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<SEC-DOCUMENT>0001199073-07-001068.txt : 20071219
<SEC-HEADER>0001199073-07-001068.hdr.sgml : 20071219
<ACCEPTANCE-DATETIME>20071219113142
ACCESSION NUMBER:		0001199073-07-001068
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20071219
FILED AS OF DATE:		20071219
DATE AS OF CHANGE:		20071219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING TRUST
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		071315427

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-264-0251

	MAIL ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d6k.htm
<DESCRIPTION>PRECISION DRILLING TRUST FORM 6-K
<TEXT>
<html>

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    <title>d6k.htm</title>
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        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
          STATES</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Washington,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman;"><strong>FORM
        6-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>REPORT
        OF FOREIGN PRIVATE ISSUER</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Pursuant
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        Exchange Act of 1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>December
        19,&#160;2007</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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        Drilling Trust</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Exact
        name of registrant as specified in its charter)</font></div>
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        Alberta</strong></font></div>
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        by check mark whether the registrant files or will file annual reports under
        cover Form 20-F or Form 40-F.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;Form
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        Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form
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        private issuer must furnish and make public under the laws of the jurisdiction
        in which the registrant is incorporated, domiciled or legally organized (the
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        distributed to the registrant's security holders, and, if discussing a material
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        by check mark whether the registrant by furnishing the information contained
        in
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</font></font></div>
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        </div>
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        to the requirements of Section 12 of the Securities Exchange Act of 1934,
        the
        Registrant has duly caused this report to be signed on its behalf by the
        undersigned, thereunto duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td colspan="2">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;"><strong>PRECISION
                  DRILLING TRUST</strong></font></div>
                <div><strong><font size="2">By its Administrator PRECISION DRILLING
                  </font></strong></div>
                <div><strong><font size="2">CORPORATION</font></strong></div>
              </td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt;">Dated: December
                19<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">,&#160;2007</font></font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt;">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt;">/s/&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Darren
                Ruhr</font></font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font size="1">&#160;</font></td>
              <td align="left">
                <hr style="COLOR: black" align="left" noshade size="1" width="90%"><font size="2">Name:<font id="TAB2" size="3" style="COLOR: black; LETTER-SPACING: 27pt;">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Darren
                Ruhr</font></font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt;">Title: <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Corporate
                Secretary</font></font></td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font>
        <div>
          <hr style="COLOR: #727272" align="left" noshade size="2" width="100%">
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 48px"><u><font size="2">Exhibit</font></u></td>
                <td style="WIDTH: 26px">&#160;</td>
                <td width="1567"><u><font size="2">Title</font></u></td>
              </tr>

          </table>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1;">
                <td style="WIDTH: 36pt">&#160;</td>
                <td style="WIDTH: 36pt">&#160;</td>
                <td>&#160;</td>
              </tr>

          </table>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 48px">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">1</font></div>
                </td>
                <td style="WIDTH: 25px">&#160;</td>
                <td width="1568" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div align="left">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.05; MARGIN-RIGHT: 0pt" align="left">
                          <div align="left">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.15; MARGIN-RIGHT: 0pt" align="left">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.15; MARGIN-RIGHT: 0pt" align="left">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><a href="ex99_1.htm">Precision
                                        Drilling Trust Announces December 2007 Trust
                                        Distributions and 2008 Capital Expenditure
                                        Program</a></font></div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>PRECISION DRILLING TRUST ANNOUNCES DECEMBER 2007 TRUST DISTRIBUTIONS AND 2008 CAPITAL EXPENDITURE PROGRAM
<TEXT>
<html>

