Precision Closes $172.5MM Public Offering

Precision Drilling Trust announced the closing of its offering of 46,000,000 trust units (the "Trust Units") at a price of U.S.$3.75 per Trust Unit (the "Offering") for aggregate gross proceeds of U.S.$172,500,000.

The Offering was underwritten by a syndicate of underwriters jointly led by RBC Capital Markets and Deutsche Bank Securities Inc. and including TD Securities Inc., HSBC Securities (Canada) Inc., Cormark Securities Inc., FirstEnergy Capital Corp. and Tristone Capital Inc.

The proceeds of the Offering will be used to fund the repurchase of outstanding convertible notes, which were assumed in connection with Precision's acquisition of Grey Wolf, Inc. in December 2008, pursuant to a "change of control" obligation. To the extent that the net proceeds of the Offering exceed the amount payable for the convertible notes tendered to the "change of control" offer, such proceeds will be used for general corporate purposes.