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<SEC-DOCUMENT>0000950123-10-063834.txt : 20100707
<SEC-HEADER>0000950123-10-063834.hdr.sgml : 20100707
<ACCEPTANCE-DATETIME>20100706190604
ACCESSION NUMBER:		0000950123-10-063834
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20100707
DATE AS OF CHANGE:		20100706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-167610
		FILM NUMBER:		10940648

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-716-4500

	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 TRUST
		DATE OF NAME CHANGE:	20051121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10/A
<SEQUENCE>1
<FILENAME>o63049fv10za.htm
<DESCRIPTION>AMENDMENT NO. 1 TO FORM F-10
<TEXT>
<HTML>
<HEAD>
<TITLE>fv10za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 2pt">
<B>As filed with the Securities and Exchange Commission on July&nbsp;6, 2010</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 1pt"><B>Registration No.&nbsp;333-167610</B>
</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: 9pt"><B>U.S. 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: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>AMENDMENT NO.&nbsp;1<BR>
TO</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 6pt"><B>FORM F-10</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 9pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 22pt; margin-top: 3pt"><B>PRECISION DRILLING CORPORATION</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="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Alberta, Canada</B><BR>
(Province or Other Jurisdiction <BR>
of Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1381</B><BR>
(Primary Standard Industrial Classification)<BR>
Code Number (if applicable))
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B><BR>
(I.R.S. Employer Identification<BR>
Number (if applicable))</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>4200, 150 &#150; 6th Avenue S.W.<BR>

Calgary, Alberta<BR>

Canada T2P 3Y7<BR>

(403)&nbsp;716-4500</B><BR>

(Address and telephone number of Registrant&#146;s principal executive offices)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Precision Drilling Oilfield Services Corporation,<BR>
Attn: Kenneth J. Haddad, 10370 Richmond Avenue, Suite&nbsp;600, Houston, Texas 77042, (713)&nbsp;435-6184</B><BR>
(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 9pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B><I>Copies to:</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR style="font-size: 3pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Joanne L. Alexander <BR>
Vice President, General Counsel and <BR>
Corporate Secretary <BR>
Precision Drilling Corporation <BR>
4200, 150 &#150; 6th Avenue S.W. <BR>
Calgary, Alberta <BR>
Canada T2P 3Y7</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Robert C. Lando, Esq.<BR>
Osler, Hoskin &#038; Harcourt LLP<BR>
620 Eighth Avenue &#150; 36th Floor<BR>
New York, New York 10018</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 4pt">
<B>Approximate date of commencement of proposed sale of the securities to the public:<BR>

As soon as practicable after this Registration Statement becomes effective</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt">
<B>Province of Alberta, Canada</B><BR>

(Principal jurisdiction regulating this offering (if applicable))</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt">
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">It is proposed that this filing shall become effective (check appropriate box):</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV style="margin-top: 4pt">
<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%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>

<TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#120;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an
offering being made contemporaneously in the United States and Canada)</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 3pt">
<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%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
     <TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At some future date (check the appropriate box below):</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt">
<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to Rule 467(b) on at (designate a time not sooner than 7 calendar days after
filing)</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 3pt">
<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to Rule 467(b) on at (designate a time 7 calendar days or sooner after
filing) because the securities regulatory authority in the review jurisdiction has issued a
receipt or notification of clearance on</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 3pt">
<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to Rule 467(b) as soon as practicable after notification of the Commission by
the Registrant or the Canadian securities regulatory authority of the review jurisdiction
that a receipt or notification of clearance has been issued with respect hereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV style="margin-top: 3pt">
<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After the filing of the next amendment to this form (if preliminary material is
being filed).</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to the home jurisdiction&#146;s shelf short form prospectus offering
procedures, check the following box.&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#120;</FONT>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></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>

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

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



<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>PART I</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B></DIV>



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

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

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; color: #FF0000"><I>No securities regulatory authority has expressed an opinion about the securities and it is an
offence to claim otherwise.</I></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; color: #FF0000"><I>This short form prospectus has been filed under legislation in each of the provinces of Canada that
permits certain information about the securities to be determined after this prospectus has become
final and that permits the omission from this prospectus of that information. The legislation
requires the delivery to purchasers of a prospectus supplement containing the omitted information
within a specified period of time after agreeing to purchase any of these securities.</I></DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; color: #FF0000"><B><I>Information has been incorporated by reference in this short form prospectus from documents filed
with securities commissions or similar authorities in Canada. </I></B><I>Copies of the documents incorporated
herein by reference may be obtained on request without charge from the Vice President, Corporate
Services of Precision Drilling Corporation, at 4200, 150 &#151; 6th Avenue S.W., Calgary, Alberta, T2P
3Y7, telephone 403-716-4500, and are also available electronically at <U>www.sedar.com</U>.</I></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SHORT FORM BASE SHELF PROSPECTUS</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><I>New Issue</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">July&nbsp;6, 2010</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<IMG src="o63049o6304900.gif" alt="(PRECISION LOGO)"></DIV>



<DIV align="center" style="font-size: 16pt; margin-top: 12pt"><B>Precision Drilling Corporation</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt">
<B>$800,000,000</B></DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt">
<B>Common Shares<BR>

Preferred Shares<BR>

Debt Securities<BR>

Warrants<BR>

Subscription Receipts<BR>

Units</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Precision Drilling Corporation (the &#147;<B>Corporation</B>&#148;) may offer and issue, from time to time: (i)
common shares (the &#147;<B>Common Shares</B>&#148;); (ii)&nbsp;preferred shares (the &#147;<B>Preferred Shares</B>&#148;); (iii)&nbsp;bonds,
debentures, notes or other evidences of indebtedness of any kind, nature or description (the &#147;<B>Debt
Securities</B>&#148;); (iv)&nbsp;warrants to purchase Common Shares, Preferred Shares or Debt Securities (the
"<B>Warrants</B>&#148;); (v)&nbsp;subscription receipts (the &#147;<B>Subscription Receipts</B>&#148;); and (vi)&nbsp;units (the &#147;<B>Units</B>&#148;
and together with the foregoing, collectively, the &#147;<B>Securities</B>&#148;) of up to $800,000,000 aggregate
initial offering price of Securities (or the equivalent thereof in one or more foreign currencies
or composite currencies, including United States dollars) during the 25&nbsp;month period that this
prospectus, including any amendments thereto, is valid. Securities may be offered separately or
together, in amounts, at prices and on terms to be determined based on market conditions at the
time of sale and set forth in one or more shelf prospectus supplements (each, a &#147;<B>Prospectus
Supplement</B>&#148;).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The specific terms of the Securities with respect to a particular offering will be set out in the
applicable Prospectus Supplement and may include, where applicable: (i)&nbsp;in the case of Common
Shares, the number of Common Shares offered, the issue price (in the event the offering is a fixed
price distribution), the currency in which the Common Shares are offered and any other terms
specific to the Common Shares being offered; (ii)&nbsp;in the case of Preferred Shares, the number of
Preferred Shares offered, the issue price (in the event the offering is a fixed price
distribution), the currency in which the Preferred Shares are offered and any other terms specific
to the Preferred</DIV>


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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares being offered; (iii)&nbsp;in the case of Debt Securities, the specific designation, aggregate
principal amount, the currency or the currency unit for which the Debt Securities may be purchased,
the maturity, interest provisions, authorized denominations, offering price, covenants, events of
default, any terms for redemption or retraction, any exchange or conversion terms, whether the debt
is senior or subordinated and any other terms specific to the Debt Securities being offered; (iv)
in the case of Warrants, the designation, number and terms of the Common Shares, Preferred Shares
or Debt Securities purchasable upon exercise of the Warrants, any procedures that will result in
the adjustment of these numbers, the exercise price, dates and periods of exercise, the currency in
which the Warrants are offered and any other terms specific to the Warrants being offered; (v)&nbsp;in
the case of Subscription Receipts, the number of Subscription Receipts offered, the issue price,
the terms, conditions and procedures for the conversion or exercise of such Subscription Receipts
into or for Common Shares, Preferred Shares or other securities and any other terms specific to the
Subscription Receipts being offered; and (vi)&nbsp;in the case of Units, the designation and terms of
the Units and of the Securities comprising the Units, including the circumstances under which the
Securities comprising the Units may be held or transferred separately, any provisions for the
issuance, payment, settlement, transfer or exchange of the Units or of the Securities comprising
the Units and any other terms specific to the Units being offered. Where required by statute,
regulation or policy, and where Securities are offered in currencies other than Canadian dollars,
appropriate disclosure of foreign exchange rates applicable to such Securities will be included in
the Prospectus Supplement describing such Securities. The Corporation may also include in a
Prospectus Supplement specific terms pertaining to the Securities which are not within the options
and parameters set forth in this prospectus.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All shelf information permitted under applicable laws to be omitted from this prospectus will be
contained in one or more Prospectus Supplements that will be delivered to prospective purchasers
together with this prospectus. Each Prospectus Supplement will be deemed to be incorporated by
reference into this prospectus as of the date of the Prospectus Supplement and only for the
purposes of the offering of Securities to which the Prospectus Supplement pertains.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We are permitted to prepare this prospectus in accordance with Canadian disclosure requirements,
which are different from those of the United States. We prepare our financial statements in
accordance with Canadian GAAP (as defined herein), and they are subject to Canadian auditing and
auditor independence standards. They may not be comparable to financial statements of United
States companies.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Owning the Securities may subject you to tax consequences both in the United States and Canada.
This prospectus or the Prospectus Supplements may not describe these tax consequences fully. You
should read the tax discussion in the Prospectus Supplements.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Your ability to enforce civil liabilities under the United States federal securities laws may be
affected adversely because we are incorporated in Alberta, some of our officers and directors and
some of the experts named in this prospectus are Canadian residents, and all or a significant
portion of our assets are located in Canada.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Neither the Securities and Exchange Commission (the &#147;SEC&#148;) nor any state securities regulator has
approved or disapproved the Securities, or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This prospectus constitutes a public offering of the Securities only in those jurisdictions where
they may be lawfully offered for sale and therein only by persons permitted to sell such
Securities. The Corporation may offer and sell Securities to or through underwriters or dealers
and also may offer and sell certain Securities directly to other purchasers or through agents. A
Prospectus Supplement relating to each issue of Securities offered thereby will set forth the names
of any underwriters, dealers or agents involved in the sale of such Securities and the compensation
of any such underwriters, dealers or agents. Except as set out in a Prospectus Supplement relating
to a particular offering of Securities, the underwriters, dealers or agents, as the case may be,
may over-allot or effect transactions intended to fix or stabilize the market price of the Common
Shares at a level above that which might otherwise prevail in the open market. Such transactions,
if commenced, may be discontinued at any time. See &#147;Plan of Distribution&#148;. The issued and
outstanding Common Shares of the Corporation are listed on the Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;)
under the symbol &#147;PD&#148; and on the New York Stock Exchange (the &#147;<B>NYSE</B>&#148;) under the
symbol &#147;PDS&#148;. <B>No underwriter, dealer or agent in Canada or the United States has been involved in
the preparation of this prospectus or performed any review of the contents of this prospectus.</B></DIV>


