<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex-1form6k_q106.txt
<DESCRIPTION>EXHIBIT 1
<TEXT>

                                                                     EXHIBIT 1
                                                                     ---------

[GRAPHIC OMITTED --
 LOGO -- PRECISION DRILLING CORPORATION]
 ---------------------------------------


Calgary, Alberta, Canada - April 26, 2006
(Canadian dollars)

             PRECISION DRILLING TRUST REPORTS RECORD FIRST QUARTER
         RESULTS AND ANNOUNCES EXPANSION PLANS FOR THE UNITED STATES

Precision  Drilling  Trust  ("Precision"  or the "Trust") today reports record
results  for the  first  quarter  ended  March 31,  2006  from its  continuing
operations in Canada and the first full reporting  quarter as an income trust.
Precision is also announcing plans to expand contract drilling operations into
the United States.

Earnings from  continuing  operations in the first quarter of 2006 were $224.2
million  compared  to $88.3  million  for the  comparable  quarter in 2005 and
$120.9  million  in  the  quarter  ended  December  31,  2005.  Earnings  from
continuing  operations increased by $1.08 per diluted unit or 152% to $1.79 in
the  first  quarter  of 2006  compared  to  $0.71  in 2005.  The  increase  is
attributable to a number of factors  including  exceptionally  strong customer
demand,  favourable  weather  conditions and a lower effective tax rate due to
Precision's  conversion  to  an  income  trust.  Significant  year  over  year
increases  in equipment  activity  and pricing for both the Contract  Drilling
Services and Completion and Production Services segments resulted in increased
earnings per diluted unit of $0.50 in the first quarter of 2006,  which is 70%
higher than the comparable quarter in 2005. The lower effective tax rate added
$0.58 per diluted unit in the current quarter.

Precision had a very successful first quarter in 2006 as sequential  quarterly
momentum associated with high oil and natural gas commodity prices realized in
2005 carried over into the current year. During the first quarter of 2006, oil
prices  remained strong while North American Henry Hub natural gas spot prices
ranged  from a high of  US$10.05  per  Mmbtu to a low of  US$6.50  per  Mmbtu.
Despite  the   softening  of  natural  gas  prices,   customers   continue  to
aggressively  pursue their drilling and well servicing  programs and Precision
expects to return to high seasonal  activity levels once second quarter spring
breakup runs its course and road bans are lifted.

Precision  is pleased to  announce  its  strategic  expansion  into the United
States drilling market. "The U.S. market offers an opportunity for higher year
round utilization and strong customer demand," said Gene Stahl,  President and
Chief Operating Officer.  "More  importantly,  there is a strong technical fit
for  Precision's  equipment and expertise in some key drilling  markets in the
U.S.  and we feel the time is right for  Precision  to take  advantage of this
opportunity."  Precision will initially  provide one Super Single(R) rig under
contract  to a  customer  in the second  quarter  of 2006 and will  commission
construction of an additional five rigs to be delivered over the next 12 to 18
months.  Another five rigs will be built in  anticipation  of demand from this
market  for  completion  by the  second  quarter  of 2008.  "We  believe  this
initiative  will serve as an initial  platform for growth in the United



4200, 150 - 6th Avenue S.W.
Calgary, Alberta, Canada T2P 3Y7
Telephone: 403.716.4500
Facsimile:  403.264.0251
WWW.PRECISIONDRILLING.COM
<PAGE>

States market and represents an opportunity  for Precision to demonstrate  its
capabilities," added Stahl. These new U.S. rigs will be rated to approximately
3,200  metres  (10,000  feet)  and  will  represent  the  next  generation  of
Precision's Super Single(R). Based on current planning and rig specifications,
Precision is expecting these  initiatives to require  capital  expenditures of
approximately $115 million with an estimated 25% of this amount to be incurred
during 2006.

