Precision Drilling Corporation Announces Stock Split

Precision Drilling's board of directors has approved a stock split of its Common Shares on a two for one basis. The trading price of Precision's Common Shares has increased from $57.48 (US$44.80) on January 5, 2004 to $75.52 (US$62.80) on December 31, 2004. The trading price of the Common Shares continued to increase this year recently reaching an all time high of $97.50 (US$79.28) on March 4, 2005. The board of directors of Precision believes that the stock split will encourage greater market liquidity and wider distribution among retail investors, as a lower share price makes a board lot more affordable.

Precision's shareholders will be asked to approve the stock split at the Annual and Special Meeting of Shareholders scheduled for May 10, 2005. In addition to shareholder approval, the stock split is subject to the receipt of all required regulatory approvals.

If approved by shareholders, and subject to such regulatory approvals, each shareholder will receive one additional Common Share for each Common Share he or she holds on the record date for the stock split of May 18, 2005. Pursuant to the rules of the Toronto Stock Exchange, Precision's Common Shares will commence trading on a split basis at the opening of business on May 16, 2005, which is the second trading day preceding the record date. Also on May 16, 2005 Precision's Common Shares listed on the New York Stock Exchange ("NYSE") will commence trading with rights entitling holders to an additional Common Share for each Common Share held upon the commencement of trading of the Common Shares on a split basis on the NYSE. The trading of the common shares on a split basis on the NYSE will occur one day after the delivery of share certificates to registered holders of Precision's Common Shares. It is anticipated that share certificates representing the additional Common Shares resulting from the stock split will be mailed to registered common shareholders on or about May 26, 2005.