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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any offering of Preferred Shares, Debt Securities, Warrants, Subscription Receipts or Units would
be a new issue of securities. <B>There is no market through which the Preferred Shares, Debt
Securities, Warrants, Subscription Receipts or Units may be sold and purchasers may not be able to
resell the Preferred Shares, Debt Securities, Warrants, Subscription Receipts or Units purchased
under this prospectus or any Prospectus Supplement. This may affect the pricing of the Preferred
Shares, Debt Securities, Warrants, Subscription Receipts or Units in the secondary market (if any),
the transparency and availability of trading prices (if any), the liquidity of the Preferred
Shares, Debt Securities, Warrants, Subscription Receipts or Units (if any), and the extent of
issuer regulation. See &#147;Risk Factors&#148;. </B>Unless otherwise specified in the applicable Prospectus
Supplement, the Preferred Shares, Debt Securities, Warrants, Subscription Receipts or Units will
not be listed on any securities exchange.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>An investment in the Securities involves risks. See &#147;Risk Factors&#148;.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The offering of Securities hereunder is subject to approval of certain legal matters on behalf of
the Corporation by Bennett Jones LLP, Calgary, Alberta and Osler, Hoskin &#038; Harcourt LLP, New York,
New York and, in respect of certain federal income tax matters on behalf of the Corporation, by
Felesky Flynn LLP, Calgary, Alberta and Mayer Brown LLP, Chicago, Illinois.</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ABOUT THIS PROSPECTUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXCHANGE RATE INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">WHERE YOU CAN FIND MORE INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DOCUMENTS INCORPORATED BY REFERENCE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXEMPTIVE RELIEF</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FORWARD-LOOKING STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PRECISION DRILLING CORPORATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RECENT DEVELOPMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">The Arrangement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amendments to the Secured Facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CONSOLIDATED CAPITALIZATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PRIOR SALES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prior Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Price Range and Trading Volume of the Common Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DIVIDEND POLICY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">USE OF PROCEEDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PLAN OF DISTRIBUTION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DESCRIPTION OF COMMON SHARES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DESCRIPTION OF PREFERRED SHARES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DESCRIPTION OF DEBT SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ranking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Registration of Debt Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DESCRIPTION OF WARRANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common Share Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred Share Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Debt Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DESCRIPTION OF SUBSCRIPTION RECEIPTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DESCRIPTION OF UNITS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RISK FACTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ENFORCEABILITY OF CIVIL LIABILITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INTEREST OF EXPERTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AUDITORS&#146; CONSENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CERTIFICATE OF THE CORPORATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">C-1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-i-<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>ABOUT THIS PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless the context otherwise requires, all references in this prospectus to (i)&nbsp;the &#147;<B>Corporation</B>&#148;
means Precision Drilling Corporation and, where the context requires, includes the Corporation and
all of its consolidated subsidiaries and any partnership of which the Corporation and/or its
subsidiaries are the partners and (ii)&nbsp;the &#147;<B>Trust</B>&#148; means Precision Drilling Trust and, where the
context requires, includes the Trust and all of its consolidated subsidiaries and any partnerships
of which the Trust and/or its subsidiaries were the partners prior to the completion of the
Arrangement (as defined below).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless otherwise specifically stated, all financial information included and incorporated by
reference in this prospectus is determined using Canadian generally accepted accounting principles,
referred to as &#147;<B>Canadian GAAP</B>&#148;. &#147;<B>U.S. GAAP</B>&#148; means generally accepted accounting principles in the
United States. The Corporation prepares, and the Trust prepared, its financial statements in
accordance with Canadian GAAP, which differs from U.S. GAAP. Therefore, each of the Corporation&#146;s
and the Trust&#146;s financial statements included and incorporated by reference in this prospectus may
not be comparable to financial statements prepared in accordance with U.S. GAAP. Prospective
investors should refer to note 21 of the Trust&#146;s consolidated financial statements as at and for
the year-ended December&nbsp;31, 2009 for a discussion of the principal differences between the Trust&#146;s
financial results and financial condition determined under Canadian GAAP and under U.S. GAAP.
Purchasers should also be aware that all financial information of the Corporation incorporated by
reference in this prospectus for any period following January&nbsp;1, 2011 shall be prepared in
accordance with International Financial Reporting Standards adopted by the International Accounting
Standards Board.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this prospectus, references to &#147;<B>dollars</B>&#148;, &#147;<B>$</B>&#148; and &#147;<B>Cdn.$</B>&#148; are to Canadian dollars, and
references to &#147;<B>U.S.$</B>&#148; and &#147;<B>U.S. dollars</B>&#148; are to United States dollars. The exchange rate between
the Canadian dollar and the United States dollar used in this prospectus varies depending on the
date of the information contained herein.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth: (i)&nbsp;the rates of exchange for the Canadian dollar, expressed in
U.S. dollars in effect at the end of each of the periods indicated; (ii)&nbsp;the average of the
exchange rates in effect during such periods; and (iii)&nbsp;the high and low exchange rates during each
period, in each case based on the Bank of Canada noon day rates.</DIV>


<DIV align="left"><FONT size="1">

</FONT></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="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>June&nbsp;30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rate at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average rate for period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High for period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0039</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low for period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9278</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">On
July&nbsp;6, 2010, the Bank of Canada noon day rate of exchange for the Canadian dollar
expressed in U.S. dollars was U.S.$0.9526 = Cdn.$1.00.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This prospectus is part of a registration statement on Form F-10 relating to the Securities that
the Corporation has filed with the SEC (the &#147;<B>Registration Statement</B>&#148;). This prospectus does not
contain all of the information set forth in the Registration Statement, certain parts of which are
omitted in accordance with the rules and regulations of the SEC. United States investors should
refer to the Registration Statement and the exhibits to the Registration Statement for further
information with respect to the Corporation and the Securities.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation files or furnishes annual and quarterly reports, material change reports and other
information with the securities commissions or similar regulatory authorities in each of the
provinces of Canada and with the SEC. Under a multi-jurisdictional disclosure system adopted by
the United States and Canada, these reports and other</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">information (including financial information) may be prepared in accordance with the disclosure
requirements in Canada, which differ from those in the United States. Prospective investors may
read and download any public document that the Corporation has filed with securities commissions or
similar regulatory authorities in each of the provinces of Canada on the System for Electronic
Document Analysis and Retrieval, which is commonly known by the acronym SEDAR, and which may be
accessed at <U>www.sedar.com</U>. Prospective investors may read any document that the
Corporation files with or furnishes to the SEC at the SEC&#146;s public reference room at 100 F Street,
N.E., Washington, D.C., 20549. Prospective investors may also obtain copies of the same documents
from the public reference room of the SEC at 100 F Street, N.E., Washington, D.C., 20549 by paying
a fee. Please call the SEC at 1-800-SEC-0330 or contact it at <U>www.sec.gov</U> for further
information on the public reference room. The Corporation&#146;s filings are also electronically
available from the SEC&#146;s Electronic Document Gathering and Retrieval System, which is commonly
known by the acronym EDGAR, and which may be accessed at <U>www.sec.gov</U>, as well as from
commercial document retrieval sources.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following documents are being or will be filed with the SEC as part of the Registration
Statement: (i)&nbsp;the documents referred to under the heading &#147;Documents Incorporated by Reference&#148;;
(ii)&nbsp;the consents of KPMG LLP, TD Securities Inc. and Felesky Flynn LLP; and (iii)&nbsp;the powers of
attorney from the Corporation&#146;s directors and officers.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Information has been incorporated by reference in this prospectus from documents filed with
securities commissions and similar regulatory authorities in Canada and with the SEC.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under applicable securities laws in Canada and the United States, the Canadian securities
commissions or similar regulatory authorities and the SEC allow the Corporation to incorporate by
reference certain information that it files with the Canadian securities commissions or similar
regulatory authorities, which means that the Corporation can disclose important information to
prospective investors by reference to those documents. Information that is incorporated by
reference is an important part of this prospectus. The following documents of the Corporation (or
its predecessor, the Trust) have been or will be filed with the various securities commissions or
similar regulatory authorities in the provinces of Canada and with the SEC and are specifically
incorporated by reference into and form an integral part of this prospectus:</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="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the annual information form of the Trust dated March&nbsp;25, 2010 for the year ended December&nbsp;31,
2009 (the &#147;<B>AIF</B>&#148;);</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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the audited comparative consolidated financial statements of the Trust as at December&nbsp;31,
2009 and 2008 and for each of the years in the three-year period ended December&nbsp;31, 2009,
together with the notes thereto and the auditors&#146; report thereon;</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="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management&#146;s discussion and analysis of the financial condition and results of operations of
the Trust for the year ended December&nbsp;31, 2009;</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="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the unaudited interim consolidated financial statements of the Trust as at and for the three
month period ended March&nbsp;31, 2010, together with the notes thereto;</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="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management&#146;s discussion and analysis of the financial condition and results of operations of
the Trust for the three month period ended March&nbsp;31, 2010;</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="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the material change report of the Trust dated February&nbsp;16, 2010 with respect to the plan of
arrangement under Section&nbsp;193 of the <I>Business Corporations Act </I>(Alberta) (the &#147;<B>ABCA</B>&#148;)
involving, among other things, the conversion of the Trust from an income fund structure to a
corporate structure (the &#147;<B>Arrangement</B>&#148;);</TD>
</TR>

</TABLE>
</DIV>

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




<DIV align="left"><FONT size="1">

</FONT></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="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the management information circular of the Trust dated
April&nbsp;7, 2010 (the &#147;Information Circular&#148;), including the financial
statements set forth in Appendices &#147;F&#148; and &#147;G&#148; thereto;</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></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="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the material change report of the Corporation dated June&nbsp;1, 2010 with respect to the
completion of the Arrangement; and</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></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="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the addendum to the Information Circular dated July&nbsp;2, 2010.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Any documents of the type required by National Instrument 44-101- <I>Short Form&nbsp;Prospectus
Distributions</I>, to be incorporated by reference herein including, without limitation, any material
change reports (excluding confidential material change reports), comparative interim financial
statements, comparative annual financial statements and the auditors&#146; report thereon, management&#146;s
discussion and analysis of financial condition and results of operations, information circulars,
annual information forms and business acquisition reports filed by the Corporation with the
securities commissions or similar regulatory authorities in the provinces of Canada subsequent to
the date of this prospectus and prior to the termination of any distribution hereunder are deemed
to be incorporated by reference in this prospectus. To the extent that any document or information
incorporated by reference into this prospectus is included in a report that is filed with or
furnished to the SEC, such document or information shall be deemed to be incorporated by reference
as an exhibit to the Registration Statement of which this prospectus forms a part. In addition,
any other report filed with or furnished to the SEC by the Corporation shall be deemed to be
incorporated by reference as an exhibit to the Registration Statement of which this prospectus
forms a part, if and to the extent that such report expressly so provides.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Any statement contained in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for the purposes of this prospectus 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. The
modifying or superseding statement need not state that it has modified or superseded a prior
statement or include any other information set forth in the document that it modifies or
supersedes. The making of a modifying or superseding statement shall not be deemed an admission
for any purposes that the modified or superseded statement, when made, constituted a
misrepresentation, an untrue statement of a material fact or an omission to state a material fact
that was required to be stated or that was necessary to make a statement not misleading in light of
the circumstances in which it was made. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this prospectus.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon a new annual information form and corresponding annual financial statements and related
management&#146;s discussion and analysis being filed by the Corporation with, and where required,
accepted by, the applicable securities commissions or similar regulatory authorities during the
currency of this prospectus, the previous annual information form and all annual financial
statements, interim financial statements and the related management&#146;s discussion and analysis,
material change reports, business acquisition reports and information circulars filed prior to the
commencement of the Corporation&#146;s financial year in respect of which the new annual information
form is filed shall be deemed no longer to be incorporated by reference into this prospectus for
purposes of future offers and sales of Securities hereunder. Upon interim consolidated financial
statements and the related management&#146;s discussion and analysis being filed by the Corporation with
the applicable securities commissions or similar regulatory authorities during the currency of this
prospectus, all interim consolidated financial statements and the related management&#146;s discussion
and analysis filed prior to the new interim consolidated financial statements shall be deemed no
longer to be incorporated in this prospectus for purposes of future offers and sales of Securities
under this prospectus. Upon a new management information circular and proxy statement relating to
an annual meeting of holders of the Common Shares (the &#147;<B>Shareholders</B>&#148;) being filed by the
Corporation with the applicable securities commissions or similar regulatory authorities during the
currency of this prospectus, the management information circular and proxy statement for the
preceding annual meeting of Shareholders shall be deemed no longer to be incorporated into this
prospectus for purposes of future offers and sales of Securities under this prospectus.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One or more Prospectus Supplements containing the specific variable terms for an issue of
Securities and other information in relation to those Securities will be delivered or made
available to purchasers of such Securities together with this prospectus to the extent required by
applicable securities laws and will be deemed to be incorporated by reference into this prospectus
as of the date of the Prospectus Supplement solely for the purposes of the offering of the
Securities covered by any such Prospectus Supplement.</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Prospective investors should rely only on the information contained in or incorporated by reference
in this prospectus or any Prospectus Supplement. The Corporation has not authorized anyone to
provide prospective investors with different or additional information. The Corporation is not
making an offer of these Securities in any jurisdiction where the offer is not permitted by law.
Prospective investors should not assume that the information contained in or incorporated by
reference in this prospectus or any Prospectus Supplement is accurate as of any date other than the
date of the applicable document.</B></DIV>

