Precision Drilling Corporation announces the sale of its Energy Services and International Drilling divisions to Weatherford International Ltd. and a pending sale of CEDA Holdings Ltd.

CALGARY, Aug. 31 /CNW/ - Precision Drilling Corporation ("Precision") is
pleased to announce that it has completed the sale of its Energy Services and
International Drilling divisions to Weatherford International Ltd.
("Weatherford") for a purchase price consisting of 26,000,000 common shares of
Weatherford and Cdn $1,130,000,000 cash consideration.
Weatherford common shares trade on the New York Stock Exchange and the
closing price of a Weatherford common share was US $67.71 on August 31, 2005.
In addition, Precision has reached an agreement in principal with a
private purchaser to sell all of its shares of CEDA Holdings Ltd. for a cash
purchase price of about Cdn $273,000,000.
CEDA Holdings Ltd. is the parent company of a number of subsidiaries,
which together carry on Precision's industrial cleaning, catalyst handling and
mechanical services businesses. It is anticipated that a definitive purchase
and sale agreement will be entered into and this transaction should close on
or about September 12, 2005.

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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