Precision Drilling Corporation Completes Trust Conversion

Precision Drilling Corporation and Precision Drilling Trust jointly have successful completion of the reorganization of Precision into the Trust by way of Plan of Arrangement. The units of the Trust will commence trading on both the Toronto Stock Exchange and the New York Stock Exchange today.

Pursuant to the Plan of Arrangement, holders of common shares of Precision will receive in exchange for each common share of Precision held (i) one unit of the Trust, (ii) .2089 common shares of Weatherford International Ltd., and (iii) $Cdn 6.83 of cash.

As a result of the Plan of Arrangement, the Trust will issue 122,512,799 trust units. Pursuant to the Plan of Arrangement, shareholders were also given the opportunity to receive limited partnership units ("Exchangeable LP Units") of Precision Drilling Limited Partnership exchangeable without further consideration into trust units on a one-for-one basis. Pursuant to the election forms received, an aggregate of 1,108,597 Exchangeable LP Units will be issued pursuant to the Plan of Arrangement in lieu of trust units.


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