Precision Drilling Trust
TSX : PD.UN
TSX : PD.U
NYSE : PDS

Precision Drilling Trust

October 20, 2006 11:33 ET

Precision Drilling Trust Announces Fourth Quarter Monthly Distributions at CDN$0.31 per Trust Unit

CALGARY, ALBERTA--(CCNMatthews - Oct. 20, 2006) - Precision Drilling Trust ("Precision") announced today that its Board of Trustees has set the distribution policy for the fourth quarter of 2006 at the same rate as in the third quarter, Cdn$0.31 per trust unit per month. These monthly payments also will be made to holders of Class B limited partnership units of Precision Drilling Limited Partnership.

The Cdn$0.31 per unit cash distribution for October 2006 will be payable on November 15, 2006 to unitholders of record on October 31, 2006. The ex-distribution date is October 27, 2006. The payment of Cdn$0.31 per unit also will be made to holders of Class B limited partnership units of Precision Drilling Limited Partnership using the same record date and payment date.

An announcement of any special distribution entitlement for 2006, pursuant to the Declaration of Trust, will be made by December 18, 2006.

A Distribution Reinvestment Plan (the "Plan") is available for Canadian resident holders of trust units of Precision. A copy of the Plan is available on Precision's website at www.precisiondrilling.com and detailed information regarding enrolment in the Plan can be obtained from Computershare Trust Company of Canada at 1-800-564-6253 for registered unitholders. Non-registered unitholders should contact their individual investment agent or broker.

Precision is Canada's largest energy services trust and the leading provider of energy services to the Canadian oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, service rigs, camps, snubbing units, wastewater treatment units and rental equipment, backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision Drilling Trust is listed on the Toronto Stock Exchange under the trading symbol "PD.UN" and in U.S. dollars "PD.U" and on the New York Stock Exchange under the trading symbol "PDS".

Contact Information

  • Doug Strong, Chief Financial Officer of
    Precision Drilling Corporation, Administrator of the Trust
    (403) 716-4500
    (403) 264-0251 (FAX)
    or
    Precision Drilling Trust
    4200, 150 - 6th Avenue S.W.
    Calgary, Alberta T2P 3Y7
    Website: www.precisiondrilling.com