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<SEC-DOCUMENT>0000950123-09-013802.txt : 20090612
<SEC-HEADER>0000950123-09-013802.hdr.sgml : 20090612
<ACCEPTANCE-DATETIME>20090612172806
ACCESSION NUMBER:		0000950123-09-013802
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20090612
DATE AS OF CHANGE:		20090612
EFFECTIVENESS DATE:		20090612

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-159965
		FILM NUMBER:		09890552

	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>S-8
<SEQUENCE>1
<FILENAME>h67159sv8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on June&nbsp;12, 2009
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;333-_____
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>PRECISION DRILLING TRUST</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Alberta, Canada<BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable<BR>
(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">4200, 150-6th Avenue S.W., Calgary, Alberta, Canada T2P 3Y7<BR>
(Address of Principal Executive Offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRECISION DRILLING TRUST<BR>
EMPLOYEE TRUST UNIT OPTION PLAN</B><BR>
(Full title of the plan)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Precision Drilling Trust<BR>
c/o CT Corporation System<BR>
350 North St. Paul Street, Dallas, Texas 75201, (214)&nbsp;979-1172<BR>
(Name, address, telephone number, including area code, of agent for service)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COPIES TO:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Joanne Alexander</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Robert F. Gray, Jr.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>William S. Osler</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Drilling Trust
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>William S. Moss III</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bennett Jones LLP</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">4200, 150-6th Avenue S.W.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mayer Brown LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4500 Bankers Hall East</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Calgary, Alberta, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">700 Louisiana Street, Suite&nbsp;3400
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">855 2nd Street SW</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">T2P 3Y7
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Houston, Texas 77002
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Calgary, Alberta, Canada</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(403) 716-4636
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(713) 238-3000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">T2P 4K7</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Fax: (403)&nbsp;206-2506
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Fax: (713)&nbsp;238-4600
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(403) 298-3100</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Fax: (403)&nbsp;265-7219</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act. (Check one):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accelerated filer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> (Do not check if a smaller reporting company)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Smaller reporting company</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of securities to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registered (1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>per share (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>fee (2)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Trust Units
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">10,303,253</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">5.86</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">60,377,063</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">3,369.04</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes an indeterminate number of additional shares of the registrant&#146;s trust units (the &#147;Trust Units&#148;)
that may be issued to adjust the number of units issued pursuant to the plan described herein as a result of
any future unit split, unit dividend or similar adjustment of the registrant&#146;s outstanding Trust Units.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule 457(h) and Rule 457(c) under the Securities Act of 1933, as amended, (the &#147;Securities
Act&#148;) the proposed maximum aggregate offering price and the registration fee are based on the average of the
high and low prices per share of the registrant&#146;s Trust Units reported on the New York Stock Exchange on June
9, 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<!-- link1 "PART I" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>

<!-- link1 "INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>

<!-- link2 " Item&nbsp;1. Plan Information" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;1. Plan Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing information specified in Part&nbsp;I of Form S-8 will be sent or given to
participants under the Precision Drilling Trust Employee Trust Unit Option Plan (the &#147;Plan&#148;) as
specified by Rule&nbsp;428(b)(1) of the Securities Act. Such documents are not required to be, and are
not, filed with the Securities and Exchange Commission (the &#147;Commission&#148;) either as part of this
registration statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424. Those
documents and the documents incorporated by reference into this registration statement pursuant to
Item&nbsp;3 of Part&nbsp;II of this registration statement, taken together, constitute a prospectus that
meets the requirements of Section 10(a) of the Securities Act.
</DIV>
<!-- link2 " Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon written or oral request, any of the documents incorporated by reference in Item&nbsp;3 of Part
II of this registration statement (which documents are incorporated by reference in the Section
10(a) prospectus), other documents required to be delivered to eligible employees pursuant to Rule
428(b) or additional information about the Plan are available without charge by contacting:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Precision Drilling Trust<BR>
10370 Richmond Avenue,<BR>
Suite&nbsp;600<BR>
Houston, Texas 77042<BR>
(713)&nbsp;435-6100<BR>
Attention: Investor Relations
</DIV>

<!-- link1 "PART II" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>

<!-- link1 "INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 " Item&nbsp;3. Incorporation of Documents by Reference" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;3. Incorporation of Documents by Reference</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by Precision Drilling Trust (the &#147;Trust&#148;) with the Commission
pursuant to the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) are hereby
incorporated by reference in this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">1. Annual Report on Form 40-F for the fiscal year ended December&nbsp;31, 2008, which contains
the Trust&#146;s audited financial statements for the fiscal year ended December&nbsp;31, 2008;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">2. All other reports filed by the Trust under Section 13(a) or 15(d) of the Exchange Act
since December&nbsp;31, 2008; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">3. The description of the Trust Units contained in the Trust&#146;s registration statement on
Form 8-A under the Exchange Act, as filed with the Commission on November&nbsp;4, 2005, including
any amendment or report filed for the purpose of amending such description.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all reports and documents filed by the Trust under Sections&nbsp;13(a), 13(c), 14 or
15(d) of the Exchange Act after the date of this registration statement, and prior to the filing of
a post-effective amendment which indicates that all securities being offered have been sold or
which deregisters all securities then remaining unsold, shall be deemed to be incorporated by
reference in, and to be part of, this registration statement from the filing date of each such
report and document. Any statement, including financial statements, contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this registration statement to the extent that a statement contained
herein or in any other subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
registration statement.
