PDS Precision Drilling Corporation New

Precision Drilling Trust ("Precision" or the "Trust") announced today the United States ("U.S.") federal income tax treatment of the cash distributions paid by Precision to individual U.S. resident unitholders in 2009.

Based on advice from Precision's U.S. tax advisors, the issued and outstanding trust units of Precision will be classified as equity rather than as debt for U.S. federal income tax purposes. Precision believes that the cash distributions paid in 2009 to individual U.S. resident unitholders out of its current and accumulated earnings and profits should be treated as qualified dividend income for U.S. federal income tax purposes generally eligible for the reduced maximum rate of tax to individuals of 15%. More detailed U.S. tax information regarding the Trust's 2009 distributions is provided on Precision's website at www.precisiondrilling.com under Unitholder Information.

United States resident unitholders are advised to consult their own tax advisers as to the specific U.S. federal and state income tax consequences associated with Precision's distributions in 2009.

About Precision

Precision is a leading provider of safe, high performance energy services to the North American oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, service rigs, camps, snubbing units, wastewater treatment units and rental equipment backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto Stock Exchange under the trading symbol "PD.UN" and on the New York Stock Exchange under the trading symbol "PDS".

Contacts: David Wehlmann, Executive Vice President, Investor Relations Precision Drilling Corporation, Administrator of Precision Drilling Trust (403) 716-4575 (403) 716-4755 (FAX) Precision Drilling Trust 4200, 150 - 6th Avenue S.W. Calgary, Alberta T2P 3Y7 www.precisiondrilling.com