<DIV align="left"><FONT size="1">

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation has applied for, and received, exemptive relief from the applicable securities
regulatory authorities in Canada from the requirement under Item&nbsp;11.1(1)(7) of Form 44-101F1 &#151;
<I>Short Form&nbsp;Prospectus Distributions </I>that the management information circular of the Trust dated
April&nbsp;3, 2009 relating to the annual and special meeting of the Unitholders (as defined below) held
on May&nbsp;6, 2009, be incorporated by reference in this prospectus.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain statements contained in this prospectus, and in certain documents incorporated by reference
into this prospectus, including statements that contain words such as &#147;could&#148;, &#147;should&#148;, &#147;can&#148;,
&#147;anticipate&#148;, &#147;estimate&#148;, &#147;propose&#148;, &#147;plan&#148;, &#147;expect&#148;, &#147;believe&#148;, &#147;will&#148;, &#147;may&#148; and similar
expressions and statements relating to matters that are not historical facts constitute
&#147;forward-looking information&#148; within the meaning of applicable Canadian securities legislation and
&#147;forward-looking statements&#148; within the meaning of the &#147;safe harbor&#148; provisions of the United
States Private Securities Litigation Reform Act of 1995 (collectively, &#147;<B>forward-looking information
and statements</B>&#148;). In particular, forward-looking information and statements include, but are not
limited to: the global economic crisis and its impact on operations; the performance of the oil and
gas industry; the Corporation&#146;s business strategy including the 2010 strategy, growth plans and
outlook for the Corporation&#146;s business segments; the Corporation&#146;s financing strategy and
compliance with debt covenants; the anticipated benefits of the Arrangement; the impact of
fluctuations in commodity prices; the expansion and growth of the Corporation&#146;s business and
operations, including the diversification of its earnings base; safety and operating performance;
the size and capabilities of the Corporation&#146;s drilling rig fleet; the Corporation&#146;s market share
and position in the markets in which it operates; the demand for and status of drilling rigs and
other equipment; the decline rate on newly drilled wells; the potential rebound in land drilling
activity; the impact of shale gas drilling in Canada and the United States; that unconventional
drilling applications will require high performance drilling rigs; that continental natural gas
will continue to be part of the long-term energy solution for North America; labour strategy;
credit risks; and seasonal and weather conditions affecting the oil and natural gas industry and
the demand for the Corporation&#146;s services.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The forward-looking information and statements contained in this prospectus and in certain
documents incorporated by reference herein are based on certain assumptions and analysis made by
the Corporation 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 Corporation&#146;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 Corporation&#146;s
expectations. Such risks and uncertainties include, but are not limited to: the current global
financial crisis and the availability of equity and credit to the Corporation and its customers;
the ability of oil and natural gas companies to access external sources of debt and equity capital;
industry conditions including capital spending decisions; fluctuations in the level of oil and
natural gas exploration and development activities; fluctuations in the demand for contract
drilling, well servicing and ancillary oilfield services; fluctuations in interest rates;
fluctuations in the price of, the demand for and the supply of, oil and natural gas; foreign
currency exposure; the effects of seasonal and weather conditions on operations and facilities; the
existence of competitive operating risks inherent in contract drilling, well servicing and
ancillary oilfield services; dependence on third party suppliers; foreign operations; general
economic, market or business conditions; consumer confidence and the duration of any recessionary
period; stock market volatility; changes in laws or regulations, including taxation, environmental
and currency regulations; the lack of availability of qualified personnel or management; increases
in future capital expenditures and refurbishment, repair and upgrade costs; changes to expected
completion times for refurbishment and upgrade projects; sufficiency of funds for required capital
expenditures, working capital and debt service; liabilities under laws and regulations protecting
the environment; outcomes of litigation, claims and disputes and their effects on the Corporation&#146;s
financial condition and results of operations; safety performance; the Corporation&#146;s ability to
enter into, and the terms of, future contracts; the inability to carry out plans and strategies as
expected; and other unforeseen conditions which could impact the use of services supplied by the
Corporation.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Consequently, all of the forward-looking information and statements made in this prospectus and in
certain documents incorporated by reference in this prospectus are expressly qualified by these
cautionary statements and there can be no assurance that the actual results or developments
anticipated by the Corporation will be realized or, even if substantially realized, that they will
have the expected consequences</B></DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>to or effects on the Corporation or its business or operations. Readers are therefore cautioned
not to place undue reliance on such forward-looking information and statements. The Corporation is
not under any obligation to publicly update or revise any forward-looking information or statements
except as expressly required by applicable securities laws.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Readers should be aware that the information contained or incorporated by reference in this
prospectus identify additional forward-looking information and statements that could affect the
operating results and performance of the Corporation.</B></DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Arrangement, the Trust, the predecessor public entity to the Corporation,
reorganized its trust structure into a corporate structure. Under the Arrangement, each
outstanding trust unit (a &#147;<B>Trust Unit</B>&#148;) of the Trust was exchanged for one Common Share of the
Corporation and each outstanding class B limited partnership unit (an &#147;<B>Exchangeable LP Unit</B>&#148;) of
Precision Drilling Limited Partnership (&#147;<B>PDLP</B>&#148;) was exchanged for one Common Share of the
Corporation. In addition, under the Arrangement, the Trust was terminated and PDLP was dissolved.
The Arrangement became fully effective on June&nbsp;1, 2010 (the &#147;<B>Effective Date</B>&#148;). The Corporation and
its subsidiaries now carry on the business previously carried on by the Trust and its subsidiaries.
The Corporation&#146;s head and registered office are located at 4200, 150 &#151; 6th Avenue S.W., Calgary,
Alberta.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation carries on the business of the provision of onshore drilling, well servicing and
ancillary oilfield services to the oil and gas industry in most conventional and unconventional oil
and natural gas basins in Canada and the United States and has an emerging presence in Mexico. The
Corporation&#146;s subsidiaries operate a fleet of drilling and service rigs and offer complementary
technical services to a broad customer base that provides a substantial foundation for expansion in
North America and internationally. This business is carried out in two segments consisting of
contract drilling services and completion and production services. In Canada, the contract
drilling services segment includes land drilling services, camp and catering services, procurement
and distribution of oilfield supplies and the manufacture and refurbishment of drilling and service
rig equipment. The completion and production services segment includes service rigs for well
completion and workover services, snubbing services, wastewater treatment services and the rental
of oilfield surface equipment, tubulars, well control equipment and wellsite accommodations. In
the United States, the contract drilling services segment includes land drilling services and
trucking services for the movement of the Corporation&#146;s rigs. Internationally, the contract
drilling services segment includes land drilling services.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of the date of this prospectus, the Corporation believes that it is the second largest land
driller in North America, based on the number of drilling rigs in its drilling rig fleet. As of
the date of this prospectus, the Corporation has a high quality fleet consisting of 351 drilling
rigs, 200 service rigs and 20 snubbing units. In addition, the Corporation presently offers its
customers a complementary suite of wellsite products and services including camp and catering,
wastewater treatment, snubbing and rental equipment. Most of these operations and the service rig
business are located in Canada.</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Arrangement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;1, 2010, the Corporation announced the completion of the conversion of the Trust to a
corporation pursuant to the Arrangement under section 193 of the ABCA, involving the Trust, PDLP,
1194312 Alberta Ltd. (&#147;<B>1194312</B>&#148;), Precision Drilling Corporation (&#147;<B>PDC</B>&#148;) (as it existed prior to
the Arrangement), 1521502 Alberta Ltd., 1521500 Alberta Ltd. (&#147;<B>AcquisitionCo</B>&#148;) and the holders of
the Trust Units (the &#147;<B>Trust Unitholders</B>&#148;) and Exchangeable LP Units (the &#147;<B>Exchangeable LP
Unitholders</B>&#148; and, together with the Trust Unitholders, the &#147;<B>Unitholders</B>&#148;). The Corporation and its
subsidiaries now carry on the business previously carried on by the Trust and its subsidiaries and
is the successor, by way of amalgamation pursuant to the Arrangement, to 1194312, AcquisitionCo and
PDC. Immediately following the completion of the Arrangement, the Trust was terminated and PDLP
was dissolved, with the assets thereof being distributed to, and the liabilities thereof being
assumed by, the Corporation. Pursuant to the Arrangement, Unitholders received one Common Share
for each Trust Unit or Exchangeable LP Unit held.</DIV>


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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Arrangement was approved at the annual and special meeting of the Unitholders held on May&nbsp;11,
2010, with over 99% of the votes cast by Unitholders being voted in favor of the Arrangement. On
May&nbsp;12, 2010, the Alberta Court of Queen&#146;s Bench granted the final order required in connection
with the Arrangement. The Arrangement became effective on the Effective Date.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a consequence of the Arrangement, the Corporation, as successor to PDC, became the debtor under
the senior secured facility (the &#147;<B>Secured Facility</B>&#148;) entered into on December&nbsp;23, 2008 in
connection with the acquisition (the &#147;<B>Acquisition</B>&#148;) of Grey Wolf, Inc. and the $175&nbsp;million senior
unsecured notes (the &#147;<B>Senior Notes</B>&#148;) issued on April&nbsp;22, 2009. The obligations of the Corporation
under the Secured Facility and the Senior Notes continue to be guaranteed by each subsidiary of the
Corporation which had previously guaranteed such obligations. The Corporation also assumed all of
the covenants and obligations of the Trust in respect of the 15,000,000 warrants issued by the
Trust on April&nbsp;22, 2009, which may now be exercised to acquire Common Shares at the option of the
holder thereof at any time prior to 5:00 p.m. (Calgary time) on April&nbsp;22, 2014 at an exercise price
of $3.22 per Common Share, subject to adjustment in certain events.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The trading of the Common Shares commenced on the TSX on June&nbsp;3, 2010 under the trading symbol &#147;PD&#148;
and on the NYSE on June&nbsp;2, 2010 under the trading symbol &#147;PDS&#148;. The Trust Units were de-listed
from the TSX and NYSE on June&nbsp;3, 2010 and June&nbsp;2, 2010, respectively.</DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Amendments to the Secured Facility</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;25, 2010, the Corporation amended the terms of the Secured Facility to increase the size of
the Revolving Credit Facility thereunder (which had been reduced from U.S.$400&nbsp;million to U.S.$260
million in June, 2009) to U.S.$410&nbsp;million. See &#147;Consolidated Capitalization&#148;.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Furthermore, on June&nbsp;30, 2010, the Corporation amended the terms of the Secured Facility to lower
the LIBOR floor for the Term Loan B Facility thereunder to 1.75% from 3.25% and lower the LIBOR
interest rate margin on existing loans under the Term Loan B Facility to 5% from an average
interest rate margin of 6.45%. The Secured Facility was also amended to provide for the payment in certain circumstances  by
the Corporation to lenders under the Term Loan B Facility of a fee equal to 1% of the aggregate
principal amount of loans subsequently prepaid or repriced under the Term Loan B Facility on or prior to June 30, 2011. In connection with the amendments to the Secured
Facility, non-consenting holders of U.S.$74&nbsp;million in loans under the Term Loan B Facility were
repaid by the Corporation with cash on hand. See &#147;Consolidated Capitalization&#148;.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




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

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The following table sets forth the consolidated capitalization of the Trust as at March&nbsp;31, 2010
and of the Corporation as at June&nbsp;30, 2010.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>As at March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>As
at June 30, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Designation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">(in Canadian GAAP, Cdn.$ millions, except unit/share amounts)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Bank Debt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Secured Facility</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Term Loan A Facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">275.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">287.3&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Term Loan B Facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">342.0&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revolving Credit Facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Secured Facility</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">678.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">629.3&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Senior Notes</B><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">175.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">175.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Debt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>853.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">804.3&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shareholders&#146;/Unitholders&#146; Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trust Units/Common Shares<SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,770.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,770.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD colspan="4" align="center"><FONT style="font-size:8pt">(275,635,598 Trust Units)<SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD colspan="4" align="center"><FONT style="font-size:8pt">(275,663,344 Common Shares)</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Capitalization</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,624.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right">3,575.2&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3" nowrap align="left"><B>Notes:</B></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In connection with the Acquisition, PDC established the Secured Facility which initially
provided a senior secured financing of up to approximately U.S.$1.2&nbsp;billion, consisting of a
Term Loan A Facility in an aggregate principal amount of U.S.$400&nbsp;million, a Term Loan B
Facility in an aggregate principal amount of U.S.$400&nbsp;million and a Revolving Credit Facility
in an aggregate principal amount of U.S.$400&nbsp;million.  The Revolving Credit Facility was reduced to U.S.$260 million in June 2009.  The Secured Facility is provided to the Corporation, as
successor to PDC, by certain lenders and is primarily secured by charges on substantially all
present and future property of the Corporation and its material
subsidiaries. As of June&nbsp;30,
2010, the Secured Facility had a blended effective interest rate of
approximately 6.2% per
annum, before original issue discounts and upfront fees. The Term Loan A Facility was fully
drawn by PDC in connection with the Acquisition and at June&nbsp;30, 2010 consisted of a term loan
A-1 facility denominated in U.S. dollars in the amount of
U.S.$253&nbsp;million
($268 million)
and a term loan A-2 facility denominated in Canadian dollars in the
amount of $19 million.
The Term Loan A Facility is repayable in quarterly installments in</TD>
</TR>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /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">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR style="font-size: 3pt"><TD><DIV align="left"><FONT size="1">