</DIV>
<!-- link2 " Item&nbsp;4. Description of Securities" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;4. Description of Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 " Item&nbsp;5. Interests of Named Experts and Counsel" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5. Interests of Named Experts and Counsel</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 " Item&nbsp;6. Indemnification of Directors and Officers" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;6. Indemnification of Directors and Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Trust&#146;s Declaration of Trust, each trustee of the Trust, each former trustee of the
Trust, each officer of the Trust and each former officer of the Trust shall be entitled to be and
shall be indemnified and reimbursed out of the assets of the Trust in respect of any and all taxes,
penalties or interest in respect of unpaid taxes or other governmental charges imposed upon the
trustee or officer in consequence of such person&#146;s performance of such person&#146;s duties under the
Declaration of Trust and in respect of any and all costs, charges and expenses, including amounts
paid to settle an action or satisfy a judgment, reasonably incurred in respect of any civil,
criminal or administrative action or proceeding to which the trustee, former trustee, officer or
former officer is made a party by reason of being or having been a trustee or officer of the Trust
or, at the request of the Trust, a director, trustee or officer of any affiliate of the Trust;
provided that a trustee, former trustee, officer or former officer shall not be indemnified out of
the assets of the Trust in respect of unpaid taxes or other governmental charges or in respect of
such costs, charges and expenses that arise out of or as a result or in the course of his or her
failure to act honestly and in good faith with a view to the best interests of the Trust, or out of
or as a result of or in the course of his or her failure to exercise that degree of care, diligence
or skill that a reasonably prudent person would exercise in comparable circumstances or, in the
case of a criminal or administrative action or proceeding that is enforced by monetary penalty,
where such person did not have reasonable grounds for believing that his or her conduct was lawful.
A trustee, former trustee, officer or former officer shall not be entitled to satisfy any right of
indemnity or reimbursement granted under the Declaration of Trust, or otherwise existing under law,
except out of the assets of the Trust, and no holder of trust units or other trustee or officer
shall be personally liable to any person with respect to any claim for such indemnity or
reimbursement as aforesaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the administration agreement between the Trust and Precision Drilling Corporation
(&#147;Precision&#148;), Precision and any person who is serving or shall have served as a director, officer
or employee of Precision shall be indemnified and saved harmless by the Trust (in each case in
relation to services provided in respect of or for the benefit of such party) from and against all
losses, claims, damages, liabilities, obligations, costs and expenses (including judgments, fines,
penalties, amounts paid in settlement and counsel and accountants&#146; fees) of whatsoever kind and
nature incurred by, borne by or asserted against any of such indemnified parties in any way arising
from or related in any manner to the administration agreement or the provision of services
thereunder, unless such indemnified party is found liable for or guilty of fraud, willful default
or gross negligence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Business Corporations Act (Alberta) (the &#147;ABCA&#148;), Precision may indemnify a present
or former director or officer or a person who acts or acted at Precision&#146;s request as a director or
officer of a body
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">corporate of which Precision is or was a shareholder or creditor, and his or her heirs and
legal representatives, against all costs, charges and expenses, including an amount paid to settle
an action or satisfy a judgment, reasonably incurred by him or her in respect of any civil,
criminal or administrative action or proceeding to which he or she is made a party by reason of
being or having been a director or officer of Precision or that body corporate, if the director or
officer acted honestly and in good faith with a view to the best interests of Precision, and, in
the case of a criminal or administrative action or proceeding that is enforced by a monetary
penalty, had reasonable grounds for believing that his or her conduct was lawful. Such
indemnification may be in connection with a derivative action only with court approval. A director
or officer is entitled to indemnification from Precision as a matter of right if he or she was
substantially successful on the merits in the person&#146;s defense of the action or proceeding,
fulfilled the conditions set forth above, and is fairly and reasonably entitled to indemnify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The by-laws of Precision provide that, subject to the limitations contained in the ABCA,
Precision shall indemnify a director or officer, a former director or officer, or a person who acts
or acted at Precision&#146;s request as a director or officer of a body corporate of which Precision is
or was a shareholder or creditor (or a person who undertakes or has undertaken any liability on
behalf of Precision or any such body corporate), and his or her heirs and legal representatives,
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by him or her in respect of any civil, criminal or administrative
action or proceeding to which he or she is made a party by reason of being or having been a
director or officer of Precision or such body corporate, if he or she acted honestly and in good
faith with a view to the best interests of Precision; and, in the case of a criminal or
administrative action or proceeding that is enforced by a monetary penalty, he or she had
reasonable grounds for believing that his or her conduct was lawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The by-laws of Precision provide that Precision may, subject to the limitations contained in
the ABCA, purchase and maintain such insurance for the benefit of its directors and officers as
such, as the board of directors of Precision may from time to time determine.
</DIV>
<!-- link2 " Item&nbsp;7. Exemption from Registration Claimed" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;7. Exemption from Registration Claimed</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 " Item&nbsp;8. Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;8. Exhibits</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DESCRIPTION</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Declaration of Trust of Precision Drilling Trust, dated September&nbsp;22,
2005 (included as part of the Form&nbsp;8-A filed with the Commission on
November&nbsp;4, 2005 and incorporated by reference herein)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Trust Employee Trust Unit Option Plan</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Bennett Jones LLP regarding the legality of the Trust Units</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Bennett Jones LLP (included in Exhibit&nbsp;5.1)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included on signature page hereto)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 " Item&nbsp;9. Undertakings" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9. Undertakings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of
the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(iii)&nbsp;to include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such
information in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">PROVIDED, HOWEVER, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by the registrant pursuant to
section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the
registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant&#146;s annual report pursuant
to section 13(a) or section 15(d) of the Exchange Act that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
registrant&#146;s Declaration of Trust, by contract, or otherwise, the registrant has been
advised that in the opinion of the Commission such indemnification is against public policy
as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Calgary, Province of Alberta, Country of Canada, on the
12th day of June, 2009.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DRILLING TRUST, <FONT style="font-variant: SMALL-CAPS">by its administrator,</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">Precision Drilling Corporation</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Douglas J. Strong
