Precision Drilling Trust announced on February 9, 2009 that Precision Drilling Corporation, which is indirectly wholly owned by the Trust, intends to offer, subject to market and other conditions, approximately US$250 million aggregate principal amount of senior notes due 2015 pursuant to a private placement (the “Placement” or the “Private Placement Memorandum”).

Precision intends to use the proceeds of the offering to reduce outstanding indebtedness under its bridge facility and outstanding convertible notes, which were assumed in connection with Precision’s acquisition of Grey Wolf, Inc. in December 2008.

The notes will be offered and sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933 (the “Securities Act”) and outside the United States to eligible investors pursuant to Regulation S. The notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.