</FONT></DIV>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>aggregate annual amounts equal to 5% of the original principal amount thereof in the first
year following the closing date of the Acquisition, 10% of the original principal amount
thereof in each of the second and third years following the closing date of the Acquisition
and 15% of the original principal amount thereof in the fourth and fifth years following the
closing date of the Acquisition, with the balance payable on the final maturity date of
December&nbsp;23, 2013. The Term Loan B Facility was fully drawn by PDC in connection with the
Acquisition and at June&nbsp;30, 2010 consisted of a term loan B-1 facility denominated in U.S.
dollars in the amount of U.S.$274 million
($291 million) and a term loan B-2 facility
denominated in U.S. dollars in the amount of U.S.$48 million
($51 million). The Term
Loan B Facility is repayable in quarterly installments in aggregate annual amounts equal to
5% of the original principal amount of loans outstanding thereunder with the balance payable on the final maturity
date of September&nbsp;30, 2014. On June 25, 2010, the Revolving
Credit Facility was increased by U.S. $150 million to U.S.$410&nbsp;million and is available to the Corporation to finance working capital needs and for general
corporate purposes.</TD>
</TR>

<TR style="font-size: 3pt"><TD><DIV align="left"><FONT size="1">

</FONT></DIV>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The $175&nbsp;million principal amount of Senior Notes bear interest at 10% per annum. The Senior
Notes were issued on April&nbsp;22, 2009 and have an eight-year term, with one-third of the initial
outstanding principal amount being payable on each of the 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>, 7<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> and
8<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> anniversaries of the date of their issuance. The Senior Notes are unsecured
and have been guaranteed by each subsidiary of the Corporation that has guaranteed the Secured
Facility.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>See &#147;Description of Common Shares&#148;.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 118,820 Exchangeable LP Units.</TD>
</TR>

</TABLE>



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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Prior Sales</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the issuances of Common Shares within the twelve month period prior
to the date of this prospectus.</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="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date of Issuance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Description of Transaction</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number of Common<BR>Shares or Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price per Security</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;4, 2010<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Issued Common Shares from treasury</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="center">$1.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May&nbsp;31, 2010<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Arrangement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">275,663,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3" nowrap align="left"><B>Notes:</B></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>As part of the initial organization of AcquisitionCo (which became the Corporation upon
completion of the Arrangement), the Trust subscribed for 100 common shares of AcquisitionCo
for an aggregate subscription price of $100.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to the Arrangement, each outstanding Trust Unit and each outstanding Exchangeable LP
Unit was exchanged for one Common Share.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Price Range and Trading Volume of the Common Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prior to the completion of the Arrangement, the Trust Units traded on the TSX under the trading
symbol &#147;PD.UN&#148; and on the NYSE under the trading symbol &#147;PDS&#148;. Following completion of the
Arrangement, the Common Shares began trading on the TSX on June&nbsp;3, 2010 under the trading symbol
&#147;PD&#148; and on the NYSE on June&nbsp;2, 2010 under the trading symbol &#147;PDS&#148;. The following table sets
forth the price range and trading volumes for the Trust Units and for the Common Shares on each of
the TSX and NYSE as reported by each of the TSX and NYSE for the periods 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="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>TSX</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>NYSE</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(U.S.$)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(U.S.$)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><U>2009</U></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,506,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,803,417</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,969,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,452,445</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,071,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,678,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,576,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,965,147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,844,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,408,182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,423,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,661,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,012,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,202,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,816,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,243,789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,096,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,484,657</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /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"><FONT size="1">

</FONT></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="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>TSX</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>NYSE</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(U.S.$)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(U.S.$)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,844,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,422,797</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,224,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,661,319</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,582,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,264,269</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><U>2010</U></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,960,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,879,295</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,656,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,774,296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,209,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,984,881</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,445,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,541,615</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,075,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,904,259</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,590,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,016,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July (1 &#150; 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,046,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,733,901</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">On
July&nbsp;2, 2010 and July&nbsp;5, 2010, the last trading days prior
to the date of this prospectus on the NYSE and TSX, respectively, the closing price
of the Common Shares on the NYSE was U.S.$6.54 and the closing price of the Common Shares on the
TSX was $6.80.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation does not currently anticipate paying any cash dividends on the Common Shares in the
foreseeable future but will review that policy from time to time as circumstances warrant. The
Corporation currently intends to retain future earnings, if any, for future operations, expansion
and debt repayment. Any decision to declare and pay dividends in the future will be made at the
discretion of the Board of Directors and will depend on, among other things, the Corporation&#146;s
results of operations, current and anticipated cash requirements and surplus, financial condition,
restrictions in covenants in financing agreements, solvency tests imposed by corporate law and
other factors that the Board of Directors may deem relevant.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as may otherwise be set forth in a Prospectus Supplement, the net proceeds to be received by
the Corporation from the issue and sale from time to time of Securities will be added to the
general funds of the Corporation to be used to repay existing indebtedness of the Corporation (see
&#147;Consolidated Capitalization&#148;), to fund capital expenditures and for other general corporate
purposes. Each Prospectus Supplement will contain specific information concerning the use of
proceeds from that sale of Securities.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation may sell the Securities (i)&nbsp;to underwriters or dealers purchasing as principals,
(ii)&nbsp;directly to one or more purchasers, subject to compliance with any applicable dealer or
broker-dealer registration requirements, or (iii)&nbsp;through agents in Canada, the United States and
elsewhere where permitted by law, for cash or other consideration. The Securities may be sold at
fixed prices or non-fixed prices, such as prices determined by reference to the prevailing price of
the Securities in a specified market, at market prices prevailing at the time of sale or at prices
to be negotiated with purchasers, which prices may vary as between purchasers and during the period
of distribution of the Securities.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Prospectus Supplement for any of the Securities being offered will set forth the terms of the
offering of those Securities, including the name or names of any underwriters, dealers or agents,
the purchase price of the Securities, the proceeds to the Corporation from that sale if
determinable, any underwriting fees or discounts and other items constituting underwriters&#146;
compensation, any public offering price, and any discounts or concessions allowed or re-allowed or
paid to dealers or agents. Only underwriters named in the relevant Prospectus Supplement are
deemed to be underwriters in connection with the Securities offered by that Prospectus Supplement.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If underwriters purchase Securities as principal, the Securities will be acquired by the
underwriters for their own account and may be resold from time to time in one or more transactions,
including negotiated transactions, at a fixed public offering price or at varying prices determined
at the time of sale. The obligations of the underwriters to purchase those Securities will be
subject to certain conditions precedent, and the underwriters will be obligated to purchase all the
Securities offered by the Prospectus Supplement if any of such Securities are purchased. Any
public offering price and any discounts or concessions allowed or reallowed or paid to dealers may
be changed from time to time. The Securities may also be sold directly by the Corporation at
prices and upon terms agreed to by the</DIV>


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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">purchaser and the Corporation or through agents designated by the Corporation from time to time.
Any agent involved in the offering and sale of the Securities pursuant to this prospectus will be
named, and any commissions payable by the Corporation to that agent will be set forth, in the
applicable Prospectus Supplement. Unless otherwise indicated in the Prospectus Supplement, any
agent would be acting on a best efforts basis for the period of its appointment.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation may agree to pay the underwriters a commission for various services relating to the
issue and sale of any Securities offered by this prospectus. Any such commission will be paid out
of the Corporation&#146;s general funds. Underwriters, dealers and agents who participate in the
distribution of the Securities may be entitled under agreements to be entered into with the
Corporation to indemnification against certain liabilities, including liabilities under securities
legislation, or to contribution with respect to payments that those underwriters, dealers or agents
may be required to make in respect thereof.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any offering of Securities, other than Common Shares, will be a new issue of securities with no
established trading market. Unless otherwise specified in the applicable Prospectus Supplement,
such Securities will not be listed on any securities exchange. Certain dealers may make a market
in such Securities, but will not be obligated to do so and may discontinue any market making at any
time without notice. No assurance can be given that any dealer will make a market in such
Securities or as to the liquidity of the trading market, if any, for such Securities.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as set out in a Prospectus Supplement relating to a particular offering of Securities in
connection with any offering of Securities, the underwriters, dealers or agents, as the case may
be, may over-allot or effect transactions intended to fix or stabilize the market price of the
Common Shares at a level above that which might otherwise prevail in the open market. Such
transactions, if commenced, may be discontinued at any time.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Common Share entitles the holder to receive notice of and to attend all meetings of the
shareholders of the Corporation other than meetings at which only the holders of another class or
series are entitled to vote. Each Common Share entitles the holder to one vote. The holders of
Common Shares, in the discretion of the Board of Directors, are entitled to receive out of any
monies properly applicable to the payment of dividends, and after the payment of any dividends
payable on the Preferred Shares of any series or any other series ranking prior to the Common
Shares as to the payment of dividends, any dividends declared and payable on the Common Shares.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon any liquidation, dissolution or winding-up of the Corporation, or other distribution of the
Corporation&#146;s assets among its Shareholders for the purposes of winding-up the affairs of the
Corporation, the holders of the Common Shares are entitled to share on a share-for-share basis in
the distribution, except for the prior rights of the holders of the Preferred Shares of any series,
or any other class ranking prior to the Common Shares.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are no pre-emptive or conversion rights and the Common Shares are not subject to redemption.
All Common Shares currently outstanding and to be outstanding upon the exercise of any securities
convertible into Common Shares, are or will be, fully paid and non-assessable.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Arrangement, the Unitholders approved the adoption of a shareholder rights
plan for the Corporation (the &#147;<B>Shareholder Rights Plan</B>&#148;). Pursuant to the Shareholder Rights Plan,
one right (a &#147;<B>Right</B>&#148;) was issued by the Corporation in respect of each Common Share that was
outstanding at the close of business on the Effective Date. One Right will also be issued for each
additional Common Share issued after the Effective Date, including in respect of any Common Shares
issued pursuant to a Prospectus Supplement, subject to the terms and conditions of the Shareholder
Rights Plan.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Preferred Shares may be issued in one or more series, each series to consist of such number of
shares as determined by resolution of the Board of Directors. The Board of Directors, by
resolution duly passed before the issue of the Preferred Shares of each series, fix the
designation, rights, restrictions, conditions and limitations attaching to the Preferred Shares of
each series, including, but without in any way limiting or restricting the
generality of the foregoing, the rate or amount of cumulative preferential dividends, the date or
dates and places of</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-9-<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payment thereof, the date or dates from which such preferential dividends shall
accrue, the rights and obligations, if any, of the Corporation to purchase the Preferred Shares of
such series and to redeem the same, the price and the terms and conditions of any such purchase or
redemption, and conversion rights, if any.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Preferred Shares of each series will have priority over the Common Shares in payment of
dividends and in the distribution of assets in the event of liquidation, dissolution or winding-up
of the Corporation or any other distribution of the assets of the Corporation among Shareholders
for the purpose of winding up the affairs of the Corporation. The number of Preferred Shares that
may be authorized for issuance at any given time can be no more than one half of the issued and
outstanding Common Shares at the time of the issuance of such Preferred Shares.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The particular terms and provisions of the Preferred Shares offered by any Prospectus Supplement,
and the extent to which the general terms and provisions described below may apply thereto, will be
described in the Prospectus Supplement filed in respect of such Preferred Shares.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following description of the terms of Debt Securities sets forth certain general terms and
provisions of Debt Securities in respect of which a Prospectus Supplement may be filed. The
particular terms and provisions of Debt Securities offered by any Prospectus Supplement, and the
extent to which the general terms and provisions described below may apply thereto, will be
described in the Prospectus Supplement filed in respect of such Debt Securities.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Debt Securities may be offered separately or in combination with one or more other Securities. The
Corporation may, from time to time, issue debt securities and incur additional indebtedness other
than through the issue of Debt Securities pursuant to this prospectus.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debt Securities will be issued under one or more indentures (each, a &#147;<B>Trust Indenture</B>&#148;), in
each case between the Corporation and a financial institution organized under the laws of Canada or
any province thereof and authorized to carry on business as a trustee (each, a &#147;<B>Trustee</B>&#148;).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following description sets forth certain general terms and provisions of the Debt Securities
and is not intended to be complete. The particular terms and provisions of the Debt Securities and
a description of how the general terms and provisions described below may apply to the Debt
Securities will be included in the applicable Prospectus Supplement. The following description is
subject to the detailed provisions of the applicable Trust Indenture. Accordingly, reference
should also be made to the applicable Trust Indenture, a copy of which will be filed by the
Corporation with the securities commission or similar regulatory authority in each of the provinces
of Canada after it has been entered into and will be available electronically at
<U>www.sedar.com</U>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debt Securities may be issued from time to time in one or more series. The Corporation may
specify a maximum aggregate principal amount for the Debt Securities of any series and, unless
otherwise provided in the applicable Prospectus Supplement, a series of Debt Securities may be
reopened for issuance of additional Debt Securities of such series.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any Prospectus Supplement for Debt Securities supplementing this prospectus will contain the
specific terms and other information with respect to the Debt Securities being offered thereby,
including:</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 designation, aggregate principal amount and authorized denominations of
such Debt Securities;</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limit upon the aggregate principal amount of such Debt Securities;</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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<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">

