Precision Drilling Corporation commences consideration of conversion to an Income Trust CALGARY, June 15 /PRNewswire-FirstCall/ -- Precision Drilling Corporation ("Precision") announces that it is undertaking an examination of the available strategic alternatives with respect to its Canadian contract drilling, service rig, snubbing, rentals, and related services businesses, including determining the viability and method of conversion to an income trust. Although the Board of Directors has not made any decision with respect to any specific course of action at this time, it has retained the appropriate accounting, financial, legal and tax advisors to assist it in identifying and assessing issues pertaining to a conversion to an income trust and to report back to the Board of Directors as soon as reasonably possible. Any conversion alternatives available to Precision will be subject to review by, and approval of the Board of Directors and will also be subject to receipt of all required shareholder and regulatory approvals. In addition, Precision is examining strategic alternatives with respect to its industrial and plant maintenance business. DATASOURCE: Precision Drilling Corporation CONTACT: Jan M. 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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