Precision receives regulatory approval for trust conversion to proceed on November 7, 2005

CALGARY, Nov. 3 /CNW/ - Precision Drilling Corporation ("Precision" or
the "Corporation") today announces that it has received all regulatory
approvals required for its conversion into a trust, which will occur on
November 7, 2005. The final day of trading for Precision's common shares (PD
and PD.U on the TSX and PDS on the NYSE) will be November 4, 2005 and the
first day of trading for the units of Precision Drilling Trust ( PD.UN and
PD.U on the TSX and PDS on the NYSE) will be November 7, 2005.
The exchange of Precision common shares for trust units and/or limited
partnership units and a pro rata share of 26 million common shares of
Weatherford International Ltd. and up to $Cdn. 850 million cash will also
occur on November 7, 2005.

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