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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001199073-10-000097.txt : 20100212
<SEC-HEADER>0001199073-10-000097.hdr.sgml : 20100212
<ACCEPTANCE-DATETIME>20100212093410
ACCESSION NUMBER:		0001199073-10-000097
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100212
FILED AS OF DATE:		20100212
DATE AS OF CHANGE:		20100212

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		10594771

	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>
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<TYPE>6-K
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<DESCRIPTION>PRECISION DRILLING TRUST FORM 6-K
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STATES</font></font></div>
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20549</font></font></div>
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ISSUER</font></font></div>
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of the</font></font></div>
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1934</font></font></div>
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Trust</font></font></div>
                    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact
name of registrant as specified in its charter)</font></div>
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S.W.</font></font></div>
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by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</font></div>
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                              <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
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by check mark if the registrant is submitting the Form 6-K in paper as permitted
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Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K
if submitted solely to provide an attached annual report to security holders.
</font></div>
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by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):&#160; _____</font></div>
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Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's "home country"), or under the rules of the home country exchange on
which the registrant's securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant's security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR. </font></div>
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by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></div>
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                        <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-</font><font id="TAB2" style="LETTER-SPACING: 27pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font style="DISPLAY: inline; FONT-WEIGHT: bold">N/A</font></font></font><font id="TAB2" style="LETTER-SPACING: 27pt; COLOR: black">&#160;</font></div>
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                      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
                      <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant
to the requirements of Section 12 of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</font></div>
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                    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                      <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" bgcolor="#ffffff">
                            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
                            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
                            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
                          </tr><tr valign="top" bgcolor="#ffffff">
                            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
                            <td colspan="2">
                              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">PRECISION DRILLING
      TRUST</font></font></div>
                              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">By its
      Administrator PRECISION DRILLING </font></font></div>
                              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">CORPORATION</font></font></div>
                            </td>
                          </tr><tr valign="top" bgcolor="#ffffff">
                            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;<br>&#160;</font></td>
                            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;<br>&#160;</font></td>
                            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;<br>&#160;</font></td>
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                            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dated:&#160;February
      12, 2010</font></font></td>
                            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">By:&#160;&#160;</font></td>
                            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">/<font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">s/&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Joanne
      L. Alexander</font></font></font></td>
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                            <td colspan="2"><font size="1">&#160;</font></td>
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                              <hr style="COLOR: black" align="left" noshade size="1" width="90%">      <font size="2"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Name:<font id="TAB2" size="3" style="FONT-FAMILY: times new roman; LETTER-SPACING: 27pt; COLOR: black; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Joanne
      L. Alexander</font></font></font></td>
                          </tr><tr valign="top" bgcolor="#ffffff">
                            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
                            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Title: <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Corporate
      Secretary</font></font></font></td>
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                    <div>&#160;</div>
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<tr>
                              <td width="4%">
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                                <div>&#160;</div>
                              </td>
                              <td width="4%"><font style="FONT-SIZE: 10pt">&#160;</font></td>
                              <td width="92%">
                                <div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Title</font></div>
                                <div>&#160;</div>
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                                                            <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-WEIGHT: bold"><font style="FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">      </font></font></font>
                                                              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NEWS
      RELEASE - PRECISION DRILLING TRUST ANNOUNCES INTENTION TO CONVERT TO A
      CORPORATION</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>NEWS RELEASE - PRECISION DRILLING TRUST ANNOUNCES INTENTION TO CONVERT TO A CORPORATION
<TEXT>
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    <div style="TEXT-ALIGN: right"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Exhibit
99.1</font></div>
    <div style="TEXT-ALIGN: left">&#160;</div>
    <div style="TEXT-ALIGN: left">&#160;</div>
    <div style="TEXT-ALIGN: left"><img src="logo1.jpg" alt="Graphic"></div>
    <div style="TEXT-ALIGN: left">&#160;</div>
    <div style="TEXT-ALIGN: left"><img src="logo2.jpg" alt="Graphic"></div>
    <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-ALIGN: left">
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Calgary,
Alberta, Canada &#8211;&#160;&#160;February 12, 2010</font></div>
      </div>
    </div>
    <div style="TEXT-ALIGN: left">
      <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">NEWS
RELEASE</font></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
      <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRECISION
DRILLING TRUST</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ANNOUNCES
INTENTION TO CONVERT TO A CORPORATION</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><br>&#160;</div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This
news release contains &#8220;forward-looking information and statements&#8221; within the
meaning of applicable securities laws.&#160;&#160;For a full disclosure of the
forward-looking information and statements and the risks to which they are
subject, see the &#8220;Cautionary Statement Regarding Forward-Looking Information and
Statements&#8221; later in this news release.</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Precision
Drilling Trust (the "Trust" or "Precision") announces its intention to convert
to a growth-oriented corporation (the "Conversion") pursuant to a plan of
arrangement ("Arrangement") under the <font style="FONT-STYLE: italic; DISPLAY: inline">Business Corporations Act</font>
(Alberta).&#160;&#160;Precision anticipates seeking approval from unitholders in