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Douglas J. Strong&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Chief Financial Officer,
Precision Drilling Corporation</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below constitutes and appoints each of Douglas J. Strong
and Kenneth J. Haddad his or her true and lawful attorney-in-fact and agent, each acting alone,
with full power of substitution and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign any or all amendments (including post-effective
amendments) to this registration statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact
and agents, each acting alone, full power and authority to do and perform each and every act and
thing appropriate or necessary to be done in connection therewith, as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Power and Attorney may be executed in multiple counterparts, each of which shall be
deemed an original, but which taken together shall constitute one instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed below by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Kevin A. Neveu<BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kevin A. Neveu
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Executive Officer,<BR>
Precision Drilling Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;12, 2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Douglas J. Strong<BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Douglas J. Strong
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Financial Officer,<BR>
Precision Drilling Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;12, 2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Leonard C. Gambles<BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Leonard C. Gambles
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Accounting Officer,<BR>
Precision Drilling Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;12, 2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Robert J.S. Gibson<BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert J.S. Gibson
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;12, 2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Allen R. Hagerman<BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Allen R. Hagerman, FCA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;12, 2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Patrick M. Murray<BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Patrick M. Murray
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;12, 2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "AUTHORIZED REPRESENTATIVE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AUTHORIZED REPRESENTATIVE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned
has signed this registration statement, solely in the capacity of the duly authorized
representative of Precision Drilling Trust in the United States on June&nbsp;12, 2009 in Houston, Texas.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">Precision Drilling Corporation</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">(Authorized Representative)</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Kenneth J. Haddad
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Kenneth J. Haddad&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Vice President, Business Development</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 "INDEX TO EXHIBITS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DESCRIPTION</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Declaration of Trust of Precision Drilling Trust, dated September&nbsp;22,
2005 (included as part of the Form&nbsp;8-A filed with the Commission on
November&nbsp;4, 2005 and incorporated by reference herein)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Trust Employee Trust Unit Option Plan</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Bennett Jones LLP regarding the legality of the Trust Units</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Bennett Jones LLP (included in Exhibit&nbsp;5.1)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included on signature page hereto)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>h67159exv4w2.htm
<DESCRIPTION>EX-4.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.2</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>PRECISION DRILLING TRUST</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EMPLOYEE TRUST UNIT OPTION PLAN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#183;, 2009
</DIV>


</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRECISION DRILLING TRUST</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EMPLOYEE TRUST UNIT OPTION PLAN</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>The Plan</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A trust unit option plan pursuant to which Options to purchase Trust Units may be granted to
the officers and key employees of the Precision Group is hereby established on the terms set
forth below.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Purpose</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purpose of this Plan is to advance the interests of the Precision Group by encouraging
the officers and key employees of the Precision Group to acquire Trust Units, thereby (i)
increasing the proprietary interests of such persons in the Trust, (ii)&nbsp;aligning the
interests of such persons with the interests of the unitholders of the Trust generally,
(iii)&nbsp;encouraging such persons to remain associated with the Precision Group and (iv)
furnishing such persons with an additional incentive in their efforts on behalf of the
Precision Group.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Defined Terms</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where used herein, the following terms shall have the following meanings, respectively:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Black-Out Period</B>&#148; means the period of time when, pursuant to any policies of the Trust, any
securities of the Trust may not be traded by certain Persons as designated by the Trust,
including any holder of an Option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Board</B>&#148; means the board of directors of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Canadian Option</B>&#148; means an Option pursuant to which the Option Price is stated and payable
in Canadian dollars;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Canadian SIFT Rules</B>&#148; means the rules provided for by the ITA
concerning &#147;Specified
Investment Flow-Through&#148; or &#147;SIFT&#148; entities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Cause</B>&#148; means, unless otherwise defined in the applicable agreement evidencing the grant of
an Option hereunder, any act or omission that would entitle the Employer to terminate the
Participant&#146;s employment without notice or compensation under the common law for just cause,
including, without in any way limiting its meaning under the common law:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any improper conduct by the Participant which is materially detrimental to the
Employer; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the willful failure of the Participant to properly carry out his or her duties
on behalf of the Employer or to act in accordance with the reasonable direction of the
Employer;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Change of Control</B>&#148; means the occurrence of any of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any transaction at any time and by whatever means pursuant to which any Person
or any group of two or more Persons acting jointly or in concert (other than the Trust
or the Corporation or any wholly-owned subsidiary of the Trust or the Corporation)
hereafter acquires the direct or indirect &#147;beneficial ownership&#148; (as defined in the
<I>Business Corporations Act </I>(Alberta)) of, or acquires the right to exercise control or
direction over, securities of the Trust or the Corporation representing 50% or more of
the then issued and outstanding voting securities of the Trust or the Corporation, as
the case may be, in any manner whatsoever, including, without limitation, as a result
of a takeover bid, an issuance or exchange of securities, an amalgamation of the Trust
or the Corporation with any other entity, an arrangement, a capital reorganization or
any other business combination or reorganization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale, assignment or other transfer of all or substantially all of the
assets of the Trust or the Corporation to a Person or any group of two or more Persons
acting jointly or in concert (other than a wholly-owned subsidiary of the Trust or the
Corporation or in connection with an income or royalty trust reorganization);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dissolution or liquidation of the Corporation or the Trust, as the case
