Precision Drilling Finalizes Acquisition of Drake

Precision Drilling announced the closing of the acquisition of Drake Directional Drilling, LLC and Drake MWD Services, LLC. These companies provide directional drilling services in Texas, Louisiana, Oklahoma and Colorado and typically operate 10 - 14 directional drilling jobs, on a continuing basis. The companies have been in business for four years and have operating facilities in the Houston, Texas area.

"One of our stated priorities for 2011 is to build our directional drilling experience and presence in North America", stated Kevin Neveu, President and Chief Executive Officer of Precision. "These acquisitions along with our organic growth in directional drilling are further steps in meeting that priority. We are pleased that the principals and employees of these two outstanding companies are joining the Precision team."