The first quarter of 2006 is highlighted by numerous operational and financial
developments, including:

o    In its  first  full  quarter  as an  income  trust,  Precision  announced
     distributions  to  unitholders  of $0.27 per month per unit for aggregate
     cash distributions declared of $101.6 million or $0.81 per unit;

o    Long-term  debt  increased by $127.8 million during the quarter to $224.6
     million as at March 31,  2006.  The increase is  associated  with funding
     requirements for payment of prior year income taxes payable;

o    Working capital  increased by $234.9 million during the quarter to $387.7
     million as at March 31, 2006 as record activity in the quarter  increased
     accounts receivable to $597.1 million, further strengthening  Precision's
     positive net debt position;

o    Rig  delivery  under our planned  fleet  expansion  program of 19 rigs is
     proceeding on schedule.  Two Super  Single(R)  rigs were delivered in the
     fourth  quarter of 2005.  In the first  quarter of 2006,  three rigs were
     commissioned:  one 4,000 metre  electric  triple and two Super  Single(R)
     rigs.  The  remaining  14 rigs - six  electric  triple  and  eight  Super
     Single(R)  rigs - are  expected to be  completed at a steady pace through
     the first quarter of 2007; and

o    An additional four rigs are being built for customers in Canada.  Two new
     Super  Singles(R)  have been  contracted  with  delivery  expected in the
     second quarter of 2007 and two 4,000 metre electric triple rigs have been
     contracted  and are under  construction,  with  delivery  expected in the
     fourth quarter of 2006.

The previously  announced $285 million  capital  expenditure  program has been
increased by an estimated $145 million for U.S.  expansion and construction of
additional  rigs for the  Canadian  market.  The revised  capital  expenditure
program is  estimated  to be $430  million,  with $330  million to be incurred
during 2006 and the remaining  $100 million over the following 18 months.  For
the current  year,  sustaining  capital  expenditures  to upgrade and maintain
Precision's existing equipment and infrastructure  remain at an estimated $120
million. Upon completion of the expansion program in 2008, Precision will have
increased  its drilling rig fleet to 261,  with 250 rigs  operating in western
Canada and 11 in the United  States.  This  represents a 13% increase over the
year end 2005 fleet total of 230 rigs.

With  Precision's  conversion  to an  income  trust on  November  7,  2005 and
consistent with the December 31, 2005 year end financial statement  reporting,
Precision  Drilling Trust, as the successor in interest to Precision  Drilling
Corporation, has been accounted for as a continuity of interest.  Accordingly,
the consolidated financial statements of Precision for the first quarter ended
March 31,

<PAGE>

2006 and  comparables  for the  quarter  ended  March  31,  2005  reflect  the
financial  position,  results of operations and cash flows as if Precision had
always  carried on the  business  formerly  carried on by  Precision  Drilling
Corporation.

RESULTS OF CONTINUING OPERATIONS

Revenue of $536.4  million and  operating  earnings  of $245.9  million in the
first  quarter  of 2006  represented  increases  of 40%  and 61%  respectively
compared to the same period for 2005. The increases are  attributable  to very
strong industry demand  resulting in higher  equipment  utilization and higher
pricing.  For the third  successive  quarter,  all  business  units  performed
exceptionally well and contributed to record quarterly  results.  The variable
per day and per hour  operating  cost  escalations  remained  well  contained,
within a 5%  increase  year over year.  As a  percentage  of  revenue,  strong
pricing  increased  operating  earnings margins to 46% in the first quarter of
2006 versus 40% for the first quarter of 2005.  The  Completion and Production
Services segment improved  considerably in each of its well servicing,  rental
and snubbing businesses.  Well servicing in particular showed strength with an
hourly revenue rate increase of 22%.

Precision's  continuing operations are reported in two segments.  The Contract
Drilling  Services  segment  contains  the  contract  drilling  rig,  camp and
catering,  oilfield supply,  and manufacturing  divisions.  The Completion and
Production  Services  segment  contains the service  rig,  snubbing and rental
divisions.