may be, except in connection with the distribution of assets of the Trust or the
Corporation to one or more Persons which were wholly-owned subsidiaries of the Trust or
the Corporation prior to such event or in connection with an income trust or royalty
trust reorganization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence of a transaction requiring approval of the Trust&#146;s unitholders
whereby the Trust or the Corporation is acquired through consolidation, merger,
exchange of securities, purchase of assets, amalgamation, statutory arrangement or
otherwise by any Person or any group of two or more Persons acting jointly or in
concert (other than an exchange of securities with a wholly-owned subsidiary of the
Trust or the Corporation or an income or royalty trust reorganization); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Board passes a resolution to the effect that an event comparable to an
event set forth in this definition has occurred;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided that an event described in this definition shall not constitute a Change of Control
where such event occurs as a result of a Permitted Reorganization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Code</B>&#148; means the U.S. Internal Revenue Code of 1986, as amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Constructive Dismissal</B>&#148; has the meaning ascribed thereto pursuant to the common law, unless
otherwise defined in the applicable agreement evidencing the grant of an Option hereunder,
and shall include, without in any way limiting its meaning under the common law, any
material change (other than a change which is clearly consistent with a promotion) imposed
by the Employer without the Participant&#146;s consent to the Participant&#146;s title,
responsibilities or reporting relationships, or a reduction of the Participant&#146;s</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compensation except where such reduction is applicable to all officers, if the Participant
is an officer, or all employees, if the Participant is an employee, of the Employer;</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Continuing Entity</B>&#148; has the meaning set out in Section&nbsp;10.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Continuing Entity Options</B>&#148; has the meaning set out in Section&nbsp;10.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Control Period</B>&#148; means the period commencing on the date of the Change of Control and ending
180&nbsp;days after the date of the Change of Control;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Corporation</B>&#148; means Precision Drilling Corporation and includes any successor corporation
thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Date of Grant</B>&#148; of an Option means the date an Option is granted to a Participant under the
Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Disability</B>&#148; means where the Participant:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is to a substantial degree unable, due to illness, disease, affliction, mental
or physical disability or similar cause, to fulfill his obligations as an officer or
employee of the Employer either for any consecutive 12&nbsp;month period or for any period
of 18&nbsp;months (whether or not consecutive) in any consecutive 24&nbsp;month period; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is declared by a court of competent jurisdiction to be mentally incompetent or
incapable of managing his affairs;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>"<B>Employer</B>&#148; means with respect to a Participant, the entity in the Precision Group that
employs the Participant or that employed the Participant immediately prior to his or her
Termination Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Fair Market Value</B>&#148; means, on any particular date, the fair market value of a Trust Unit as
determined by the Board in accordance with the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of a Trust Unit issuable upon the exercise of a Canadian Option, the
Fair Market Value shall mean the weighted average trading price of a Trust Unit on the
TSX during the last five trading days prior to that particular date on which at least a
board lot of Trust Units has so traded or, if a board lot has not traded on a
particular day, the average of the bid and asked prices; provided, however, that if the
Trust Units are not then listed and posted for trading on the TSX, then the Fair Market
Value shall mean the weighted average trading price of a Trust Unit on the NYSE during
the last five trading days prior to that particular date on which at least a board lot
of Trust Units has so traded or, if a board lot has not traded on a particular day, the
average of the bid and asked prices converted to Canadian dollars using the Noon Buying
Rate; and provided further, that if the Trust Units are not then listed and posted for
trading on the NYSE, then the Fair Market Value shall mean the weighted average trading
price of a Trust Unit on such stock exchange in Canada or the United States on which
the Trust Units are</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then listed and posted for trading during the last five trading days prior to that
particular date (and, if in United States dollars, converted to Canadian dollars
using the Noon Buying Rate) or, if the Trust Units are not then listed and posted
for trading on any stock exchange in Canada or the United States, then the Fair
Market Value shall mean the fair market value per Trust Unit (in Canadian dollars)
as determined by the Board in its sole discretion and to the extent applicable, in
accordance with Section&nbsp;409A of the Code;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of a Trust Unit issuable upon the exercise of a U.S. Option, the
Fair Market Value shall mean the weighted average trading price of a Trust Unit on the
NYSE during the last five trading days prior to that particular date on which at least
a board lot of Trust Units has so traded or, if a board lot has not traded on a
particular day, the average of the bid and asked prices; provided, however, that if the
Trust Units are not then listed and posted for trading on the NYSE, then the Fair
Market Value shall mean the weighted average trading price of a Trust Unit on the TSX
during the last five trading days prior to that particular date on which at least a
board lot of Trust Units has so traded or, if a board lot has not traded on a
particular day, the average of the bid and asked prices converted to United States
dollars using the Noon Buying Rate; and provided further, that if the Trust Units are
not then listed and posted for trading on the TSX, then the Fair Market Value shall
mean the weighted average trading price of a Trust Unit on such stock exchange in
Canada or the United States on which the Trust Units are then listed and posted for
trading during the last five trading days prior to that particular date (and, if in
Canadian dollars, converted to United States dollars using the Noon Buying Rate) or, if
the Trust Units are not then listed and posted for trading on any stock exchange in
Canada or the United States, then the Fair Market Value shall mean the fair market
value per Trust Unit (in United States dollars) as determined by the Board in its sole
discretion and to the extent applicable, in accordance with Section&nbsp;409A of the Code;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fair Market Value of a Trust Unit shall be rounded up to the nearest whole
cent;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Insider</B>&#148; means an insider as defined in the TSX Company Manual, as amended from time to
time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>ITA</B>&#148; means the <I>Income Tax Act </I>(Canada), R.S.C. 1985 (5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Supp.), c. 1, including
the regulations promulgated thereunder, as amended from time to time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Leave of Absence</B>&#148; means any period during which, pursuant to the prior written approval of
the Participant&#146;s Employer, the Participant is considered to be on an approved leave of
absence but does not provide any services to his or her Employer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Noon Buying Rate</B>&#148; means the noon buying rate for the applicable currency published by the
Bank of Canada on the relevant date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>NYSE</B>&#148; means the New York Stock Exchange;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Option</B>&#148; means an option to purchase Trust Units granted in accordance with the Plan by the
