Precision Drilling Corporation announces shareholder approval of stock split CALGARY, May 10 /PRNewswire-FirstCall/ -- Further to the news release of March 10, 2005, Precision Drilling Corporation ("Precision") announces that its shareholders have approved the stock split of its Common Shares on a two for one basis at the Annual and Special Meeting of Shareholders held earlier today. The trading price of Precision's Common Shares has increased from $57.48 (US$44.80) on January 5, 2004 to $75.52 (US$62.80) on December 31, 2004. The trading price of the Common Shares continued to increase this year recently reaching a high of $98.14 (US$78.68) on April 26, 2005. The board of directors of Precision believes that the stock split will encourage greater market liquidity and wider distribution among retail investors, as a lower share price makes a board lot (100 Common Shares) more affordable. Precision would like to announce minor changes in the timing of the implementation of the stock split. Subject to regulatory approval, each shareholder will receive one additional Common Share for each Common Share he or she holds on the record date for the stock split of May 20, 2005. Pursuant to the rules of the Toronto Stock Exchange, Precision's Common Shares will commence trading on a split basis at the opening of business on May 18, 2005, which is the second trading day preceding the record date. Also on May 18, 2005 Precision's Common Shares listed on the New York Stock Exchange ("NYSE") will commence trading with rights entitling holders to an additional Common Share for each Common Share held upon the commencement of trading of the Common Shares on a split basis on the NYSE. The trading of the Common Shares on a split basis on the NYSE will occur one day after the mailing of share certificates to registered holders of Precision's Common Shares. It is anticipated that share certificates representing the additional Common Shares resulting from the stock split will be mailed to registered common shareholders on or about May 31, 2005. Precision Drilling Corporation (TSX: PD and PD.U; NYSE: PDS) is a global contract drilling and oilfield services company providing a broad range of drilling, production and evaluation services with focus on fulfilling customer needs through fit-for-purpose technologies for the maturing oilfields of the 21st century. With corporate offices in Calgary, Alberta, Canada and corporate subsidiary offices in Houston, Texas, and research facilities in the U.S. and Europe, Precision employs more than 12,000 people conducting operations in more than 30 countries. Precision is committed to providing efficient and safe services to create value for our customers, our shareholders and our employees. DATASOURCE: Precision Drilling Corporation CONTACT: Jan Campbell, Corporate Secretary, 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.

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