01-05 . 2009-01-05 . 2009-01-05 . 2009-01-05 . 2009-01-05