Trust to an officer or other key employee of the Precision Group, subject to the provisions
contained herein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Option Price</B>&#148; means, in respect of any particular Option, the price per Trust Unit at which
Trust Units may be purchased under that Option, as the same may be adjusted in accordance
with Article&nbsp;8 hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Participant</B>&#148; means an officer or other key employee of the Precision Group to whom an
Option has been granted and which Option, or portion thereof, remains unexercised and has
not been surrendered;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Permitted Reorganization</B>&#148; means a reorganization of the Precision Group in circumstances
where the unitholdings, shareholdings or ultimate ownership remains substantially the same
upon completion of the reorganization, and includes a reorganization, in a transaction or
series of related transactions, of the Trust for the purposes of avoiding the application of
the Canadian SIFT Rules and any related tax or trust, corporate or partnership
reorganization or restructuring including, without limitation, the contemporaneous or, to
the extent entered into in connection with such reorganization or restructuring, subsequent
termination or winding-up of the Trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Person</B>&#148; means any individual, sole proprietorship, partnership, firm, entity,
unincorporated association, unincorporated syndicate, unincorporated organization, trust,
body corporate, agency and, where the context requires, any of the foregoing when they are
acting as trustee, executor, administrator or other legal representative;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Plan</B>&#148; means this Trust Unit Option Plan of the Trust, as set out herein, as the same may be
amended or varied from time to time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Precision Group</B>&#148; means the Trust and any corporations which the Trust controls, within the
meaning of the ITA, and includes, for greater certainty, the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Restricted Options</B>&#148; has the meaning set out in Section&nbsp;5.9;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#148;<B>Retirement</B>&#148; means the normal retirement of the Participant from employment with the
Employer or the early retirement of the Participant pursuant to any applicable retirement
plan of the Employer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Substitution Event</B>&#148; means a Change of Control pursuant to which the Trust Units are
converted into, or exchanged for, other property, whether in the form of securities of
another entity, cash or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Termination Date</B>&#148; means the Participant&#146;s last day of active employment with the Employer,
regardless of the reason for the termination of employment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Trust</B>&#148; means Precision Drilling Trust, a mutual fund trust within the meaning of the ITA,
and includes any successor mutual fund trust thereto, and any reference in this Plan to
action by the Trust means action by or under the authority delegated to the Corporation</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or the Board or any Person or committee that has been designated for the purpose by the
Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Trust Units</B>&#148; means the trust units of the Trust as presently constituted, each of which
represents an equal undivided beneficial interest in the Trust and any distributions from
the Trust, or any trust units into which such trust units are changed, reclassified,
subdivided, consolidated or converted or which are substituted for such trust units, or as
such trust units may further be changed, reclassified, subdivided, consolidated, converted
or substituted;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>TSX</B>&#148; means The Toronto Stock Exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>U.S. Option</B>&#148; means an Option pursuant to which the Option Price is stated and payable in
United States dollars; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>U.S. Taxpayer</B>&#148; means a person who is a citizen or permanent resident of the United States
for the purposes of the Code or for whom Options granted under the Plan would otherwise be
subject to United States federal income taxation under the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Administration of the Plan</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall be administered by the Corporation. The Trust shall effect the grant of
Options under the Plan, in accordance with determinations made by the Board pursuant to the
provisions of the Plan, including as to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the officers and other key employees of the Precision Group to whom Options
will be granted;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Trust Units which shall be the subject of each Option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Option Price in respect of each Option (subject to Section&nbsp;5.7 hereof); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any and all terms and conditions in addition to (and not inconsistent with)
those contained herein which are to be attached to any or all such Options including,
without limitation, whether the Options shall be Canadian Options or U.S. Options;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the execution and delivery of instruments in writing in such form or forms as shall have
been approved by the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board may from time to time adopt such policies, guidelines, rules and regulations for
administering the Plan as it may deem proper and in the best interests of the Trust and may,
subject to applicable law, delegate any of its powers hereunder to a committee of the Board.
To the extent the Board considers it desirable to meet the requirements of the
performance-based compensation exception of Section 162(m) of the Code, the Plan shall be
administered by a committee of two or more &#147;outside directors&#148; (within the meaning of Section
162(m) of the Code).</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Granting of Options</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board from time to time may grant Options to such officers and other key employees of the
Precision Group as the Board shall determine; provided, however, that Options may be granted
to an officer or other key employee of the Precision Group who is a U.S. Taxpayer only if the
corporation or entity (that is part of the Precision Group) for which he or she provides
services would, together with the Trust, be classified as the &#147;service recipient&#148; (as defined
in Section&nbsp;409A of the Code) with respect to such officer or other key employee. Each grant
of an Option shall be made by virtue of the employment of the Participant with the Precision
Group and subject to the terms and conditions contained herein and may be subject to
additional terms and conditions (not inconsistent herewith) determined by the Board from time
to time. Unless otherwise provided in the applicable agreement evidencing the grant of an
Option hereunder, all Options shall vest and become exercisable as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1/3 of the Options shall vest on the first anniversary of the Date of Grant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an additional 1/3 of the Options shall vest on the second anniversary of the
Date of Grant; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the final 1/3 of the Options shall vest on the third anniversary of the Date of
Grant.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options granted to any Participant shall be approved by the unitholders of the Trust if the
rules of any stock exchange on which the Trust Units are listed require such approvals.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless prohibited by applicable law or rules of a stock exchange on which the Trust Units are
listed for trading, Canadian Options or U.S. Options may be granted to a Participant without
regard to such Participant&#146;s domicile or residence for tax purposes. United States taxpayers
that are Participants may receive Canadian Options and Canadian taxpayers that are
Participants may receive U.S. Options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The aggregate number of Trust Units reserved by the Trust for issuance under this Plan and
all other security based compensation arrangements of the Trust shall not exceed 11,103,253
Trust Units, the aggregate number of Trust Units so reserved for issuance in any one fiscal
year shall not exceed 1% of the issued and outstanding Trust Units and the aggregate number of