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    <title>ex99_1.htm</title>
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        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><strong>Exhibit
          99.1</strong></font></div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
        <div>&#160;</div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;<img src="logo2.jpg" alt=""></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; COLOR: #000000; FONT-FAMILY: Times New Roman;"><strong><font style="DISPLAY: inline; COLOR: #000000;">NEWS
            RELEASE</font></strong></font></div>
          <div>&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>PRECISION
              DRILLING TRUST ANNOUNCES</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>DECEMBER
              2007 TRUST DISTRIBUTIONS</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>AND
              2008 CAPITAL EXPENDITURE PROGRAM</strong></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
          </div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Calgary,
            Alberta, Canada &#8211; December 19, 2007</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Canadian
            dollars unless stated otherwise)</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>This
            news release contains &#8220;forward-looking information and statements&#8221; within the
            meaning of applicable securities laws. For a full discussion of the
            forward-looking information and statements and the risks to which they
            are
            subject, see the "Cautionary Statement Regarding Forward-Looking Information
            and
            Statements" below.</em></font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>December
            2007 Distribution</strong></font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Precision
            Drilling Trust (&#8220;Precision&#8221; or the &#8220;Trust&#8221;) announced today that its Board of
            Trustees has approved a cash distribution for the month of December 2007
            of
            $0.13 per trust unit of Precision.&#160;&#160;The distribution will be payable
            on January 15, 2008 to unitholders of record on December 31,
            2007.&#160;&#160;The ex-distribution date is December 27,
            2007.&#160;&#160;Holders of Class B limited partnership units of Precision
            Drilling Limited Partnership (&#8220;PDLP&#8221;) will receive the economic equivalent
            treatment.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>2007
            Special Year-End Distribution</strong></font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
            Board
            of Trustees has also approved a special year-end distribution of $0.40
            per trust
            unit, to be settled $0.24 per trust unit &#8220;in-kind&#8221; and $0.16 per trust unit in
            cash.&#160;&#160;This ensures that the 2007 distributions declared will at least
            be equal to the Trust&#8217;s taxable income for 2007, as required under Precision&#8217;s
            Declaration of Trust. The special year-end distribution will be settled
            on
            January 15, 2008 to unitholders of record on December 31, 2007. The
            ex-distribution date is December 27, 2007. Holders of Class B limited
            partnership units of PDLP will receive the economic equivalent
            treatment.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
            &#8220;in-kind&#8221; portion of the special year-end distribution allows Precision to
            retain balance sheet strength and fund planned asset growth. Settled
&#8220;in-kind&#8221;
essentially means that unitholders will not receive cash or additional
            trust
            units. Immediately after the &#8220;in-kind&#8221; special year-end distribution, the
            outstanding trust units of the Trust will be consolidated so that the
            number of
            trust units will remain unchanged from the number outstanding prior to
            the
&#8220;in-kind&#8221; special year-end distribution. Holders of Class B limited partnership
            units of PDLP will receive the economic equivalent treatment.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4200,
                  150
                  - 6th Avenue S.W.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Calgary,
                  Alberta, Canada T2P 3Y7</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Telephone:
                  403.716.4500</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Facsimile:
                  <font style="DISPLAY: inline; FONT-SIZE: 12pt;">&#160;</font>403.264.0251</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman;"><em><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000;"><u>www.precisiondrilling.com</u></font></em></font></div>
              </div>
            </div>
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              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: gray" noshade size="2">
              </div>
            </div>
            <div id="HDR">
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              </div>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Non-resident
            holders of trust units will be subject to applicable Canadian withholding
            tax on
            the &#8220;in-kind&#8221; special year-end distribution. The applicable withholding tax will
            be settled from the December special year-end cash distribution paid
            in January
            2008.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Information
            outlining the implication of the &#8220;in-kind&#8221; special year-end distribution,
            consolidation process and resulting income tax treatment for Trust and
            PDLP
            unitholders is located on the Trust&#8217;s website at <font style="DISPLAY: inline; COLOR: #0000ff;"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>http://www.precisiondrilling.com/UnitholderInfo/taxation/Taxation2007.cfm</u></font></u></font></font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>2008
            Capital Expenditure Program Targets &#8220;Super&#8221; Series Rig
            Expansion</strong></font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Precision
            plans to initiate record spending of $370 million in its 2008 capital
            expenditure program, up approximately 70% from 2007. The program targets
            rapidly
            growing high performance drilling requirements in North American markets
            for
            directional, horizontal and environmentally sensitive drilling
            programs.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">High
            performance drilling rigs enable customers to significantly improve their
            drilling economics by safely drilling and completing complex oil and
            gas wells
            considerably faster.&#160;&#160;Precision&#8217;s Super Single&#8482; rigs demonstrate this
            high performance capability combining high mobility, automation, advanced
            control systems, minimal environmental impact with highly trained
            crews.&#160;&#160;Precision will further develop and market its highly
            successful Super Single&#8482; drilling rig and expand the product line including the
            recently released &#8220;Super Triple&#8221; and the new for 2008 &#8220;Super Double&#8221; rigs for
            the deeper high performance drilling opportunities.&#160;&#160;The &#8220;Super&#8221;
series high performance drilling rigs are valued by Precision&#8217;s customers and
            achieve favorable day rates and terms as compared to traditional
            rigs.&#160;&#160;&#160;This &#8220;Super&#8221; series capital expansion plan coupled with
            Precision&#8217;s high performance rig crews will further differentiate Precision&#8217;s
            service offering to customers.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
            capital allocation is estimated as follows:</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">

                <tr valign="top" style="LINE-HEIGHT: 1.2;">
                  <td align="right" style="WIDTH: 36pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">New
                      2008 expansion capital of about $260 million to initiate construction
                      of
                      19 new &#8220;Super&#8221; series land drilling rigs for staged delivery over the next
                      6 to 18 months and to provide other equipment additions for
                      the Contract
                      Drilling and Completion and Production Services
                      segments.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">

                  <tr valign="top" style="LINE-HEIGHT: 1.2;">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">During
                          2007, Precision grew its United States drilling rig fleet
                          from one to
                          twelve. The pace of growth for 2008 is expected to increase
                          with a
                          continued mix of rig deployments from Canada and new rig
                          construction.</font></div>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">

                  <tr valign="top" style="LINE-HEIGHT: 1.2;">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font size="2">Precision
                        is in discussions with customers
                        regarding the new rigs and will update contractual status
                        on a quarterly
                        basis.&#160;&#160;During the fourth quarter of 2007, Precision permanently
                        decommissioned 11 drilling rigs and 16 service rigs from
                        its Canadian
                        fleet and will continue to assess the fleet for less productive
                        rigs on an
                        ongoing basis.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: gray" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">

