Trinidad Drilling Closes Bought Deal Equity Financing

Trinidad Drilling Ltd.

Trinidad Drilling has announced the closing of its previously announced equity financing (the "Offering"). At closing, a total of 27,184,500 common shares were issued for gross proceeds of $140 million. The Offering was underwritten by a syndicate of underwriters led by Raymond James Ltd. and including TD Securities Inc., RBC Capital Markets, Scotia Capital Inc., CIBC World Markets Inc., Haywood Securities Inc., Canaccord Capital Corporation, FirstEnergy Capital Corp. and Wellington West Capital Markets Inc.

The net proceeds of the Offering will be used to reduce the Corporation's indebtedness. The increased financial flexibility resulting from this debt reduction will provide Trinidad with the ability to evaluate, and if appropriate, capitalize on value creating opportunities in potential new and
existing markets.

Participants in the current financing will receive the second quarter dividend provided they are a shareholder of record on the record date.
Trinidad's Board of Directors has declared its second quarter dividend to be $0.05 per share payable on July 15, 2009 to shareholders of record on June 30, 2009. This dividend is designated as an "eligible dividend" for Canadian income tax purposes.Trinidad has granted the underwriters an option to purchase up to an
additional 1,941,750 common shares at a price of $5.15 per common share at any
time up to 30 days after the closing of the Offering.