<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 currency or currency units for which such Debt Securities may be purchased
and the currency or currency units in which the principal and any interest is payable
(in either case, if other than Canadian dollars);</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issue price (at par, at a discount or at a premium) of such Debt
Securities;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates on which such Debt Securities will be issued and delivered;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates on which such Debt Securities will mature, including any
provision for the extension of a maturity date, or the method of determination of such
date(s);</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rate or rates per annum (either fixed or floating) at which such Debt
Securities will bear interest (if any) and, if floating, the method of determination of
such rate;</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates from which any such interest will accrue and on which such
interest will be payable and the record date or dates for the payment of such interest,
or the method of determination of such date(s);</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>if applicable, the provisions for subordination of such Debt Securities to
other indebtedness of the Corporation;</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">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee under the Trust Indenture pursuant to which such Debt Securities
are to be issued;</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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any redemption term or terms under which such Debt Securities may be defeased
whether at or prior to maturity;</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">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any repayment or sinking fund provisions;</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">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any events of default applicable to such Debt Securities;</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">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether such Debt Securities are to be issued in registered form or in the form
of temporary or permanent global securities and the basis of exchange, transfer and
ownership thereof;</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">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any exchange or conversion terms and any provisions for the adjustment thereof;</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">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if applicable, the ability of the Corporation to satisfy all or a portion of
any redemption of such Debt Securities, any payment of any interest on such Debt
Securities or any repayment of the principal owing upon the maturity of such Debt
Securities through the issuance of securities of the Corporation or of any other
entity, and any restriction(s) on the persons to whom such securities may be issued;</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">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provisions applicable to the modification of the terms of the Trust
Indenture; and</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">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other specific terms or covenants applicable to such Debt Securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation reserves the right to include in a Prospectus Supplement specific terms pertaining
to the Debt Securities which are not within the options and parameters set forth in this
prospectus. In addition, to the extent that any particular terms of the Debt Securities described
in a Prospectus Supplement differ from any of the terms described in this prospectus, the
description of such terms set forth in this prospectus shall be deemed to have been superseded by
the description of such differing terms set forth in such Prospectus Supplement with respect to
such Debt Securities.</DIV>


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</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ranking</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debt Securities will be direct unsecured obligations of the Corporation. The Debt Securities
will be senior or subordinated indebtedness of the Corporation as described in the applicable
Prospectus Supplement. If the Debt Securities are senior indebtedness, they will rank equally and
rateably with all other unsecured indebtedness of the Corporation from time to time issued and
outstanding which is not subordinated. If the Debt Securities are subordinated indebtedness, they
will be subordinated to senior indebtedness of the Corporation as described in the applicable
Prospectus Supplement, and they will rank equally and rateably with other subordinated indebtedness
of the Corporation from time to time issued and outstanding as described in the applicable
Prospectus Supplement. The Corporation reserves the right to specify in a Prospectus Supplement
whether a particular series of subordinated Debt Securities is subordinated to any other series of
subordinated Debt Securities.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Registration of Debt Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Debt Securities in Book Entry Form</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Debt Securities of any series may be issued in whole or in part in the form of one or more global
securities (&#147;<B>Global Securities</B>&#148;) registered in the name of a designated clearing agency (a
"<B>Depositary</B>&#148;) or its nominee and held by or on behalf of the Depositary in accordance with the
terms of the applicable Trust Indenture. The specific terms of the depositary arrangement with
respect to any portion of a series of Debt Securities to be represented by a Global Security will,
to the extent not described herein, be described in the Prospectus Supplement relating to such
series.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Global Security may not be transferred, except as a whole between the Depositary and a nominee of
the Depositary or as between nominees of the Depositary, or to a successor Depositary or nominee
thereof, until it is wholly exchanged for Debt Securities in certificated non-book-entry form in
accordance with the terms of the applicable Trust Indenture. So long as the Depositary for a
Global Security, or its nominee, is the registered owner of such Global Security, such Depositary
or such nominee, as the case may be, will be considered the sole owner or holder of the Debt
Securities represented by such Global Security for all purposes under the applicable Trust
Indenture and payments of principal of and interest, if any, on the Debt Securities represented by
a Global Security will be made by the Corporation to the Depositary or its nominee.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Owners of beneficial interests in a Global Security will not be entitled to have the Debt
Securities represented by such Global Security registered in their names, will not receive or be
entitled to receive physical delivery of such Debt Securities in certificated non-book-entry form,
will not be considered the owners or holders thereof under the applicable Trust Indenture and will
be unable to pledge Debt Securities as security.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No Global Security may be exchanged in whole or in part for Debt Securities registered, and no
transfer of a Global Security in whole or in part may be registered, in the name of any person
other than the Depositary for such Global Security or any nominee of such Depositary unless:</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>there is a requirement to do so under applicable 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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the book-entry system ceases to exist;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation or the Depositary advise the Trustee that the Depositary is no
longer willing or able to properly discharge its responsibilities as depositary with
respect to the Debt Securities and the Corporation is unable to locate a qualified
successor;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation decides, at its option, to terminate the book-entry system
through the Depositary; or</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if provided for in the Trust Indenture, after the occurrence of an event of
default thereunder (provided the Trustee has not waived the event of default in
accordance with the terms of the Trust Indenture), participants acting on behalf of
beneficial holders representing, in aggregate, a threshold percentage of the aggregate
principal amount of the Debt Securities then outstanding
advise the Depositary in writing that the continuation of a book-entry system
through the Depositary is no longer in their best interest,</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-12-<!-- /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">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">whereupon such Global Security shall be exchanged for certificated non-book-entry Debt Securities
of the same series in an aggregate principal amount equal to the principal amount of such Global
Security and registered in such names and denominations as the Depositary may direct.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Principal and interest payments, if any, on the Debt Securities represented by a Global Security
registered in the name of a Depositary or its nominee will be made to such Depositary or it&#146;s
nominee, as the case may be, as the registered owner of such Global Security. Neither the
Corporation, the Trustee nor any paying agent for such Debt Securities will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests in such Global Security or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation, any underwriters, dealers or agents and any Trustee identified in an accompanying
Prospectus Supplement, as applicable, will not have any liability or responsibility for (i)&nbsp;records
maintained by the Depositary relating to beneficial ownership interests in the Debt Securities held
by the Depositary or the book-entry accounts maintained by the Depositary, (ii)&nbsp;maintaining,
supervising or reviewing any records relating to any such beneficial ownership interests, or (iii)
any advice or representation made by or with respect to the Depositary and contained in this
prospectus or in any Prospectus Supplement or Trust Indenture with respect to the rules and
regulations of the Depositary or at the direction of Depositary participants.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless otherwise stated in the applicable Prospectus Supplement, CDS Clearing and Depository
Services Inc. or its successor will act as Depositary for any Debt Securities represented by a
Global Security.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Debt Securities in Certificated Form</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Debt Securities of any series may be issued in whole or in part in registered form as provided in
the applicable Trust Indenture.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that the Debt Securities are issued in certificated non-book-entry form, principal and
interest, if any, will be payable, the transfer of such Debt Securities will be registerable and
such Debt Securities will be exchangeable for Debt Securities in other denominations of a like
aggregate principal amount at the office or agency maintained by the Corporation. Payment of
principal and interest, if any, on Debt Securities in certificated non-book-entry form may be made
by cheque mailed to the address of the holders entitled thereto.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the foregoing limitations, Debt Securities of any authorized form or denomination issued
under the applicable Trust Indenture may be transferred or exchanged for Debt Securities of any
other authorized form or denomination or denominations, any such transfer or exchange to be for an
equivalent aggregate principal amount of Debt Securities of the same series, carrying the same rate
of interest and same redemption and other provisions as the Debt Securities so transferred or
exchanged. Exchanges of Debt Securities of any series may be made at the offices of the applicable
Trustee and at such other places as the Corporation may from time to time designate with the
approval of the applicable Trustee and may be specified in the applicable Prospectus Supplement.
Unless otherwise specified in the applicable Prospectus Supplement, the applicable Trustee will be
the registrar and transfer agent for the Debt Securities issued under the applicable Trust
Indenture.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This section describes the general terms that will apply to any warrants (the &#147;<B>Warrants</B>&#148;) for the
purchase of Common Shares (the &#147;<B>Common Share Warrants</B>&#148;), for the purchase of Preferred Shares (the
"<B>Preferred Share Warrants</B>&#148;) or for the purchase of Debt Securities (the &#147;<B>Debt Warrants</B>&#148;).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Warrants may be offered separately or in combination with one or more other Securities. Each
series of Warrants will be issued under a separate Warrant agreement to be entered into between the
Corporation and one or more banks or trust companies acting as Warrant agent. A copy of the
Warrant agreement will be filed by the Corporation</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-13-<!-- /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">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with the securities commission or similar regulatory authority in each of the provinces of Canada
after it has been entered into by the Corporation and will be available electronically at
<U>www.sedar.com</U>.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The applicable Prospectus Supplement will include details of the Warrant agreements covering the
Warrants being offered. The Warrant agent will act solely as the agent of the Corporation and will
not assume a relationship of agency with any holders of Warrant certificates or beneficial owners
of Warrants. The specific terms of the Warrants, and the extent to which the general terms
described in this section apply to those Warrants, will be set forth in the applicable Prospectus
Supplement.</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation has provided an undertaking to the Ontario Securities Commission that it will not
offer Warrants for sale separately to any member of the public in Ontario under this prospectus
unless such offering is in connection with, and forms part of, the consideration for an acquisition
or merger transaction or unless the Prospectus Supplement to this prospectus which contains the
specific terms of the Warrants to be offered separately, is first approved for filing by the
Ontario Securities Commission.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Common Share Warrants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The particular terms of each issue of Common Share Warrants will be described in the related
Prospectus Supplement. This description will include, where applicable:</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 designation and aggregate number of Common Share Warrants;</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price at which the Common Share Warrants will be offered;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the currency or currencies in which the Common Share Warrants will be offered;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date on which the right to exercise the Common Share Warrants will commence
and the date on which the right will expire;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Common Shares that may be purchased upon exercise of each Common
Share Warrant and the price at which and currency or currencies in which that amount of
securities may be purchased upon exercise of each Common Share Warrant;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the designation and terms of any securities with which the Common Share
Warrants will be offered, if any, and the number of the Common Share Warrants that will
be offered with each security;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates, if any, on or after which the Common Share Warrants and the
related securities will be transferable separately;</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the Common Share Warrants are subject to redemption or call and, if so,
the terms of such redemption or call provisions; and</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 other material terms or conditions of the Common Share Warrants.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferred Share Warrants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The particular terms of each issue of Preferred Share Warrants will be described in the related
Prospectus Supplement. This description will include, where applicable:</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 designation and aggregate number of Preferred Share Warrants;</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price at which the Preferred Share Warrants will be offered;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the currency or currencies in which the Preferred Share Warrants will be
offered;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date on which the right to exercise the Preferred Share Warrants will
commence and the date on which the right will expire;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<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">

