CALGARY, Oct. 31 /CNW/ - Precision Drilling Corporation ("Precision") is
pleased to announce that it received overwhelming securityholder approval at
the special meeting held on October 31, 2005. Securityholders voted 93.18% in
favour of the arrangement resolution. In addition, on October 31, 2005, the
plan of arrangement (the "Arrangement") was approved by the Court of Queen's
Bench of Alberta. Holders of a total of 0.66% of the outstanding common shares
of Precision exercised dissent rights with respect to the Arrangement.
The completion of the Arrangement has been scheduled for Monday,
November 7, 2005, subject to receiving all regulatory approvals.
Precision also announces that it has appointed TD Newcrest, RBC Capital
Markets and Tristone Capital Inc. as financial advisors to provide Precision
and Precision Drilling Trust with general strategic advice from time to time,
as needed.
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".
%SEDAR: 00002052E
