TMX group

CALGARY, Dec. 19 /CNW/ - Precision Drilling Trust ("Precision") announces
today that the cash distribution for the month of December 2005 will be
Cdn$ 0.27 per trust unit of Precision. The distribution will be payable on
January 17, 2006 to unitholders of record on December 31, 2005. The         
ex-distribution date is December 28, 2005. A payment of Cdn$ 0.27 per unit
will also be made to holders of Class B limited partnership units of Precision
Drilling Limited Partnership using the same record date and payment date.
Precision also announces that a special year end distribution of
Cdn$ 0.022 per trust unit will be paid on January 17, 2006 to unitholders of
record on December 31, 2005. The special distribution is being paid with the
intent that Precision's 2005 distributions will at least be equal to
Precision's taxable income for 2005, as required under Precision's Declaration
of Trust. The ex-distribution date for the special distribution will be
December 28, 2005. A special payment of Cdn$ 0.022 per unit, as required under
the Limited Partnership Agreement, will also be made to holders of Class B
limited partnership units of Precision Drilling Limited Partnership using the
same record date and payment date.

2006 Capital Expenditure Program

Management is pleased to announce that a capital expenditure program for
2006 totaling Cdn$ 285 million has been approved. The capital expenditure
program is being directed towards spending of Cdn$ 120 million in the upgrade
of existing fixed assets and Cdn$ 165 million in the growth and expansion to
Precision's existing asset base. Approximately 90% of the expansion capital
will involve the construction of 19 new drilling rigs which are scheduled to
be delivered over the next 12 to 15 months. These new drilling rigs are of a
"fit-for-purpose" design pursuant to long term customer contracts. Ten of the
new rigs will be Precision's versatile shallow to medium depth rated Super
Single(R) rigs. The remaining 9 new rigs are planned to be diesel electric
powered light triples rated to an approximate depth of 4,000 metres. The net
number of new rigs in 2006 is expected to be 17 with the retirement of two
cantilever double rigs.
Precision's drilling rig fleet will exit 2005 at a count of 230 with the
addition of two new Super Single(R) rigs in the current fourth quarter. This
gives Precision a Canadian industry market share of approximately 31%.

Forward-Looking Information

Certain statements contained in this press release, including statements
relating to our capital expenditure program for 2006, containing words such as
"anticipate", "could", "should", "expect", "believe", "will", "plan" and
similar expressions and statements relating to matters that are not historical
fact are "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements involve known and unknown risks and
uncertainties which may cause the actual results, performance or achievements
of Precision 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; political and economic conditions in
countries in which Precision does business; the demand for services provided
by Precision; changes in laws and regulations, including environmental
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 Drilling Trust is Canada's largest energy services trust.
Headquartered in Calgary, Alberta, Precision is the leading provider of
contract drilling services to the Canadian oil and gas industry. Precision
provides customers with access to an extensive fleet of drilling and service
rigs backed by a comprehensive mix of support services utilizing skilled and
experienced personnel.
Precision 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".

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