Precision Drilling Corporation announces shareholder approval of stock split

CALGARY, May 10 /CNW/ - Further to the news release of March 10, 2005,
Precision Drilling Corporation ("Precision") announces that its shareholders
have approved the stock split of its Common Shares on a two for one basis at
the Annual and Special Meeting of Shareholders held earlier today. The trading
price of Precision's Common Shares has increased from $57.48 (US$44.80) on
January 5, 2004 to $75.52 (US$62.80) on December 31, 2004. The trading price
of the Common Shares continued to increase this year recently reaching a high
of $98.14 (US$78.68) on April 26, 2005. The board of directors of Precision
believes that the stock split will encourage greater market liquidity and
wider distribution among retail investors, as a lower share price makes a
board lot (100 Common Shares) more affordable.
Precision would like to announce minor changes in the timing of the
implementation of the stock split. Subject to regulatory approval, each
shareholder will receive one additional Common Share for each Common Share he
or she holds on the record date for the stock split of May 20, 2005. Pursuant
to the rules of the Toronto Stock Exchange, Precision's Common Shares will
commence trading on a split basis at the opening of business on May 18, 2005,
which is the second trading day preceding the record date. Also on
May 18, 2005 Precision's Common Shares listed on the New York Stock Exchange
("NYSE") will commence trading with rights entitling holders to an additional
Common Share for each Common Share held upon the commencement of trading of
the Common Shares on a split basis on the NYSE. The trading of the Common
Shares on a split basis on the NYSE will occur one day after the mailing of
share certificates to registered holders of Precision's Common Shares. It is
anticipated that share certificates representing the additional Common Shares
resulting from the stock split will be mailed to registered common
shareholders on or about May 31, 2005.

Precision Drilling Corporation (TSX: PD and PD.U; NYSE: PDS) is a global
contract drilling and oilfield services company providing a broad range of
drilling, production and evaluation services with focus on fulfilling customer
needs through fit-for-purpose technologies for the maturing oilfields of the
21st century. With corporate offices in Calgary, Alberta, Canada and corporate
subsidiary offices in Houston, Texas, and research facilities in the U.S. and
Europe, Precision employs more than 12,000 people conducting operations in
more than 30 countries. Precision is committed to providing efficient and safe
services to create value for our customers, our shareholders and our
employees.

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