Precision Drilling Corporation long-term debt redemption

CALGARY, Sept. 14 /CNW/ - As per Precision Drilling Corporation's
("Precision") notice of intention to fully redeem all of its outstanding  
long-term debt as outlined in the press release of September 7, 2005,
Precision has provided irrevocable redemption notices for the repayment of all
of its outstanding debentures consisting of: Cdn. $200 million 6.85% Series 1
debentures due June 26, 2007, Cdn. $150 million 7.65% Series 2 debentures due
October 27, 2010 and US$300 million 5.625% debentures due June 1, 2014. The
redemption date for all debentures will be October 17, 2005. The redemption
price for each of the debentures will be established prior to the redemption
date pursuant to the provisions set out in each of the respective indentures.
Precision Drilling Corporation 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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