Precision Drilling Files Base Shelf Prospectus and Completes Offering

On May 17, 2004, Precision Drilling Corp. filed a short-form base shelf prospectus providing for the issuance of an aggregate principal amount of up to a combined aggregate of US$1 billion of debt securities and common shares. On May 28, 2004, Precision Drilling completed an offering of US$300 million principal amount notes maturing on June 1, 2014, issued under the base shelf prospectus. The purpose of the offering was to repay short-term indebtedness incurred to purchase the land drilling business assets from GlobalSantaFe Corp. and all of the shares of Reeves Oilfield Services Ltd.

UBS Investment Bank led the dealer syndicate for the offering, which included RBC Capital Markets, HSBC, NFB Securities (USA) Corp., TD Securities, CIBC World Markets, Lazard, Raymond James and Wells Fargo International Brokerage & Sales.

The issuer was represented in Canada by Borden Ladner Gervais in Calgary, with a team that included Brian Roberts, Dan Kolibar, Ross Freeman, Steven Pearson and Scott Iredale; and, in the US, by Paul, Weiss, Rifkind, Wharton & Garrison, with a team that included Andrew Foley, Ian Putnam and Sheila Gibb.

The dealers were represented in the US by Skadden, Arps, Slate, Meagher & Flom, with a team that included Christopher Morgan, Jason Saltzman and Raziel Zisman; and in Canada by Burnet, Duckworth & Palmer, with a team that included Grant Zawalsky, Stephen Chetner and Jeremy Matthies.