Trust Units so reserved for issuance to any one individual shall not exceed 2% of the issued
and outstanding Trust Units. The proportion of Trust Units reserved by the Trust for issuance
under this Plan in any one fiscal year to any one individual shall not exceed 25% of the Trust
Units so reserved for issuance under this Plan during such fiscal year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(a)&nbsp;The number of Trust Units issuable to Insiders of the Trust or the Corporation, at any
time, under all security based compensation arrangements of the Trust, including the Plan,
cannot exceed 10% of the issued and outstanding Trust Units; and</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-8-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Trust Units issued to Insiders of the Trust or the Corporation,
within any one year period, under all security based compensation arrangements of the
Trust, including the Plan, cannot exceed 10% of the issued and outstanding Trust Units.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any Option granted under this Plan shall expire or terminate for any reason without having
been exercised or surrendered in full, any unpurchased Trust Units to which such Option
relates shall be available for the purposes of the granting of Options under this Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board shall, at the time an Option is granted under this Plan, fix the Option Price in
respect of such Option and such Option Price shall not be less than the Fair Market Value on
the Date of Grant. If the Option is a Canadian Option, the Option Price shall be stated and
payable in Canadian dollars, and if the Option is a U.S. Option, the Option Price shall be
stated and payable in United States dollars.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;5.9, an Option must be exercised or surrendered within a period of time
not exceeding seven years from the Date of Grant (or such shorter period of time as the Board
may determine and specify in connection with the grant of the Option), otherwise the Option
shall expire immediately after the applicable period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except if not permitted by the TSX or NYSE, if any Options may not be exercised due to any
Black-Out Period being in effect at any time within the 3 business day period prior to the
normal expiry date of such Options (the &#147;<B>Restricted Options</B>&#148;), the expiry date of all
Restricted Options shall be extended for a period of 7 business days following the end of the
Black-Out Period (or such longer period as permitted by the TSX or NYSE and approved by the
Board).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Exercise or Surrender of Options</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of this Plan and the terms and conditions of the Option, an Option
or any portion thereof may be exercised from time to time by delivery to the Trust c/o the
Corporation at its registered office of a notice in writing signed by the Participant or, in
the case of the Participant&#146;s death or incapacity, the Participant&#146;s legal personal
representative. This notice shall state the intention of the Participant, or, in the case of
the Participant&#146;s death or incapacity, the Participant&#146;s legal personal representative, to
exercise the Option or a portion thereof and the number of Trust Units in respect of which the
Option is then being exercised, and must be accompanied by payment to the Trust in full of the
applicable Option Price (including any applicable withholding tax) in the currency in which
the Option Price is denominated for the Trust Units which are the subject of the exercise.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As an alternative to the exercise of an Option pursuant to Section&nbsp;6.1, a Participant shall
be entitled, at his or her election, to surrender for cancellation, unexercised, any vested
Option which is otherwise then exercisable and, in consideration for such surrender for
cancellation, to receive a cash payment in an amount equal to the positive difference, if any,
obtained by subtracting the aggregate Option Price of the surrendered Option from</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-9-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the then current Fair Market Value of the Trust Units subject to the surrendered Option,
less applicable source withholdings. The Board has the sole discretion to consent or
disapprove of the election of the Participant to surrender any vested Option pursuant to
this Section&nbsp;6.2. If the Board disapproves of the election, the Participant may (i)
exercise the Option under Section&nbsp;6.1, or (ii)&nbsp;retract the request to surrender such Option
and retain the Option. If the Board approves of the election, the Board shall make the cash
payment to the Participant in respect of the surrendered Option within 30&nbsp;days. Any cash
payment in accordance with this Section&nbsp;6.2 shall be payable in Canadian dollars, if made
with respect to a Canadian Option, and in United States dollars, if made with respect to a
U.S. Option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Non-Assignability of Options</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Option granted to a Participant is non-assignable and non-transferable except pursuant
to laws of succession and, except in the case of the Participant&#146;s death or incapacity,
shall be exercisable or surrendered only by the Participant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Adjustments</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appropriate adjustments in the number of Trust Units subject to the Plan and, with respect to
Options granted or to be granted, in the respective numbers of Trust Units optioned and in the
respective Option Prices, shall be made by the Board to give effect to adjustments in the
number of Trust Units resulting from subdivisions or consolidations of the Trust Units or the
payment of distributions in kind of Trust Units by the Trust (other than distributions in kind
of Trust Units paid in lieu of cash distributions in the ordinary course) or to give effect to
reclassifications or conversions of the Trust Units or any other relevant changes in the
authorized or issued capital of the Trust or any other event in respect of which, in the
opinion of the Board, such an adjustment would be necessary to preserve the Participant&#146;s
rights hereunder and under the Options, in all such cases which occur subsequent to the
approval of the Plan by the Board; provided that no Option shall be adjusted to result in the
issuance of a fractional Trust Unit and all fractions shall be rounded down; provided further
that an Option, which is intended to be exempt from Section&nbsp;409A of the Code, shall be
adjusted in accordance with Section&nbsp;409A in order to remain exempt from Section&nbsp;409A.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Termination of Employment</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Sections&nbsp;9.2, 9.3, 9.4, 9.5, 9.6 and 9.7, and to the terms of any particular
Option, all rights to purchase Trust Units pursuant to an Option or to surrender such Option
shall expire and terminate immediately upon the Participant holding such Option ceasing to be
an officer or employee of the Precision Group, provided that if such employment of the
Participant is terminated for Cause, such rights shall terminate immediately upon notification
being given to the Participant of such termination for Cause.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-10-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reason of the death of the Participant, the unexercised part of such Option shall become
fully vested and may be exercised or surrendered (including such part, if any, thereof
which, but for this Section&nbsp;9.2, would not otherwise be able to be exercised or surrendered)
at any time within 12&nbsp;months of the Participant&#146;s Termination Date unless otherwise provided
in the terms of a particular Option. Any Option that remains unexercised shall be
immediately forfeited upon the expiration of such 12&nbsp;month period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by reason
of Disability or Leave of Absence, such Option shall continue to vest in accordance with its
terms and may be exercised (if such Option is fully vested) or surrendered until the normal
expiry of the Option in accordance with its terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by reason
of Retirement, such Option shall continue to vest in accordance with its terms and may be
exercised (if such Option is fully vested) or surrendered at any time within 24&nbsp;months of the
Participant&#146;s Termination Date unless otherwise provided in the terms of a particular Option.