<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>the number of Preferred Shares that may be purchased upon exercise of each
Preferred Share Warrant and the price at which and currency or currencies in which that
amount of securities may be purchased upon exercise of each Preferred Share Warrant;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the designation and terms of any securities with which the Preferred Share
Warrants will be offered, if any, and the number of the Preferred Share Warrants that
will be offered with each security;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates, if any, on or after which the Preferred Share Warrants and
the related securities will be transferable separately;</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the Preferred Share Warrants are subject to redemption or call and, if
so, the terms of such redemption or call provisions; and</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 other material terms or conditions of the Preferred Share Warrants.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Debt Warrants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The particular terms of each issue of Debt Warrants will be described in the related Prospectus
Supplement. This description will include, where applicable:</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 designation and aggregate number of Debt Warrants;</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price at which the Debt Warrants will be offered;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the currency or currencies in which the Debt Warrants will be offered;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate principal amount, currency or currencies, denominations and terms
of the series of Debt Securities that may be purchased upon exercise of the Debt
Warrants;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the designation and terms of any securities with which the Debt Warrants are
being offered, if any, and the number of the Debt Warrants that will be offered with
each security;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates, if any, on or after which the Debt Warrants and the related
securities will be transferable separately;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the principal amount of Debt Securities that maybe purchased upon exercise of
each Debt Warrant and the price at which and currency or currencies in which that
principal amount of securities may be purchased upon exercise of each Debt Warrant;</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date on which the right to exercise the Debt Warrants will commence and the
date on which the right will expire;</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>the minimum or maximum amount of Debt Warrants that may be exercised at any one
time;</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">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the Debt Warrants will be subject to redemption or call, and, if so,
the terms of such redemption or call provisions; and</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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other material terms or conditions of the Debt Warrants.</TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The particular terms and provisions of Subscription Receipts offered by any Prospectus Supplement,
and the extent to which the general terms and provisions described below may apply thereto, will be
described in the Prospectus Supplement filed in respect of such Subscription Receipts. This
description will include, where applicable:</DIV>


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</DIV>

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<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">

<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 number of Subscription Receipts;</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price at which the Subscription Receipts will be offered;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the procedures for the exchange of the Subscription Receipts into Common Shares
or other securities;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Common Shares or other securities that may be obtained upon
exercise of each Subscription Receipt;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the designation and terms of any other securities with which the Subscription
Receipts will be offered, if any, and the number of Subscription Receipts that will be
offered with each Common Share or security;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms applicable to the gross proceeds from the sale of the Subscription
Receipts plus any interest earned thereon; and</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other material terms and conditions of the Subscription Receipts.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subscription Receipts may be offered separately or in combination with one or more other
Securities. The Subscription Receipts will be issued under a Subscription Receipt agreement. A
copy of the Subscription Receipt agreement will be filed by the Corporation with the securities
commission or similar regulatory authority in each of the provinces of Canada after it has been
entered into by the Corporation and will be available electronically at <U>www.sedar.com</U>.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Subscription Receipt agreement, original purchasers of Subscription Receipts will
have a contractual right of rescission against the Corporation, following the issuance of the
underlying Common Shares or other securities to such purchasers upon the surrender or deemed
surrender of the Subscription Receipts, to receive the amount paid for the Subscription Receipts in
the event that this prospectus and any amendment thereto contains a misrepresentation or is not
delivered to such purchaser, provided such remedy for rescission is exercised within 180&nbsp;days from
the closing date of the offering of Subscription Receipts.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Units are a security comprised of one or more of the other Securities described in this prospectus
offered together as a &#147;unit&#148;. Units are typically issued so that the holder thereof is also the
holder of each Security included in the Unit. Thus, the holder of a Unit will have the rights and
obligations of a holder of each Security comprising the Unit. The Unit agreement under which a Unit
is issued may provide that the Securities comprising the unit may not be held or transferred
separately at any time or at any time before a specified date.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The particular terms and provisions of Units offered by any Prospectus Supplement, and the extent
to which the general terms and provisions described below may apply to them, will be described in
the Prospectus Supplement filed in respect of such Units. This description will include, where
applicable: (i)&nbsp;the designation and terms of the Units and of the Securities comprising the Units,
including whether and under what circumstances those Securities may be held or transferred
separately; (ii)&nbsp;any provisions for the issuance, payment, settlement, transfer or exchange of the
Units or of the Securities comprising the Units; (iii)&nbsp;whether the Units will be issued in fully
registered or global form; and (iv)&nbsp;any other material terms and conditions of the Units.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An investment in the Securities is subject to certain risks. Investors should carefully review and
consider the risks described below and all other information contained in this prospectus and any
Prospectus Supplement before making an investment decision and consult their own experts where
necessary. In addition to the risk factors outlined below, investors are directed to the risk
factors set forth under the heading &#147;Risk Factors &#151; Risks Relating to
the Business Currently Conducted by Precision&#148; in the AIF which are applicable to the business
being carried on by the Corporation, as successor to the Trust.</DIV>


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





<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The price of the Common Shares may experience volatility.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The price of the Common Shares may be volatile. Some of the factors that could affect the price of
the Common Shares are quarterly increases or decreases in revenue, earnings or cash flow from
operations, payment of any cash dividends made by the Corporation, changes in revenue, earnings or
cash flow estimates by the investment community and speculation in the press or investment
community about the Corporation&#146;s financial condition or results of operations. General market
conditions and Canadian, United States or international economic factors and political events
unrelated to the performance of the Corporation may also affect the price of Common Shares. For
these reasons, investors should not rely on past trends to predict the future price of Common
Shares or the Corporation&#146;s financial results.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Sales of additional Common Shares could negatively affect the value of the Common Shares.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation may issue additional Common Shares in the future to directly or indirectly fund
capital expenditure requirements of the Corporation and other entities now or hereafter owned
directly or indirectly by the Corporation, including to finance acquisitions by those entities and
for other general corporate purposes, including operations and the repayment of indebtedness. Such
additional Common Shares may be issued without the approval of Shareholders. Shareholders have no
pre-emptive rights in connection with such additional issues. The Board of Directors has
discretion in connection with the price and the other terms of the issue of such additional Common
Shares.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>There is no market through which the Securities (other than the Common Shares) may be sold.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is currently no market through which any of the Securities, other than the Common Shares, may
be sold and the purchasers of such Securities may not be able to resell such securities purchased
under this prospectus and any Prospectus Supplement. There can be no assurance that a secondary
market will develop for any of the Preferred Shares, Debt Securities, Warrants, Subscription
Receipts or Units that may be issued under this prospectus or that any secondary market which does
develop will continue. This may affect the pricing of such Securities in the secondary market, if
any, the transparency and availability of trading prices, the liquidity of the Securities and the
extent of regulation of such Securities.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The public offering prices of the Securities may be determined by negotiation between the
Corporation and underwriters based on several factors and may bear no relationship to the prices at
which Securities will trade in the public market subsequent to such offering. See &#147;Plan of
Distribution&#148;.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Credit ratings may not reflect all risks of an investment in Debt Securities and may change.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit ratings may not reflect all risks associated with an investment in Debt Securities. Any
credit ratings applied to Debt Securities are an assessment of the Corporation&#146;s ability to pay its
obligations. Consequently, real or anticipated changes in the credit ratings will generally affect
the market value of Debt Securities. The credit ratings, however, may not reflect the potential
impact of risks related to market or other factors on the value of Debt Securities. There is no
assurance that any credit rating assigned to Debt Securities will remain in effect for any given
period of time or that any rating will not be lowered or withdrawn entirely by the relevant rating
agency.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Increases in interest rates may cause the market price or value of Debt Securities to decline.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The market price or value of Debt Securities may decline as prevailing interest rates for
comparable debt instruments rise.</DIV>


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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Debt Securities will be effectively subordinated to creditors of the Corporation&#146;s subsidiaries,
partnerships and other entities.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation conducts its business through a number of corporate and partnership subsidiaries.
The Debt Securities will be effectively subordinated to claims of creditors of the Corporation&#146;s
subsidiaries, in that the Corporation&#146;s right to participate as a securityholder or partner in the
distribution of the assets of any subsidiary upon any such distribution would be subject to the
prior claims of the creditors of such subsidiary.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The Corporation may be unable to obtain access to additional financing.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation may find it necessary in the future to obtain additional debt or equity financing
to support ongoing operations, to undertake capital expenditures, to repay existing indebtedness
(including the Secured Facilities and the Senior Notes) or to undertake acquisitions or other
business combination transactions. There can be no assurance that additional financing will be
available to the Corporation when needed or on terms acceptable or favourable to the Corporation.
The Corporation&#146;s inability to obtain financing to support ongoing operations or to fund capital
expenditures, acquisitions, debt repayments or other business combination transactions could limit
the Corporation&#146;s growth and may have a material adverse effect upon the Corporation.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The Corporation has retained liabilities as a consequence of prior reorganizations.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation, the successor entity to the Trust following the Arrangement and to amalgamations
involving its predecessor companies, has assumed or retained all liabilities of its predecessor
companies, including liabilities relating to corporate and income tax matters.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The Corporation could face negative tax consequences for previous transactions.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The business and operations of the Trust prior to the completion of the Arrangement were complex
and the Trust executed a number of significant financings, business combinations, acquisitions and
dispositions over the course of its history. The computation of income taxes payable as a result
of these transactions involves many complex factors as well as the Corporation&#146;s interpretation of
relevant tax legislation and regulations. As part of the Arrangement, and prior to the termination
of the Trust, the Corporation assumed all of the obligations and liabilities of the Trust. The
Corporation believes that the provision for income tax is adequate and in accordance with Canadian
GAAP and applicable legislation and regulations. However, there are a number of tax filing
positions that can still be the subject of review by taxation authorities who may successfully
challenge the Corporation&#146;s interpretation of the applicable tax legislation and regulations, with
the result that additional taxes could be payable by the Corporation and the amount owed, with
estimated interest but without penalties, could be up to $403&nbsp;million as of March&nbsp;31, 2010. Any
increase in tax liability would reduce the net assets of and funds available to the Corporation.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>If the Corporation does not constitute a &#147;qualified foreign corporation&#148; for United States
federal income tax purposes, non-corporate U.S. holders of the Corporation&#146;s Shares may be taxed at
a higher rate on dividends.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation expects that any dividends that it may pay to non-corporate U.S. holders (including
individual U.S. holders) that are treated as dividends for United States federal income tax
purposes will be treated as qualified dividend income eligible for the reduced maximum rate to
individuals of 15% (5% for individuals in lower tax brackets). However, if the Corporation does
not constitute a &#147;qualified foreign corporation&#148; for United States federal income tax purposes, and
as a result such dividends to non-corporate U.S. holders do not qualify for this reduced maximum
rate, such holders will be subject to tax on such dividends at ordinary income rates (currently at
a maximum federal income tax rate of 35%). In addition, under current law, the preferential tax
rate for qualified dividend income will not be available for taxable years beginning after December
31, 2010.</DIV>


