Precision Repays Unsecured Note

Precision has repaid, in full, the 10% senior unsecured note issued to Alberta Investment Management Corporation ("AIMCo."). The aggregate repayment of approximately $204 million included the $175 million in principle, accrued interest and a "make-whole" amount payable to AIMCo. under the terms of the Note. The repayment was made from cash on hand and borrowings under Precision's credit facility. The accrued interest and the "make whole" premium will be a charge to earnings in the first quarter of 2011.

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