<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
                                                             2006      2005     % Change
-----------------------------------------------------------------------------------------
<S>                                                       <C>       <C>             <C>
Contract Drilling Services:
    Number of drilling rigs (end of period)                   233       229          1.7
    Drilling operating days (excluding move days)          16,694    13,999         19.3
    Drilling revenue per operating day                    $20,886   $18,545         12.6
    Drilling rig operating day utilization                    80%       68%

Completion and Productions Services:
    Number of service rigs (end of period)                    237       239         (0.8)
    Service rig operating hours                           165,591   139,674         18.6
    Service revenue per operating hour                       $732      $600         22.0
    Service rig operating hour utilization                    77%       65%
=========================================================================================
</TABLE>

Exceptional  first quarter earnings were the result of unprecedented  industry
rig  demand  and near  perfect  weather  conditions  for  Precision's  service
offerings.  The increase in activity for  Precision's  equipment was in direct
correlation to the rise in industry activity. In Canada, industry drilling rig
operating  days  increased  by  approximately  23% to  55,974,  industry  well
completions  increased  by 21% to 6,178  wells  and the  available  rig  count
increased by 9% to approximately  779. For Precision,  drilling operating days
and service rig operating  hours in the first quarter of 2006 increased by 19%
over the same period in 2005. Cold weather in late February and March extended
the winter drilling season by approximately two weeks and enabled Precision to
close out the quarter on a very positive note.

<PAGE>

Consistent  with the momentum  carried over from 2005, the demand for Contract
Drilling  Services  during  the first  quarter of 2006  reached  unprecedented
levels,  with 231 out of 233 drilling  rigs active and all 92 camps  utilized.
The 16,694 drilling operating days for the quarter  establishes a new high for
Precision,  surpassing  the 16,550  achieved in the first  quarter of 2001. At
that time,  Precision  had 227 drilling  rigs out of an industry  total of 611
whereas today Precision has 233 out of an industry total of 779.

Demand for Completion and Production Services also hit record activity levels,
with  the  service  rig  fleet  generating  165,591  operating  hours  for 77%
utilization in the first quarter,  an increase of 19% over the prior year. The
improvement is a result of continuing strong demand, as customers attempted to
keep pace with new well  completion  work  during the  quarter  while  keeping
production  maintenance for existing wells on schedule.  New well  completions
accounted  for 45% of the service rig  operating  hours in the first  quarter,
unchanged from 2005.

Accordingly,  both operating segments reported  significant  quarterly revenue
increases year over year. Completion and Production Services increased revenue
by 45% while Contract Drilling  Services  increased by 37%. The improvement in
Completion and Production  Services is  attributable  to a 52% increase in the
rental  division  due to strong  industry  activity  and demand for  ancillary
equipment, pricing strength in the service rig division and standby revenue in
the snubbing division.

Leveraged by higher revenue rates,  operating costs were lower as a percentage
of revenue  despite crew wage rate increases and associated  personnel  costs.
Operating  expenses  declined from 49% of revenue in the first quarter of 2005
to 45% in 2006.  Equipment repair and maintenance expenses were lower on a per
day and per hour basis as scheduled  costs were spread over a higher  activity
level relative to last year.  The general wage rate increase of  approximately
7% that went into effect  October 1, 2005 is the  primary  factor in daily and
hourly  cost  increases  for the current  quarter.  Further,  the  operational
efficiency and procurement  savings provided by Precision's  consumable supply
and manufacturing and repair businesses served to control the pace of industry
cost escalations. With 233 drilling rigs and 237 service rigs operating within
the Western Canada  Sedimentary  Basin, this  infrastructure  support provided
Precision with economic leverage.

General  and  administrative  costs for the first  quarter  amounted  to $22.9
million,  an  increase  of $3.1  million  over the same  period in 2005.  As a
percentage  of  revenue,  general and  administrative  costs fell to 4.3% from
5.2%.

Depreciation  expense in the first quarter of 2006 amounted to $24.9  million,
an increase of $3.5 million or 17% over the same period in 2005.  The increase
is attributable to the rise in equipment utilization during the quarter as rig
assets are depreciated by the unit of production method.