Any Option that remains unexercised shall be immediately forfeited upon the expiration of such
24&nbsp;month period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by reason
of voluntary resignation (i)&nbsp;the unvested part of the Option shall be cancelled immediately
and may not be exercised or surrendered and (ii)&nbsp;the vested part of such Option may be
exercised or surrendered at any time within 30&nbsp;days of the Participant&#146;s Termination Date, but
only to the extent that the Participant was entitled to exercise or surrender such Option at
the Participant&#146;s Termination Date. Any Option that remains unexercised shall be immediately
forfeited upon the expiration of such 30&nbsp;day period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, the Participant
holding such Option shall cease to be an officer or employee of the Precision Group by reason
of termination other than for Cause, such Option shall continue to vest in accordance with its
terms and may be exercised (if such Option is fully vested) or surrendered at any time within
90&nbsp;days of the Participant&#146;s Termination Date. Any Option that remains unexercised shall be
immediately forfeited upon the expiration of such 90&nbsp;day period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, before the expiry of an Option in accordance with the terms thereof, a Change of Control
shall occur and the Participant shall cease to be an officer or employee of the Employer by
reason of termination:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Employer or by the entity that has entered into a valid and binding
agreement with the Trust, the Corporation and/or other members of the Precision Group
to effect the Control Change at any time after such agreement is entered into or during
the Control Period and such termination was for any reason other than for Cause; or</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-11-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Participant within 30&nbsp;days after an act of Constructive Dismissal,
provided such act of Constructive Dismissal occurs during the Control Period;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Participant&#146;s Options shall become fully vested and may be exercised or surrendered by
the Participant (including such part, if any, thereto which, but for this Section&nbsp;9.7, would
not otherwise be able to be exercised or surrendered) at any time within 90&nbsp;days of the
Participant&#146;s Termination Date. Any Option that remains unexercised shall be immediately
forfeited upon the expiration of such 90&nbsp;day period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Plan does not confer upon a Participant any right with respect to continuation as an
officer or employee with the Precision Group nor does it interfere in any way with the right
of the Participant or the Precision Group to terminate the Participant&#146;s employment at any
time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options shall not be affected by any change of employment of the Participant so long as the
Participant continues to be employed by the Precision Group.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Substitution Event</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless Section&nbsp;10.2 applies, upon the occurrence of a Substitution Event or a Permitted
Reorganization, where the surviving or acquiring entity (the &#147;<B>Continuing Entity</B>&#148;) is a
corporation or a &#147;mutual fund trust&#148; (within the meaning of the ITA), then the Continuing
Entity shall substitute or replace similar options to purchase securities in the Continuing
Entity (&#147;<B>Continuing Entity Options</B>&#148;) for the Options outstanding under this Plan on
substantially the same terms and conditions as this Plan. For greater certainty, no
consideration other than Continuing Entity Options shall be received and the excess of the
aggregate fair market value of the securities of the Continuing Entity subject to the
Continuing Entity Options immediately after the substitution or replacement over the aggregate
option price of such securities under the Continuing Entity Options shall not exceed the
excess of the aggregate Fair Market Value of the Trust Units subject to the outstanding
Options immediately before such substitution or replacement over the aggregate Option Price of
such Trust Units. Any such substitution or replacement shall, at all times, be made in
compliance with the provisions of subsection 7(1.4) of the ITA and Section&nbsp;409A of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Continuing Entity does not (or, upon the occurrence of the Substitution
Event or Permitted Reorganization, will not) substitute or replace Continuing Entity
Options for the Options outstanding under this Plan on the same terms as described in
Section&nbsp;10.1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Board determines, acting reasonably, that such substitution or replacement
is not practicable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Board determines, acting reasonably, that such substitution or replacement
would give rise to adverse tax results, under the ITA or the Code, to holders of
Options; or</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-12-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the securities of the Continuing Entity are not (or, upon the occurrence of the
Substitution Event or Permitted Reorganization, will not be) listed and posted for
trading on a recognizable stock exchange;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the outstanding Options shall become fully vested and may be exercised or surrendered by the
Participant (including such part, if any, thereto which, but for this Section&nbsp;10.2, would
not otherwise be able to be exercised or surrendered) at any time after the Participant
receives written notice from the Board of such accelerated vesting and prior to the
occurrence of the Substitution Event or Permitted Reorganization; provided, however, that
such vesting, exercise or surrender shall be, unless otherwise determined in advance by the
Board, effective immediately prior to, and shall be conditional on, the consummation of such
Substitution Event or Permitted Reorganization. Any Options that have not been exercised or
surrendered pursuant to this Section&nbsp;10.2 shall be forfeited and cancelled without
compensation to the holder thereof upon the consummation of such Substitution Event or
Permitted Reorganization.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Decisions of the Board</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All decisions and interpretations of the Board respecting the Plan or any Options shall be
conclusive and binding on the Trust and the Participants and their respective legal personal
representatives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Amendment or Discontinuance of Plan</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the policies, rules and regulations of any lawful authority having jurisdiction
over the Trust (including any exchange on which the Trust Units are listed for trading), the
Board may at any time, without further action by, or approval of, the holders of Trust Units,
amend this Plan or any Option granted under this Plan in such respects as it may consider
advisable and, without limiting the generality of the foregoing, it may do so to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that Options granted under this Plan will comply with any provisions
respecting trust unit options in the income tax or other laws in force in any country
or jurisdiction of which a Person to whom an Option has been granted may from time to
time perform services or be resident;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make amendments of a procedural or &#147;housekeeping&#148; nature;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the termination provisions of an Option granted under the Plan which
does not entail an extension of the expiry date of the Option beyond the original
expiry date of the Option; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminate this Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any such amendments shall, if made, become effective on the date selected by the Board. The
Board may not, however, without the consent of the Option holder, except as permitted by
provisions of Articles 8 or 10 hereof, alter or impair any of the rights or obligations
under any Option theretofore granted.</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-13-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding Section&nbsp;12.1, approval of the holders of Trust Units will be required in
order to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase the maximum number of Trust Units reserved for issuance under the
Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the Option Price in respect of any Option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend the period of time during which an Option must be exercised or
surrendered;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase any limit on grants of Options to Insiders of the Trust or the
Corporation set out in the Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>add any form of financial assistance by the Trust or the Corporation for the
exercise of any Option;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expand the circumstances under which Options may be assigned or transferred as
permitted by Article&nbsp;7 hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend the class of eligible participants under the Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend this Article&nbsp;12; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant additional powers to the Board to amend the Plan or any Option without
the approval of holders of Trust Units.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Government Regulation</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trust&#146;s obligation to issue and deliver Trust Units on the exercise of any Option is
subject to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the satisfaction of all requirements under applicable securities laws in
respect thereof and obtaining all regulatory approvals as the Trust shall determine to
be necessary or advisable in connection with the authorization, issuance or sale of
such Trust Units;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the admission of such Trust Units to listing on any stock exchange on which
Trust Units may then be listed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt from the Participant of such representations, agreements and
undertakings as to future dealings in such Trust Units as the Trust determines to be
necessary or advisable in order to safeguard against the violation of the securities or
income tax laws of any jurisdiction; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Board being satisfied that, upon the issuance of any Trust Units pursuant
to the exercise of any Option, the Trust will continue to be in compliance with the
provisions of the subsection 132(7) of the ITA (as amended from time to time and</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any successor provision thereto) relating to the Trust&#146;s continued satisfaction of
the requirements to constitute a mutual fund trust within the meaning of the ITA.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trust shall take all reasonable steps to obtain such approvals and registrations as may
be necessary for the issuance of such Trust Units in compliance with applicable securities
laws and for the listing of such Trust Units on any stock exchange on which Trust Units are
then listed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Precision Group may withhold from any amount payable to a Participant, either under this
Plan, or otherwise, such amount as may be necessary so as to ensure that the Precision Group
will be able to comply with the applicable provisions of any federal, provincial or local law
relating to the withholding of tax or other required deductions, including on the amount, if
any, includable in the income of a Participant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Participant&#146;s Rights</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant shall not have any rights as a unitholder of the Trust in respect of any Trust
Units issuable pursuant to an Option until the issuance of Trust Units upon the exercise of
the Option or a portion thereof, and then only with respect to the Trust Units so issued.
