<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex-1form6k_104050.txt
<DESCRIPTION>EXHIBIT 1
<TEXT>
                                                                       EXHIBIT 1
                                                                       ---------


                         PRECISION DRILLING CORPORATION

                            NOTICE OF SPECIAL MEETING
                           TO BE HELD OCTOBER 31, 2005

    NOTICE IS HEREBY GIVEN that,  pursuant to an order (the "INTERIM  ORDER") of
the Court of Queen's  Bench of  Alberta  dated  September  29,  2005,  a special
meeting (the  "MEETING") of the holders of common shares  ("COMMON  SHARES") and
the holders of options to purchase Common Shares ("OPTIONS") (collectively,  the
"SECURITYHOLDERS") of Precision Drilling Corporation  ("PRECISION") will be held
at the Metropolitan Conference Centre, 333 -- 4th Avenue S.W., Calgary,  Alberta
on Monday,  October 31, 2005,  at 10:00 a.m.  (Calgary  time) for the  following
purposes:

        (a) to consider pursuant to the Interim Order and, if thought advisable,
    to pass, with or without variation,  a special resolution,  the full text of
    which is set forth in Appendix A to the  accompanying  Information  Circular
    dated  October  3, 2005 (the  "INFORMATION  CIRCULAR")  to approve a plan of
    arrangement   (the   "ARRANGEMENT")   under  section  193  of  the  BUSINESS
    CORPORATIONS ACT (Alberta) (the "ABCA"); and

        (b) to  transact  such  further and other  business  as may  properly be
    brought before the Meeting or any adjournment thereof.

Specific  details of the  matters to be put before the  Meeting are set forth in
the Information  Circular. A copy of the Arrangement Agreement in respect of the
Arrangement is attached as Appendix C to the Information Circular.

    The record date for  determination  of  Securityholders  entitled to receive
notice of and to vote at the Meeting is September 30, 2005. Only Securityholders
whose names have been entered in the respective  registers of Securityholders on
the close of  business  on that date and  holders  of Common  Shares or  Options
(collectively  "SECURITIES") issued by Precision after the record date and prior
to the  Meeting,  will  be  entitled  to  receive  notice  of and to vote at the
Meeting.

    Registered  Securityholders  have the right to dissent  with  respect to the
Arrangement and to be paid the fair value of their Securities in accordance with
the   provisions  of  section  191  of  the  ABCA  and  the  Interim   Order.  A
Securityholder's  right  to  dissent  is  more  particularly  described  in  the
Information Circular. FAILURE TO STRICTLY COMPLY WITH THE REQUIREMENTS SET FORTH
IN SECTION 191 OF THE ABCA, AS MODIFIED BY THE INTERIM ORDER,  MAY RESULT IN THE
LOSS OF ANY RIGHT OF DISSENT.

    A  SECURITYHOLDER  MAY ATTEND THE MEETING IN PERSON OR MAY BE REPRESENTED BY
PROXY.  SECURITYHOLDERS  WHO ARE UNABLE TO ATTEND THE MEETING OR ANY ADJOURNMENT
THEREOF IN PERSON ARE REQUESTED TO DATE, SIGN AND RETURN THE  ACCOMPANYING  FORM
OF PROXY  (WHITE FOR HOLDERS OF COMMON  SHARES AND GREEN FOR HOLDERS OF OPTIONS)
FOR USE AT THE MEETING OR ANY ADJOURNMENT THEREOF. TO BE EFFECTIVE, THE ENCLOSED
PROXY MUST BE RECEIVED BY COMPUTERSHARE  TRUST COMPANY OF CANADA, 100 UNIVERSITY
AVENUE,  TORONTO,  ONTARIO, M5J 2Y1 NOT LESS THAN 48 HOURS (EXCLUDING SATURDAYS,
SUNDAYS  AND  STATUTORY  HOLIDAYS)  PRIOR TO THE TIME SET FOR THE MEETING OR ANY
ADJOURNMENT THEREOF.

DATED at Calgary, Alberta, this 3rd day of October, 2005.

                                   BY ORDER OF THE BOARD OF DIRECTORS OF
                                   PRECISION DRILLING CORPORATION

                                   /s/ Hank B. Swartout

                                   Hank B. Swartout
                                   Chairman, President & Chief Executive Officer


</TEXT>
</DOCUMENT>