Interest expense of $2.8 million declined by 76% in 2006 compared to the first
quarter of 2005,  and is  attributable  to the repayment of long-term  debt in
October 2005.

<PAGE>

The  Trust's  effective  income  tax  rate  on  first  quarter  earnings  from
continuing  operations  before  income taxes was 8% in 2006 compared to 38% in
2005.  The decrease in the tax rate is primarily a result of the conversion to
an income  trust  which has the  effect of  shifting  all or a portion  of the
income tax burden of the Trust to its unitholders.

DISTRIBUTION POLICY OF THE TRUST

With Precision Drilling Corporation's  conversion to an income trust effective
November  7,  2005,  the  Trust  adopted  a  policy  of  making  monthly  cash
distributions to unit holders. Pursuant to the Trust Indenture,  distributions
may be reduced, increased or suspended entirely depending on the operations of
Precision and the  performance  of its assets.  The actual cash flow available
for  distribution  to holders of Trust  units and holders of  Exchangeable  LP
units is a function of numerous factors, including Precision's:

o    financial performance;

o    debt covenants and obligations;

o    working capital requirements;

o    maintenance  and  expansion  capital  expenditure  requirements  for  the
     purchase of property, plant and equipment; and

o    number of units outstanding.

During the first quarter of 2006 the Trust declared monthly cash distributions
of $0.27 for each of the units outstanding,  including  Exchangeable LP units,
for total  distributions of $101.6 million.  Throughout the 2006 first quarter
there were 125,461,303 Trust and Exchangeable LP units outstanding.

Key factors for  consideration  in determining  actual cash flow available for
distribution,  in a historical  context,  is disclosed within the consolidated
statements of cash flow. The increase or decrease in cash is shown for each of
the operating, investing and financing activities undertaken by the Trust.

o    Within  operating  activities,   first  quarter  2006  cash  provided  by
     continuing operations was $46.2 million. Adjusted for changes in non-cash
     working capital balances of $203.5 million,  funds of $249.7 million were
     provided by operations; and

o    Within  investing  activities,   the  purchase  of  property,  plant  and
     equipment  ("PPE")  during the first  quarter of 2006 was $49.0  million.
     Purchases  included $32.3 million for expansion  capital  expenditures to
     grow and expand  Precision's  underlying asset base and $16.7 million for
     maintenance capital expenditures to sustain and upgrade existing PPE.

The oilfield service industry in Canada can be extremely cyclical as commodity
price  fluctuations can be compounded by seasonal trends.  Accordingly,  there
could be a wide fluctuation in financial  performance from quarter to quarter,
year over year and quarterly results should not be annualized. Seasonally, the
first  quarter is usually  the most  active and  prosperous  as winter  ground
conditions  typically allow complete  access to well locations.  In the second
quarter,  spring  weather  softens  ground  conditions  and can slow  oilfield

<PAGE>

service activity  dramatically.  Subject to dry weather,  activity resumes and
will typically gain momentum in the third and fourth quarters.