conjunction with its 2010 annual and special meeting of unitholders (the
"Meeting") and expects to complete the Conversion by May 31, 2010.</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board
of Trustees and the Board of Directors of the administrator of the Trust
(together the "Board")&#160;&#160;believe that it is the right time to proceed
with the Conversion for the following reasons:</font></div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Precision
      believes the Conversion is important for future attraction and retention
      of worldwide investors.</font></div>
                </td>
              </tr></table>
        </div>
        <div>
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                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Access
      to capital markets for income trusts may become more limited
      in&#160;&#160;2010.</font></div>
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        <div>
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<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                </td>
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                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
      Trust anticipates efficiencies and cost savings from presenting the
      Conversion for approval of the&#160;&#160;unitholders at its regularly
      scheduled annual general meeting. </font></div>
                </td>
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        </div>
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                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
      Conversion removes the restriction on non-resident
    ownership.</font></div>
                </td>
              </tr></table>
        </div>
        <div>
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<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
      Conversion will occur on a tax-deferred
basis.</font></div>
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              </tr></table>
        </div>
        <div>
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<tr valign="top">
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                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
      October 31, 2006, the Canadian Minister of Finance announced the Specified
      Investment Flow Through Trust ("SIFT") income and distribution tax which
      effectively eliminated the benefits of Precision's income trust structure
      by introducing additional income taxes to be imposed on trusts (generally)
      for taxation years commencing January 1,
  2011.&#160;&#160;</font></div>
                </td>
              </tr></table>
        </div>
        <div>
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<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
      Conversion removes the growth limitations imposed by the SIFT
      legislation.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
proposed Conversion will be completed in compliance with the distribution method
provided for under the Income Tax Act (Canada).&#160;&#160;The Conversion
requires the approval of Precision's unitholders, as well as customary court and
regulatory approvals.&#160;&#160;An information circular and proxy statement
will be mailed to Precision unitholders in connection with the
meeting.&#160;&#160;To be implemented, the Conversion must be approved by not
less than two-thirds of the votes cast by unitholders at the
Meeting.&#160;&#160;Further details about the timing and mechanics of the
Conversion will be communicated&#160;&#160;over the next two
months.</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Board
retained TD Securities Inc. ("TD Securities") to act as its financial advisor in
connection with this transaction. Pursuant to this mandate, TD Securities has
provided the Board with an opinion that, as at the date thereof and subject to
the particular assumptions, considerations and limitations summarized therein,
the consideration to be received by unitholders pursuant to the Arrangement is
fair, from a financial point of view, to such unitholders. The full text of the
TD Securities fairness opinion will be appended to the management information
circular to be provided to unitholders in connection with the proposed
Conversion. </font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
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            <div style="TEXT-ALIGN: right; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">1</font></div>
            <div style="TEXT-ALIGN: center; WIDTH: 100%">
              <hr style="COLOR: darkgray" noshade size="2">
            </div>
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          <div id="HDR">
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            </div>
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        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain
statements contained in this news release, including statements that contain
words such as "could", "should", "can", "anticipate", "estimate", "propose",
"plan", "expect", "believe", "will", "may" and similar expressions and
statements relating to matters that are not historical facts constitute
"forward-looking information" within the meaning of applicable Canadian
securities legislation and "forward-looking statements" within the meaning of
the "safe harbor" provisions of the United States Private Securities Litigation
Reform Act of 1995 (collectively, "forward-looking information and statements").
</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
particular, this news release contains forward-looking information and
statements relating to the expectations of the Trust and the administrator of
the Trust regarding the proposed Conversion including, but not limited
to:&#160;&#160;timing,&#160;&#160;completion, receipt of necessary approvals and
anticipated benefits of the Conversion.</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">These
forward-looking information and statements are based on certain assumptions and
analysis made by the Trust in light of its experience and its perception of
historical trends, current conditions and expected future developments as well
as other factors it believes are appropriate in the circumstances. However,
whether actual results, performance or achievements will conform to the Trust&#8217;s
expectations and predictions is subject to a number of known and unknown risks
and uncertainties which could cause actual results to differ materially from the
Trust&#8217;s expectations. Such risks and uncertainties include, but are not limited
to the failure to receive approval of the Conversion from the unitholders, the
court or other regulatory authorities or to realize the anticipated benefits of
the Conversion.</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Consequently,
all of the forward-looking information and statements made in this news release
are qualified by these cautionary statements and there can be no assurance that
the actual results or developments anticipated by the Trust will be realized or,
even if substantially realized, that they will have the expected consequences
to, or effects on, the Trust or its business or operations.&#160;&#160;Readers
are therefore cautioned not to place undue reliance on such forward-looking
information and statements.&#160;&#160;Except as may be required by law, the
Trust assumes no obligation to update publicly any such forward-looking
information and statements, whether as a result of new information, future
events or otherwise.</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About
Precision</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Precision
is a leading provider of safe, high performance energy services to the North
American oil and gas industry. Precision provides customers with access to an
extensive fleet of contract drilling rigs, service rigs, camps, snubbing units,
wastewater treatment units and rental equipment backed by a comprehensive mix of
technical support services and skilled, experienced personnel.</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Precision
is headquartered in Calgary, Alberta, Canada.&#160;&#160;Precision is listed on
the Toronto Stock Exchange under the trading symbol "PD.UN" and on the New York
Stock Exchange under the trading symbol "PDS".</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For
further information, please contact:</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">David
Wehlmann, Executive Vice President, Investor Relations</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Precision
Drilling Corporation, Administrator of Precision Drilling Trust</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(403)
716-4575</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(403)
716-4755 (FAX)</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4200, 150
&#8211; 6th Avenue S.W.</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Calgary,
Alberta T2P 3Y7</font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Website:&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">www.precisiondrilling.com</font></font></div>
        <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">2</font></div>
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