CALGARY, Oct. 31 /PRNewswire-FirstCall/ -- Precision Drilling Corporation ("Precision") is pleased to announce that it received overwhelming securityholder approval at the special meeting held on October 31, 2005. Securityholders voted 93.18% in favour of the arrangement resolution. In addition, on October 31, 2005, the plan of arrangement (the "Arrangement") was approved by the Court of Queen's Bench of Alberta. Holders of a total of 0.66% of the outstanding common shares of Precision exercised dissent rights with respect to the Arrangement. The completion of the Arrangement has been scheduled for Monday, November 7, 2005, subject to receiving all regulatory approvals. Precision also announces that it has appointed TD Newcrest, RBC Capital Markets and Tristone Capital Inc. as financial advisors to provide Precision and Precision Drilling Trust with general strategic advice from time to time, as needed. Precision 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 Tools for Investors.

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