TMX group

CALGARY, Oct. 25 /CNW/ - Pursuant to the Information Circular, dated
October 3, 2005, regarding the Plan of Arrangement ("Arrangement") for the
conversion of Precision Drilling Corporation ("Precision") to Precision
Drilling Trust ("Trust"), the information contained herein is to provide
shareholders who are United States persons ("U.S. Shareholders") with
information pertaining to the current or accumulated earnings and profits of
Precision for its taxable year ended December 31, 2005.
As indicated in the second last paragraph on page 52 of the Information
Circular, the receipt of Weatherford Shares and the Special Cash Payment by
U.S. Shareholders should result in dividend income for United States federal
income tax purposes to the extent of their allocable share of Precision's
current or accumulated earnings and profits as at its taxable yearend. The
company will not be able to provide U.S. Shareholders with the final
calculation of the current or accumulated earnings and profits until after the
Arrangement is completed, and after the end of the taxable year of Precision.
Based on current estimates, Precision expects that a significant portion
(greater than 50%) of the sum of the value of the Weatherford Shares and
Special Cash Payment should constitute dividend income for United States
federal income tax purposes.
The final calculation of the current or accumulated earnings and profits
of Precision and the portion of the distribution that will be treated as a
dividend for U.S. federal income tax purposes will be posted on the company's
website www.precisiondrilling.com in January 2006. United States shareholders
should consult the United States Federal Income Tax Consequences section of
the Information Circular for a more detailed discussion of the United States
federal income tax consequences of the Arrangement and all shareholders are
urged to consult their own tax advisers as to the specific United States
federal and state tax consequences of the Arrangement based upon their
particular circumstances.

Certain statements contained in this press release may contain words such
as "anticipate", "estimate", "could", "should", "expect", "believe", "will"
and similar expressions and statements relating to matters that are not
historical facts. These statements are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934. Such forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results,
performance or achievements of the entities discussed in this Press Release to
be materially different from any future results, performances or achievements
expressed or implied by such forward-looking statements. Such factors include
fluctuations in the market for oil and gas and related products and services;
competition; the demand for services provided by Precision; changes in laws
and regulations, including environmental and tax laws and regulations, to
which Precision is subject and other factors, which are described in further
detail in Precision's filings with the US Securities and Exchange Commission.

Precision is listed on the Toronto Stock Exchange under the trading
symbols "PD" and "PD.U" and on the New York Stock Exchange under the trading
symbol "PDS".
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