CALGARY, Sept. 14 /PRNewswire-FirstCall/ -- 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". DATASOURCE: Precision Drilling Corporation CONTACT: Hank B. Swartout, Chairman, President and Chief Executive Officer, 4200, 150 - 6th Avenue S.W., Calgary, Alberta, T2P 3Y7, Telephone (403) 716-4500, Fax (403) 264-0251, website: http://www.precisiondrilling.com/; Archived images on this organization are searchable through CNW Photo Archive website at http://photos.newswire.ca/. Images are free to accredited members of the media. To request a free copy of this organization's annual report, please go to http://www.newswire.ca/ and click on reports@cnw.

Copyright