ex99_1.htm

Exhibit 99.1

NEWS RELEASE

PRECISION DRILLING CORPORATION ANNOUNCES

WEBCAST OF ANNUAL GENERAL MEETING OF

SHAREHOLDERS

Calgary, Alberta, Canada – May 2, 2012

Precision Drilling Corporation (“Precision”) will hold its Annual General Meeting of Shareholders (the “Meeting”) on Wednesday, May 9, 2012. The Meeting will be held in the Enmax Ballroom at the Calgary Chamber of Commerce, 100 – 6th Avenue S.W., Calgary, Alberta, Canada and will begin at 3:00 p.m. MT (5:00 p.m. ET).

A live webcast of the Meeting, which will be followed by a presentation from Kevin Neveu, Precision’s President & Chief Executive Officer, will be accessible on Precision’s website at www.precisiondrilling.com by selecting “Investor Centre”, then “Webcasts”. An archived recording of the meeting will also be available after the conclusion of the live event.

About Precision

Precision is a leading provider of safe and High Performance, High Value services to the oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, directional drilling services, well service & snubbing rigs, coiled tubing services, camps, rental equipment, and water treatment units backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

For further information, please contact:

Carey Ford, Vice President, Finance and Investor Relations

403.716.4575

403.716.4755 (FAX)

800, 525 - 8th Avenue S.W.

Calgary, Alberta, Canada T2P 1G1

Website: www.precisiondrilling.com