For greater certainty, a Participant shall not have the right or be entitled to exercise any
voting rights, receive distributions or have or be entitled to any other rights as a
unitholder of the Trust in respect of any Options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Approvals</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Trust Units cannot be issued to a Participant upon the exercise of an Option for any
reason which, in the opinion of the Board, acting reasonably, would result in undue expense to
the Trust as a result of the Trust being required to comply with non-Canadian regulatory
requirements, the obligation of the Trust to issue such Trust Units shall terminate and any
funds paid to the Trust in connection with the exercise of such Option will be returned to the
relevant Participant as soon as practicable. In such circumstances, such Participant shall be
deemed to have elected to surrender the Option in accordance with Section&nbsp;6.2 and such
Participant shall be paid the amount specified in that Section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Trust Units cannot be issued to a Participant upon the exercise of an Option due to a
decision by the Board that the condition in Section&nbsp;13.1(d) would be, or is at risk of being,
violated as a consequence of such issuance, the obligation of the Trust to issue such Trust
Units shall terminate and any funds paid to the Trust in connection with the exercise of such
Option shall be returned to the relevant Participant as soon as practicable. In such
circumstances, such Participant shall be deemed to have elected to surrender the Option in
accordance with Section&nbsp;6.2 and such Participant shall be paid the amount specified in that
Section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Effective Date</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Plan is effective from &#95;&#95;&#95;, 2009.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>h67159exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Opinion of Bennett Jones LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">June 12, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Trust<BR>
Suite&nbsp;4200, 150 &#151; 6th Avenue S.W.<BR>
Calgary, AB T2P 3Y7

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs/Mesdames:

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Unit Option Plan of Precision Drilling Trust</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as Canadian counsel to Precision Drilling Trust, an Alberta unincorporated open-ended
investment trust (&#147;Precision&#148;), in connection with the Registration Statement on Form S-8 (the
&#147;Registration Statement&#148;) filed by Precision with the Securities and Exchange Commission (the
&#147;Commission&#148;) under the Securities Act of 1933, as amended, relating to the issuance by Precision
of trust units (the &#147;Units&#148;) in connection with the exercise of options pursuant to an employee
trust unit option plan (the &#147;Option Plan&#148;). This opinion is being delivered in connection with the
Registration Statement, to which this opinion appears as an exhibit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have examined the Registration Statement and the Option Plan, which has been filed with the
Commission as an exhibit to the Registration Statement. We also have examined the originals, or
duplicate, certified, conformed, telecopied or photostatic copies, of such trust and corporate
records, agreements, documents and other instruments and have made such other investigations as we
have considered necessary or relevant for the purposes of this opinion. With respect to the
accuracy of factual matters material to this opinion, we have relied upon certificates or
comparable documents and representations of public officials and of representatives of Precision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In giving this opinion, we have assumed the genuineness of all signatures, the legal capacity of
natural persons, the authenticity of all documents submitted to us as originals, the conformity to
authentic original documents of all documents submitted to us as duplicates, certified, conformed,
telecopied or photostatic copies and the authenticity of the originals of such latter documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based and relying upon the foregoing, and subject to the qualifications, assumptions and
limitations stated herein, we are of the opinion that when the Units shall have been issued in
accordance with the terms of the Option Plan, the Units will be validly issued, fully paid and
non-assessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion is based upon and limited to the laws of the Province of Alberta and the federal laws
of Canada applicable therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the filing of this opinion as Exhibit&nbsp;5.1 to the Registration Statement and to
the use of our name under the caption &#147;Legal Matters&#148; in the related prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours very truly,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Bennett Jones LLP
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>h67159exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<IMG src="h67159lhkpmg.gif" alt="KPMG Letterhead">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Board of Directors of Precision Drilling Corporation<BR>
as administrator of Precision Drilling Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the use in the Registration Statement of Precision Drilling Trust dated June&nbsp;12, 2009
on Form S-8 of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Auditors&#146; Report dated March&nbsp;23, 2009 on the consolidated balance sheets of Precision
Drilling Trust (the &#147;Trust&#148;) as at December&nbsp;31, 2008 and 2007, and the consolidated statements
of earnings and deficit, comprehensive income and cash flow for each of the years in the
three-year period ended December&nbsp;31, 2008</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Report of Independent Registered Public Accounting Firm dated March&nbsp;23, 2009 on the
effectiveness of internal control over financial reporting as of December&nbsp;31, 2008</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each of which is incorporated by reference herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">
<IMG src="h67159kpmg.gif" alt="-s- KPMG LLP">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chartered Accountants
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Calgary, Canada<BR>
June&nbsp;12, 2009
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

</BODY>
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</TEXT>
</DOCUMENT>
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<SEQUENCE>5
<FILENAME>h67159lhkpmg.gif
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