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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The Corporation may become a passive foreign investment company (&#147;PFIC&#148;), which could result in
adverse United States tax consequences to United States investors.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation does not believe that it is, or will be treated as, a PFIC for United States
tax purposes. Since PFIC status is determined on an annual basis and will depend on the
composition of the Corporation&#146;s income and assets from time to time, it is possible that the
Corporation could be considered a PFIC in 2010 or a future taxable year. Such characterization
could result in adverse United States tax consequences to a United States investor. In particular,
a United States investor would be subject to United States federal income tax at ordinary income
rates, plus a possible interest charge, in respect of any gain derived from a disposition of the
Corporation&#146;s shares, as well as certain distributions by the Corporation. In addition, a step-up
in the tax basis of the Corporation&#146;s shares would not be available upon the death of an individual
holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>If a United States investor acquires 10% or more of the Common Shares it may be subject to taxation
under the CFC rules.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under certain circumstances, a United States person (&#147;<B>10% U.S. Shareholder</B>&#148;) who directly or
indirectly owns 10% or more of the voting power of a foreign corporation that is a controlled
foreign corporation (&#147;<B>CFC</B>&#148;) (generally, a foreign corporation in which 10% U.S. Shareholders own
more than 50% of the voting power or value of the stock of the foreign corporation) for an
uninterrupted period of 30&nbsp;days or more during a taxable year and who holds any shares of the
foreign corporation on the last day of the corporation&#146;s tax year must include in gross income for
United States federal income tax purposes its pro rata share of certain income of the CFC even if
such share is not distributed to such person. The Corporation is not presently a CFC, but this
could change in the future.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>The Corporation expects to maintain its status as a &#147;foreign private issuer&#148; in the United States
and thus will be exempt from a number of rules under the Exchange Act and will be permitted to file
less information with the SEC than a company incorporated in the United States.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a &#147;foreign private issuer&#148; the Corporation is exempt from certain rules under the United States
Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;) that impose disclosure
requirements, as well as procedural requirements, for proxy solicitations under Section&nbsp;14 of the
Exchange Act. The directors and officers of the Corporation and principal Shareholders of the
Corporation are exempt from the insider reporting and &#147;short-swing&#148; profit recovery provisions of
Section&nbsp;16 of the Exchange Act. Moreover, the Corporation may not be required to file periodic
reports and financial statements with the SEC as frequently or as promptly, or in the same form, as
United States companies whose securities are registered under the Exchange Act, nor is it generally
required to comply with Regulation&nbsp;FD, which restricts the selective disclosure of material
nonpublic information. Accordingly, there may be less information concerning the Corporation
publicly available than there is for United States public companies and such information may not be
provided as promptly or in the same form. In addition, the Corporation is permitted, under a multi
jurisdictional disclosure system adopted by the United States and Canada, to prepare its disclosure
documents in accordance with Canadian disclosure requirements, including preparing its financial
statements in accordance with Canadian GAAP (which after January&nbsp;1, 2011, will consist of
International Financial Reporting Standards as adopted by the International Accounting Standards
Board), which differ in some respects from U.S. GAAP.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation exists under the laws of the Province of Alberta. Some of the Corporation&#146;s
directors and officers and experts named in this prospectus are residents of Canada or otherwise
reside outside the United States, and a substantial portion of their assets, and a substantial
portion of the Corporation&#146;s assets, are located outside the United States. The Corporation has
appointed an agent for service of process in the United States, but it may be difficult for holders
of Securities who reside in the United States to effect service within the United States upon those
directors, officers and experts who are not residents of the United States. It may also be
difficult for holders of Securities who reside in the United States to realize in the United States
upon judgments of courts of the United States predicated upon the civil liability of the
Corporation and the civil liability of the directors, officers and experts under the United States
federal securities laws. The Corporation has filed with the SEC, concurrently with the
Registration Statement, an appointment of agent for service of process on Form F-X. Under the Form
F-X, the Corporation appointed CT Corporation System as its agent for service of process in the
United States in connection with any</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">investigation or administrative proceeding conducted by the SEC, and any civil suit or action
brought against or involving the Corporation in a United States court arising out of or related to
or concerning an offering of Securities.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless provided otherwise in a Prospectus Supplement, the following is a description of a
purchaser&#146;s statutory rights. Securities legislation in certain of the provinces of Canada
provides purchasers with the right to withdraw from an agreement to purchase securities. This
right may be exercised within two business days after receipt or deemed receipt of a prospectus and
any amendment. In several of the provinces, the securities legislation further provides a
purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages
if the prospectus and any amendment contains a misrepresentation or is not delivered to the
purchaser, provided that such remedies for rescission, revision of the price or damages are
exercised by the purchaser within the time limit prescribed by the securities legislation of the
purchaser&#146;s province. The purchaser should refer to any applicable provisions of the securities
legislation of the purchaser&#146;s province in which the purchaser resides for the particulars of these
rights or consult with a legal advisor.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless otherwise specified in the Prospectus Supplement relating to an offering of Securities,
certain legal matters relating to the offering of such Securities will be passed upon on behalf of
the Corporation by Bennett Jones LLP, with respect to matters of Canadian law, Felesky Flynn LLP,
with respect to matters of Canadian federal income tax law, Osler, Hoskin &#038; Harcourt LLP, with
respect to matters of United States law and Mayer Brown LLP, with respect to matters of United
States federal income tax law. As at the date hereof, the partners and associates of each of
Bennett Jones LLP, Felesky Flynn LLP, Osler, Hoskin &#038; Harcourt LLP and Mayer Brown LLP, as a group,
each owned, directly or indirectly, less than 1% of the outstanding Common Shares.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KPMG LLP is the Corporation&#146;s independent registered chartered accountant and is independent of the
Corporation within the meaning of the Rules of Professional Conduct of the Institute of Chartered
Accountants of Alberta.</DIV>


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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUDITORS&#146; CONSENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consent of KPMG LLP</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We have read the short form base shelf prospectus dated July 6, 2010 relating to the
sale and issue of common shares, preferred shares, debt securities, warrants, subscription receipts
and units of Precision Drilling Corporation. We have complied with Canadian generally accepted
standards for an auditors&#146; involvement with offering documents.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">We consent to the incorporation by reference in the above-mentioned  short form base
shelf prospectus of our report to the unitholders of Precision Drilling Trust on the consolidated
balance sheets of the Trust as at December&nbsp;31, 2009 and 2008 and the consolidated statements of
earnings and retained earnings (deficit)&nbsp;and cash flow for each of the years in the three-year
period ended December&nbsp;31, 2009. Our report is dated March&nbsp;10, 2010.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">We also consent to the incorporation by reference in the above-mentioned short form
base shelf prospectus of our report to the board of directors of 1521500 Alberta Ltd. on the
balance sheet of 1521500 Alberta Ltd. as at April&nbsp;7, 2010. Our report is dated April&nbsp;7, 2010.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 24pt">(signed) &#147;KPMG LLP&#148;
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Calgary, Canada<BR>
July&nbsp;6, 2010</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-21-<!-- /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">




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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated:&nbsp;&nbsp;July&nbsp;6, 2010
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">This short form prospectus, together with the documents incorporated by reference, constitutes
full, true and plain disclosure of all material facts relating to the securities offered by this
short form prospectus as required by the securities legislation of each of the provinces of Canada.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 24pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV align="center" style="margin-top: 18pt">
<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>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">(signed) &#147;<I>Kevin A. Neveu</I>&#148;<BR>
President and Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(signed) &#147;<I>Douglas J. Strong</I>&#148;<BR>
Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 36pt"><B>ON BEHALF OF THE BOARD OF DIRECTORS</B>
</DIV>

<DIV align="center" style="margin-top: 18pt">
<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>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">(signed) &#147;<I>Robert J.S. Gibson</I>&#148;<BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(signed) &#147;<I>Allen R. Hagerman</I>&#148;<BR>
Director<BR><BR><BR><BR><BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>


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



<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>PART II</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 15pt"><B>Indemnification of Certain Persons</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the <I>Business Corporations Act </I>(Alberta) (the &#147;<B>ABCA</B>&#148;), the Registrant may indemnify a
present or former director or officer, or a person who acts or acted at the Registrant&#146;s request as
a director or officer of a body corporate of which the Registrant is or was a shareholder or
creditor, and the director&#146;s or officer&#146;s 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 the Registrant or that body corporate, if the director or officer acted honestly and in
good faith with a view to the best interests of the Registrant, 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. Indemnification in connection with a derivative
action may require court approval. A director or officer is entitled to indemnification from the
Registrant 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 indemnity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bylaws of the Registrant provide that, subject to the limitations contained in the ABCA,
the Registrant shall indemnify a director or officer or a former director or officer, or a person
who acts or acted at the Registrant&#146;s request as a director or officer of a body corporate of which
the Registrant 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 the Registrant, if: (i)&nbsp;he or she acted honestly and in good faith with a
view to the best interests of the Registrant; and (ii)&nbsp;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;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing
provisions, the Registrant has been informed that in the opinion of the U.S. Securities and
Exchange Commission such indemnification is against public policy and is therefore unenforceable.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits have been filed as part of this Registration Statement.
</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="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Annual information form of Precision Drilling Trust (the &#147;<B>Trust</B>&#148;) for the year
ended December&nbsp;31, 2009 dated March&nbsp;25, 2010 (incorporated by reference to
Exhibit&nbsp;99.1 to the Trust&#146;s report on Form&nbsp;40-F filed by the Trust on March&nbsp;30,
2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Audited comparative consolidated financial statements of the Trust as at
December&nbsp;31, 2009 and 2008 for each of the years in the three-year period ended
December&nbsp;31, 2009, together with the notes thereto and the auditors&#146; report
thereon (incorporated by reference to Exhibit&nbsp;99.3 to the Trust&#146;s report on Form
40-F filed by the Trust on March&nbsp;30, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Management&#146;s discussion and analysis of the financial condition and results of
operations of the Trust for the year ended December&nbsp;31, 2009 (incorporated by
reference to Exhibit&nbsp;99.2 to the Trust&#146;s report on Form&nbsp;40-F filed by the Trust
on March&nbsp;30, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Unaudited interim consolidated financial statements of the Trust as at and for
the three month period ended March&nbsp;31, 2010, together with the notes thereto
(incorporated by reference to Exhibit&nbsp;99.2 to the Trust&#146;s report on Form&nbsp;6-K
filed by the Trust on May&nbsp;11, 2010).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /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">


<DIV align="left"><FONT size="1">

</FONT></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="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Management&#146;s discussion and analysis of the financial condition and results of
operations of the Trust for the three month period ended March&nbsp;31, 2010
(incorporated by reference to Exhibit&nbsp;99.1 to the Trust&#146;s report on Form&nbsp;6-K
filed by the Trust on May&nbsp;11, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">* 4.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Material change report of the Trust dated February&nbsp;16, 2010 with respect to the
plan of arrangement under Section&nbsp;193 of the ABCA involving, among other things,
the conversion of the Trust from an income fund structure to a corporate
structure (the&nbsp;&#147;<B>Arrangement</B>&#148;).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>

<TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Management
information circular of the Trust dated April&nbsp;7, 2010
(the&nbsp;&#147;<B>Information Circular</B>&#148;), including the
financial statements set forth in Appendices&nbsp;&#147;F&#148; and &#147;G&#148; thereto (incorporated
by reference to Exhibit&nbsp;1 to the Trust&#146;s report on Form&nbsp;6-K filed by the Trust
on April&nbsp;15, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Material change report of Precision Drilling Corporation (the &#147;<B>Corporation</B>&#148;)
dated June&nbsp;1, 2010 with respect to the completion of the Arrangement
(incorporated by reference to Exhibit&nbsp;99.2 to the Corporation&#146;s report on Form
6-K filed by the Corporation on June&nbsp;1, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">** 4.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP Calgary to be filed with the Alberta Securities Commission.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">** 4.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of Felesky Flynn LLP to be filed with the Alberta Securities Commission.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">** 4.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of TD Securities Inc. to be filed with the Alberta Securities Commission.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"> 4.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>

<TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Addendum
to the Information Circular dated July 2, 2010 (incorporated by
reference to Exhibit&nbsp;99.1 to the Corporation&#146;s report on
Form&nbsp;6-K filed by the Corporation on July&nbsp;6, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">** 5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP Calgary.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">* 5.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of Felesky Flynn LLP.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">* 5.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of TD Securities Inc.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">* 6.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Power of attorney.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><B>*</B></TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><B>**</B></TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->II-2<!-- /Folio -->
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>PART III</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B></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="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Undertaking.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant undertakes to make available, in person or by telephone, representatives to
respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so
by the Commission staff, information relating to the securities registered pursuant to Form F-10 or
to transactions in said securities.
</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="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Consent to Service of Process.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the filing of this Registration Statement, the Registrant is filing with the
Commission a written irrevocable consent and power of attorney on Form F-X. Any change to the name
or address of the agent for service of the Registrant shall be communicated promptly to the
Commission by amendment to Form F-X referencing the file number of this Registration Statement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-1<!-- /Folio -->
</DIV>

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




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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has
duly caused this Amendment No.&nbsp;1 to the 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 6th day of
July, 2010.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></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"><BR><B>PRECISION DRILLING CORPORATION<BR></B><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/&nbsp;&nbsp;Douglas J. Strong
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Douglas J. Strong&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-2<!-- /Folio -->
</DIV>

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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this Amendment No.&nbsp;1
to the Registration Statement has been
signed by the following persons in the capacities indicated, on the
6th day of July, 2010.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="margin-top: 12pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp; Kevin A. Neveu
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Kevin A. Neveu</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Executive Officer <BR>
Precision Drilling Corporation</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp; Douglas J. Strong
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Douglas J. Strong</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Financial Officer <BR>
Precision Drilling Corporation</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp; Leonard C. Gambles
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Leonard C. Gambles</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Accounting Officer, <BR>
Precision Drilling Corporation</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
William T. Donovan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
W.C. (Mickey) Dunn</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Brian A. Felesky</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Stephen J.J. Letwin</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-3<!-- /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"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert J. Gibson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Allen R. Hagerman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Patrick M. Murray</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Kevin A. Neveu</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Frederick W. Pheasey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert L. Phillips</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Trevor M. Turbidy</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></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="4%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">*By:&nbsp;</TD>
    <TD align="center" nowrap valign="top">/s/&nbsp; Douglas J. Strong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" nowrap valign="top">Name:&nbsp;&nbsp;&nbsp; Douglas J. Strong<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-4<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTHORIZED REPRESENTATIVE</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Pursuant to the requirements of Section 6(a) of the Securities Act, the undersigned has signed this
Amendment No.&nbsp;1
to the Registration Statement, solely in the capacity of the duly authorized representative of Precision
Drilling Corporation in the United States, in the City of Houston,
State of Texas, on July&nbsp;6,
2010.</DIV>
<DIV align="left"><FONT size="1">