CERTAIN  STATEMENTS  CONTAINED  IN THIS PRESS  RELEASE,  INCLUDING  STATEMENTS
RELATED TO PRECISION'S PLANNED CAPITAL EXPENDITURES AND PLANNED EXPANSION INTO
THE U.S. AND  STATEMENTS  THAT CONTAIN  WORDS SUCH AS  "ANTICIPATE",  "COULD",
"SHOULD",  "MAY",  "EXPECT",  "BELIEVE",  "WILL"  AND  SIMILAR  TERMS  ARE NOT
HISTORICAL  FACTS AND  CONSTITUTE  "FORWARD-LOOKING  INFORMATION"  WITHIN  THE
MEANING OF CANADIAN  SECURITIES LAWS AND  "FORWARD-LOOKING  STATEMENTS" WITHIN
THE  MEANING OF SECTION 27A OF THE  SECURITIES  ACT OF 1933 AND SECTION 21E OF
THE SECURITIES  EXCHANGE ACT OF 1934.  SUCH  FORWARD-LOOKING  INFORMATION  AND
STATEMENTS  INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES  WHICH MAY CAUSE
THE ACTUAL RESULTS,  PERFORMANCE OR ACHIEVEMENTS OF PRECISION TO BE MATERIALLY
DIFFERENT FROM ANY FUTURE RESULTS,  PERFORMANCES OR ACHIEVEMENTS  EXPRESSED OR
IMPLIED BY SUCH FORWARD-LOOKING  STATEMENTS. SUCH FACTORS INCLUDE FLUCTUATIONS
IN THE MARKET FOR OIL AND  NATURAL  GAS AND  RELATED  PRODUCTS  AND  SERVICES;
COMPETITION; POLITICAL AND ECONOMIC CONDITIONS IN COUNTRIES IN WHICH PRECISION
DOES BUSINESS; THE DEMAND FOR SERVICES PROVIDED BY PRECISION;  CHANGES IN LAWS
AND REGULATIONS,  INCLUDING ENVIRONMENTAL  REGULATIONS,  TO WHICH PRECISION IS
SUBJECT  AND  OTHER  FACTORS,   WHICH  ARE  DESCRIBED  IN  FURTHER  DETAIL  IN
PRECISION'S FILINGS WITH CANADIAN SECURITIES  REGULATORS AND THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION.

<PAGE>

<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (DEFICIT)

                                                                           THREE MONTHS ENDED
                                                                                MARCH 31,
      CDN $000'S, EXCEPT PER UNIT/SHARE AMOUNTS (UNAUDITED)               2006              2005
-------------------------------------------------------------------------------------------------
<S>                                                                <C>              <C>
      Revenue                                                      $   536,408      $    383,407

      Expenses:
          Operating                                                    242,653           189,533
          General and administrative                                    22,891            19,794
          Depreciation and amortization                                 24,900            21,369
             Foreign exchange                                               55              (309)
-------------------------------------------------------------------------------------------------
                                                                       290,499           230,387
-------------------------------------------------------------------------------------------------

      Operating earnings                                               245,909           153,020

      Interest expense                                                   2,777            11,539
-------------------------------------------------------------------------------------------------
      Earnings from continuing operations before income taxes          243,132           141,481
      Income taxes:
          Current                                                       18,364            44,025
             Future                                                        585             9,175
-------------------------------------------------------------------------------------------------
                                                                        18,949            53,200
-------------------------------------------------------------------------------------------------

      Earnings from continuing operations                              224,183            88,281
      Discontinued operations, net of tax                                   --            50,237
-------------------------------------------------------------------------------------------------

      Net earnings                                                     224,183           138,518

      Retained earnings (deficit), beginning of period                (303,284)        1,041,683
      Distributions                                                   (101,623)               --
-------------------------------------------------------------------------------------------------

      Retained earnings (deficit), end of period                   $  (180,724)      $ 1,180,201
=================================================================================================
      Earnings per unit/share from continuing operations:
          Basic                                                    $      1.79       $      0.72
          Diluted                                                  $      1.79       $      0.71
=================================================================================================
      Earnings per unit/share:
          Basic                                                    $      1.79       $      1.13
          Diluted                                                  $      1.79       $      1.11
=================================================================================================

Trust units/shares outstanding (000's)                                 125,461           122,660
Weighted average units/shares outstanding (000's)                      125,461           122,314
Diluted units/shares outstanding (000's)                               125,461           124,876
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEETS

                                                                       MARCH 31,      December 31,
CDN $ 000'S (UNAUDITED)                                                    2006              2005
--------------------------------------------------------------------------------------------------
<S>                                                                <C>              <C>
ASSETS

Current assets:
    Cash and cash equivalents                                      $         --     $          --
    Accounts receivable                                                 597,129
                                                                                          500,655
       Inventory                                                          7,796             7,035
--------------------------------------------------------------------------------------------------
                                                                        604,925           507,690