                <tr valign="top" style="LINE-HEIGHT: 1.2;">
                  <td align="right" style="WIDTH: 36pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Carry
                      over expansion capital of about $35 million to complete three
                      drilling
                      rigs under contract for North American customers as previously
                      announced
                      plus one additional new Super Single&#8482; rig recently contracted for work in
                      the Alberta oil sands.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">

                <tr valign="top" style="LINE-HEIGHT: 1.2;">
                  <td align="right" style="WIDTH: 36pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Upgrade
                      capital expenditures are estimated to be marginally higher
                      than 2007 at
                      about $75 million. These upgrade expenditures are for the betterment
                      of
                      existing equipment and
                      infrastructure.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Precision
            is pleased to announce that international drilling operations are underway
            with
            one drilling rig being deployed from Canada to a Latin American destination
            for
            commencement early in the first quarter of 2008. This contractual arrangement
            is
            enabling Precision to reestablish internal infrastructure for the international
            market and reflects early marketing efforts to identify opportunities.
            The
            expiration in August 2008 of certain non-compete provisions from prior
            business
            divestitures creates global diversification opportunities for Precision
            in the
            well known, high producing, hydrocarbon regions of the world.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Precision
            expects to begin 2008 with a drilling rig fleet of 245 with 232 positioned
            in
            Canada, 12 in the United States and one in Latin America for an industry
            market
            share of about 27% in Canada and 1% in the United States.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">For
            the
            service rig division in Canada, Precision&#8217;s Completion and Production services
            segment expects to begin 2008 with a fleet of 223, an industry market
            share of
            about 20%.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Precision
            intends to fund upgrade capital expenditures and cash distributions to
            unitholders through cash flow from operating activities and fund expansion
            capital expenditures through a combination of cash flow from operating
            activities and credit facilities.&#160;&#160;Precision&#8217;s fiscal objective is to
            manage long-term debt levels to maintain a strong financial position
            throughout
            the oilfield services seasonal and economic cycles.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><em>Cautionary
            Statement Regarding Forward-Looking Information and
            Statements</em></strong></font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Certain
            statements contained in this news release, including statements related
            to the
            special year-end distribution, the 2008 capital expenditure program and
            the
            rapidly growing high performance drilling market and statements that
            contain
            words such as &#8220;likely&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;can&#8221;, &#8220;anticipate&#8221;, &#8220; intend&#8221;,
&#8220;expect&#8221;, &#8220;believe&#8221;, &#8220;will&#8221;, &#8220;may&#8221; and similar expressions and statements
            relating to matters that are not historical facts constitute &#8220;forward-looking
            information&#8221; within the meaning of applicable Canadian securities legislation
            and &#8220;forward-looking statements&#8221; within the meaning of the &#8220;safe harbor&#8221;
provisions of the United States Private Securities Litigation Reform
            Act of
            1995. These statements are based on certain assumptions and analysis
            made by the
            Trust in light of its experience and its perception of historical trends,
            current conditions and expected future developments as well as other
            factors it
            believes are appropriate in the circumstances. However, whether actual
            results,
            performance or achievements will conform to the Trust&#8217;s expectations and
            predictions is subject to a number of known and unknown risks and uncertainties
            which could cause actual results to differ materially from the Trust&#8217;s
            expectations. Such risks and uncertainties include, but are not limited
            to:
            fluctuations in the price and demand for oil and natural gas; fluctuations
            in
            the level of oil and natural gas exploration and development activities;
            fluctuations in the demand for well servicing, contract drilling and
            ancillary
            oilfield services; the effects of weather conditions on operations and
            facilities; the existence of competitive operating risks inherent in
            well
            servicing, contract drilling and ancillary oilfield services; general
            economic,
            market or business conditions; changes in laws or regulations, including
            taxation, environmental and currency regulations; availability of qualified
            personnel or management; and other unforeseen conditions which could
            impact on
            the use of services supplied by Precision.</em></font></div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: gray" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Consequently,
            all of the forward-looking information and statements made in this news
            release
            are qualified by these cautionary statements and there can be no assurance
            that
            the actual results or developments anticipated by the Trust will be realized
            or,
            even if substantially realized, that they will have the expected consequences
            to
            or effects on the Trust or its business or operations. Except as may
            be required
            by law, the Trust assumes no obligation to update publicly any such
            forward-looking information and statements, whether as a result of new
            information, future events or otherwise.</em></font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Precision
            is a leading provider of safe, high performance energy services to the
            North
            American oil and gas industry. Precision provides customers with access
            to an
            extensive fleet of contract drilling rigs, service rigs, camps, snubbing
            units,
            wastewater treatment units and rental equipment backed by a comprehensive
            mix of
            technical support services and skilled, experienced personnel.</font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Precision
            Drilling Trust is listed on the Toronto Stock Exchange under the trading
            symbol
&#8220;PD.UN&#8221; and on the New York Stock Exchange under the trading symbol
&#8220;PDS&#8221;.</strong></font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>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.</strong></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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