</FONT></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"><BR><B>PRECISION DRILLING CORPORATION<BR>
(Authorized Representative)<BR></B><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/&nbsp; Kenneth J. Haddad
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Kenneth J. Haddad&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President, Business Development&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-5<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-top: 6pt">
<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="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Annual information form of Precision Drilling Trust (the &#147;<B>Trust</B>&#148;) for the year
ended December&nbsp;31, 2009 dated March&nbsp;25, 2010 (incorporated by reference to
Exhibit&nbsp;99.1 to the Trust&#146;s report on Form&nbsp;40-F filed by the Trust on March&nbsp;30,
2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Audited comparative consolidated financial statements of the Trust as at
December&nbsp;31, 2009 and 2008 for each of the years in the three-year period ended
December&nbsp;31, 2009, together with the notes thereto and the auditors&#146; report
thereon (incorporated by reference to Exhibit&nbsp;99.3 to the Trust&#146;s report on Form
40-F filed by the Trust on March&nbsp;30, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Management&#146;s discussion and analysis of the financial condition and results of
operations of the Trust for the year ended December&nbsp;31, 2009 (incorporated by
reference to Exhibit&nbsp;99.2 to the Trust&#146;s report on Form&nbsp;40-F filed by the Trust
on March&nbsp;30, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Unaudited interim consolidated financial statements of the Trust as at and for
the three month period ended March&nbsp;31, 2010, together with the notes thereto
(incorporated by reference to Exhibit&nbsp;99.2 to the Trust&#146;s report on Form&nbsp;6-K
filed by the Trust on May&nbsp;11, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Management&#146;s discussion and analysis of the financial condition and results of
operations of the Trust for the three month period ended March&nbsp;31, 2010
(incorporated by reference to Exhibit&nbsp;99.1 to the Trust&#146;s report on Form&nbsp;6-K
filed by the Trust on May&nbsp;11, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">* 4.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Material change report of the Trust dated February&nbsp;16, 2010 with respect to the
plan of arrangement under Section&nbsp;193 of the ABCA involving, among other things,
the conversion of the Trust from an income fund structure to a corporate
structure (the &#147;<B>Arrangement</B>&#148;).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>

<TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Management information circular of the Trust dated April&nbsp;7, 2010 (the&nbsp;&#147;<B>Information Circular</B>&#148;), including the
financial statements set forth in Appendices &#147;F&#148; and &#147;G&#148; thereto (incorporated
by reference to Exhibit&nbsp;1 to the Trust&#146;s report on Form&nbsp;6-K filed by the Trust
on April&nbsp;15, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Material change report of Precision Drilling Corporation (the &#147;<B>Corporation</B>&#148;)
dated June&nbsp;1, 2010 with respect to the completion of the Arrangement
(incorporated by reference to Exhibit&nbsp;99.2 to the Corporation&#146;s report on Form
6-K filed by the Corporation on June&nbsp;1, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">** 4.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP Calgary to be filed with the Alberta Securities Commission.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">** 4.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of Felesky Flynn LLP to be filed with the Alberta Securities Commission.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">** 4.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of TD Securities Inc. to be filed with the Alberta Securities Commission.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"> 4.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>

<TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Addendum
to the Information Circular dated July 2, 2010 (incorporated by
reference to Exhibit&nbsp;99.1 to the Corporation&#146;s report on
Form&nbsp;6-K filed by the Corporation on July&nbsp;6, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">** 5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP Calgary.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">* 5.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of Felesky Flynn LLP.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">* 5.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Consent of TD Securities Inc.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 6pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">* 6.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Power of attorney.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><B>*</B></TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>




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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.9
<SEQUENCE>2
<FILENAME>o63049exv4w9.htm
<DESCRIPTION>EXHIBIT 4.9
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w9</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;4.9</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o63049o6304905.gif" alt="(KPMG LOGO)">
</DIV>

<DIV align="right">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR style="font-size: 3pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif"><B>KPMG LLP</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif"><B>Chartered Accountants</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Telephone</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Helvetica,Arial,sans-serif">(403) 691-8000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif">2700 205 &#150; 5th Avenue SW</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Telefax</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Helvetica,Arial,sans-serif">(403) 691-8008</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif">Calgary AB T2P 4B9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Internet</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Helvetica,Arial,sans-serif">www.kpmg.ca</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 46pt">To the
securities regulatory authorities in each of the provinces of Canada </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs/Mesdames:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Re:&nbsp;&nbsp; Precision Drilling Corporation (the &#147;Corporation&#148;)</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer to the short form base shelf prospectus of the Corporation dated July&nbsp;6, 2010 in
connection with the offer and issue, from time to time, of common shares, preferred shares, debt
securities, warrants, subscription receipts and units of the Corporation (the &#147;Prospectus&#148;).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the use, through incorporation by reference in the Prospectus, of our report dated
March&nbsp;10, 2010 to the unitholders of Precision Drilling Trust (the &#147;Trust&#148;) on the following
financial statements:</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consolidated balance sheets as at December&nbsp;31, 2009 and 2008; and</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consolidated statements of earnings and retained earnings (deficit), comprehensive
income (loss), and cash flow for each of the years in the three-year period ended
December&nbsp;31, 2009.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also consent to the incorporation by reference in the Prospectus of our report to the Board of
Directors of 1521500 Alberta Ltd. on the balance sheet of 1521500 Alberta Ltd. as at April&nbsp;7, 2010.
Our report is dated April&nbsp;7, 2010.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We report that we have read the Prospectus and all information specifically incorporated by
reference therein and have no reason to believe that there are any misrepresentations in the
information contained therein that are derived from the financial statements upon which we have
reported or that are within our knowledge as a result of our audits of such financial statements.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This letter is provided solely for the purpose of assisting the securities regulatory authorities
to which it is addressed in discharging their responsibilities and should not be used for any other
purpose. Any use that a third party makes of this letter, or any reliance or decisions based on it,
are the responsibility of such third parties. We accept no responsibility for loss or damages, if
any, suffered by any third party as a result of decisions made or actions taken based on this
letter.</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 14pt"><IMG src="o63049o6304906.gif" alt="(KPMG LOGO)"></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>
July 6, 2010</DIV>


<DIV align="left" style="font-size: 6pt; margin-top: 166pt; margin-left: 40%"><FONT face="Helvetica,Arial,sans-serif">KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG<BR>
network of independent member firms affiliated with KPMG International Cooperative<BR>
(&#147;KPMG International&#148;), a Swiss entity.<BR>
KPMG Canada provides services to KPMG LLP.</FONT>

</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.10
<SEQUENCE>3
<FILENAME>o63049exv4w10.htm
<DESCRIPTION>EXHIBIT 4.10
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w10</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;4.10</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 32pt">July&nbsp;6, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VIA SEDAR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Autorit&#233; des March&#233;s Financiers<BR>
Office of the Administrator, New Brunswick<BR>
Securities Commission of Newfoundland and Labrador<BR>
Nova Scotia Securities Commission<BR>
Registrar of Securities, Prince Edward Island

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs/Mesdames:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;<B>Precision Drilling Corporation (the &#147;Corporation&#148;)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer to the short form base shelf prospectus (the &#147;<B>Prospectus</B>&#148;) of the Corporation dated July
6, 2010 relating to the offer and issue, from time to time, of common shares, preferred shares,
debt securities, warrants, subscription receipts and units of the Corporation.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to being named in the Prospectus and to the use of our opinions under the heading
&#147;Certain Canadian Federal Income Tax Considerations&#148; in the management information circular (the
&#147;<B>Circular</B>&#148;) of Precision Drilling Trust dated April&nbsp;7, 2010, such Circular being a document
incorporated by reference in the Prospectus.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have read the Circular and the Prospectus and have no reason to believe that there are any
misrepresentations in the information contained in the Circular or the Prospectus that are derived
from our opinions referred to above or that are within our knowledge as a result of our
participation in the preparation of such opinions.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This letter is provided solely for the purpose of assisting you in discharging your
responsibilities in connection with the transaction described above and may not be used or relied
upon by any other parties or for any other purpose.</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">signed (&#147;<I>Felesky Flynn LLP</I>&#148;)</DIV>



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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.11
<SEQUENCE>4
<FILENAME>o63049exv4w11.htm
<DESCRIPTION>EXHIBIT 4.11
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w11</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;4.11</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 32pt">July&nbsp;6, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VIA SEDAR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Autorit&#233; des March&#233;s Financiers<BR>
Office of the Administrator, New Brunswick<BR>
Securities Commission of Newfoundland and Labrador<BR>
Nova Scotia Securities Commission<BR>
Registrar of Securities, Prince Edward Island

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs/Mesdames:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Re: &nbsp;&nbsp;Precision Drilling Corporation (the &#147;Corporation&#148;)</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer to the short form base shelf prospectus (the &#147;<B>Prospectus</B>&#148;) of the Corporation dated July
6, 2010 relating to the offer and issue, from time to time, of common shares, preferred shares,
debt securities, warrants, subscription receipts and units of the Corporation.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to being named in the Prospectus and to the inclusion of our fairness opinion (the
&#147;<B>Opinion</B>&#148;) dated February&nbsp;11, 2010 in the management information circular (the &#147;<B>Circular</B>&#148;) of
Precision Drilling Trust (the &#147;<B>Trust</B>&#148;) dated April&nbsp;7, 2010, such Circular being a document
incorporated by reference in the Prospectus. We prepared the Opinion for the board of directors of
the Precision Drilling Corporation (a predecessor to the Corporation) and the board of trustees of
the Trust in connection with the Arrangement (as defined in the Circular).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have read the Circular and the Prospectus and have no reason to believe that there are any
misrepresentations in the information contained in the Circular or the Prospectus that are derived
from our Opinion referred to above or that are within our knowledge as a result of our
participation in the preparation of such Opinion.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This letter is provided solely for the purpose of assisting you in discharging your
responsibilities in connection with the transaction described above and may not be used or relied
upon by any other parties or for any other purpose.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt">Yours truly,</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">signed (&#147;<I>TD Securities Inc.</I>&#148;)</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>o63049exv5w1.htm
<DESCRIPTION>EXHIBIT 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="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o63049o6304905.gif" alt="(KPMG LOGO)">
</DIV>

<DIV align="right">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR style="font-size: 3pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif"><B>KPMG LLP</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif"><B>Chartered Accountants</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Telephone</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Helvetica,Arial,sans-serif">(403) 691-8000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif">2700 205 &#150; 5th Avenue SW</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Telefax</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Helvetica,Arial,sans-serif">(403) 691-8008</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Helvetica,Arial,sans-serif">Calgary AB T2P 4B9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Internet</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT face="Helvetica,Arial,sans-serif">www.kpmg.ca</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 42pt"><B>Consent of Independent Registered Public Accounting Firm</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The Board of Directors of Precision Drilling Corporation</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We consent to the incorporation by reference in this Amendment No.&nbsp;1 to the Registration Statement
on Form F-10 of Precision Drilling Corporation of our report to the unitholders of Precision
Drilling Trust (the &#147;Trust&#148;) dated March&nbsp;10, 2010 with respect to the consolidated balance sheets
of the Trust as of December&nbsp;31, 2009 and 2008, and the related consolidated statements of earnings
and retained earnings (deficit), comprehensive income (loss)&nbsp;and cash flow for each of the years in
the three-year period ended December&nbsp;31, 2009, which report appears in the Annual Report on Form
40-F of the Trust for the year ended December&nbsp;31, 2009.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in the above mentioned Registration Statement of our
report dated April&nbsp;7, 2010 to the Board of Directors of 1521500 Alberta Ltd. on the balance sheet
of 1521500 Alberta Ltd. as at April&nbsp;7, 2010.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also consent to the reference to our firm under the heading &#147;Interest of Experts&#148; in the above
mentioned Registration Statement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 14pt"><IMG src="o63049o6304906.gif" alt="(KPMG LOGO)"></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>
July 6, 2010</DIV>


<DIV align="left" style="font-size: 6pt; margin-top: 166pt; margin-left: 40%"><FONT face="Helvetica,Arial,sans-serif">KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG<BR>
network of independent member firms affiliated with KPMG International Cooperative<BR>
(&#147;KPMG International&#148;), a Swiss entity.<BR>
KPMG Canada provides services to KPMG LLP.</FONT>

</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>o63049o6304900.gif
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