Property, plant and equipment, net of accumulated depreciation          959,889           943,900
Intangibles, net of accumulated amortization                                443               465
Goodwill                                                                266,827           266,827
--------------------------------------------------------------------------------------------------
                                                                   $  1,832,084     $   1,718,882
==================================================================================================

LIABILITIES AND UNITHOLDERS' EQUITY

Current liabilities:
    Bank indebtedness                                              $     13,822     $      20,468
     Accounts payable and accrued liabilities                           160,386           134,303
       Income taxes payable                                               9,146           163,530
       Distributions payable                                             33,875            36,635
--------------------------------------------------------------------------------------------------
                                                                        217,229           354,936

Long-term debt                                                          224,602            96,838
Future income taxes                                                     193,102           192,517

Unitholders' equity:
    Unitholders' capital                                              1,377,875         1,377,875
    Deficit                                                            (180,724)         (303,284)
    ----------------------------------------------------------------------------------------------
                                                                      1,197,151         1,074,591

--------------------------------------------------------------------------------------------------
                                                                   $  1,832,084     $   1,718,882
==================================================================================================

Trust units outstanding (000's)                                         125,461           125,461
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOW

                                                                                 THREE MONTHS ENDED
                                                                                       MARCH 31,
CDN $000'S (UNAUDITED)                                                            2006          2005
-----------------------------------------------------------------------------------------------------
<S>                                                                          <C>           <C>
Cash provided by (used in):
Continuing operations:
    Earnings from continuing operations                                      $ 224,183     $  88,281
    Items not affecting cash:
      Depreciation and amortization                                             24,900        21,369
      Stock-based compensation                                                      --         2,780
      Future income taxes                                                          585         9,175
      Amortization of deferred financing costs                                      --           459
      Unrealized foreign exchange gain on long-term monetary items                  --            11
    Changes in non-cash working capital balances                              (203,476)      (30,313)
-----------------------------------------------------------------------------------------------------
                                                                                46,192        91,762

Discontinued operations:
    Funds provided by discontinued operations                                   82,914
    Changes in non-cash working capital balances of discontinued
        operations                                                                  --       (77,144)
-----------------------------------------------------------------------------------------------------
                                                                                    --         5,770

Investments:
    Purchase of property, plant and equipment                                  (49,031)      (30,105)
    Purchase of intangibles                                                         --           (20)
    Proceeds on sale of property, plant and equipment                            8,164         2,939
    Purchase of property, plant and equipment of discontinued operations
                                                                                    --       (42,855)
    Proceeds on sale of property, plant and equipment of discontinued
       operations                                                                   --         5,573
-----------------------------------------------------------------------------------------------------
                                                                               (40,867)      (64,468)

Financing:
    Increase in long-term debt                                                 127,764            --
    Repayment of long-term debt                                                     --            (4)
    Distributions                                                             (104,383)           --
    Issuance of common shares on exercise of options                                --        22,491
     Changes in non-cash working capital balances                              (22,060)           --
     Change in bank indebtedness                                                (6,646)           --
-----------------------------------------------------------------------------------------------------
                                                                                (5,325)       22,487

Increase in cash and cash equivalents                                               --        55,551
Cash and cash equivalents, beginning of period                                      --       122,012
-----------------------------------------------------------------------------------------------------

Cash and cash equivalents, end of period                                     $      --     $ 177,563
=====================================================================================================
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
SEGMENT INFORMATION

                                          Contract    Completion
THREE MONTHS ENDED MARCH 31, 2006         Drilling  & Production     Corporate  Inter-segment
CDN $000's (unaudited)                    Services      Services       & Other   Eliminations          Total
-------------------------------------------------------------------------------------------------------------
<S>                                     <C>           <C>           <C>            <C>            <C>
Revenue                                 $  384,162    $  156,638    $       --     $   (4,392)    $  536,408
Operating earnings                         193,683        63,787       (11,561)            --        245,909
Depreciation and amortization               13,526        10,286         1,088             --         24,900
Total assets                             1,268,052       517,397        46,635             --      1,832,084
Goodwill                                   172,440        94,387            --             --        266,827
Capital expenditures                        41,785         6,972           274             --         49,031
-------------------------------------------------------------------------------------------------------------

                                          Contract    Completion
THREE MONTHS ENDED MARCH 31, 2005         Drilling  & Production     Corporate  Inter-segment
CDN $000's (unaudited)                    Services      Services       & Other   Eliminations          Total
-------------------------------------------------------------------------------------------------------------

Revenue                                 $  280,337    $  108,264    $       --     $   (5,194)    $  383,407
Operating earnings                         129,647        35,118       (11,745)            --        153,020
Depreciation and amortization               12,231         7,786         1,352             --         21,369
Total assets (1)                         1,044,238       470,510       223,389             --      1,738,137
Goodwill                                   172,440        94,387            --             --        266,827
Capital expenditures                        16,518         7,051         6,536             --         30,105
-------------------------------------------------------------------------------------------------------------
(1) excludes assets of discontinued operations
</TABLE>

<TABLE>
<CAPTION>
CANADIAN DRILLING OPERATING STATISTICS

                                                                   THREE MONTHS ENDED MARCH 31,
                                                              2006                                2005
                                              ----------------------------------- -----------------------------------
                                                                          Market                              Market
                                               Precision    Industry*    Share %    Precision   Industry*    Share %
                                              ----------------------------------- -----------------------------------
<S>                                               <C>         <C>           <C>        <C>         <C>          <C>
Number of drilling rigs                              233         779        29.9          229         712       32.2
Number of operating days (spud to release)        16,694      55,974        29.8       13,999      45,670       30.7
Wells drilled                                      2,302       7,429        31.0        2,162       6,184       35.0
Average days per well                                7.3         7.5                      6.5         7.4
Metres drilled (000's)                             2,815       8,897        31.6        2,566       7,357       34.9
Average metres per day                               169         159                      183         161
Average metres per well                            1,223       1,198                    1,187       1,190
Rig utilization rate (%)                            80.3        81.1                     67.9        71.3

* Excludes non-CAODC rigs and non-reporting CAODC members
</TABLE>

A  conference  call to review the quarter end results has been  scheduled  for
12:00 noon MT on Wednesday, April 26, 2006. The conference call dial-in number
is 1-800-814-4861 or 416-644-3418.

<PAGE>

A live webcast will be  accessible at  www.precisiondrilling.com  by selecting
INVESTOR RELATIONS, then Webcast. An archived recording of the conference call
will be available  approximately  one hour after  completion of the call until
May 3, 2006 by dialing 1-877-289-8525 or 416-640-1917, passcode 21184628#

Precision   Drilling  Trust  is  Canada's   largest  energy   services  trust.
Headquartered in Calgary,  Alberta,  Canada, Precision is the leading provider
of energy  services to the Canadian oil and gas industry.  Precision  provides
customers  with  access  to an  extensive  fleet of  contract  drilling  rigs,
services  rigs,  camps,  snubbing  units  and  rental  equipment  backed  by a
comprehensive  mix of technical  support  services  and  skilled,  experienced
personnel.

PRECISION IS LISTED ON THE TORONTO  STOCK  EXCHANGE  UNDER THE TRADING  SYMBOL
"PD.UN" AND IN U.S.  DOLLARS  "PD.U" AND ON THE NEW YORK STOCK  EXCHANGE UNDER
THE TRADING SYMBOL "PDS".

FOR FURTHER INFORMATION PLEASE CONTACT DOUG STRONG, CHIEF FINANCIAL OFFICER OF
PRECISION  DRILLING  CORPORATION,  ADMINISTRATOR OF PRECISION  DRILLING TRUST,
4200,  150 - 6TH  AVENUE  S.W.,  CALGARY,  ALBERTA  T2P 3Y7,  TELEPHONE  (403)
716-4500, FAX (403) 264-0251; WEBSITE: WWW.PRECISIONDRILLING.COM.

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