Precision Drilling Corporation announces closing of over-allotment option CALGARY, Aug. 10 /PRNewswire-FirstCall/ -- Precision Drilling Corporation ("Precision") is pleased to announce the closing of the over-allotment option granted to the underwriters as part of its recent offering of common shares. The over-allotment consists of an additional 400,000 common shares at a price of US$49.80 per share, (CDN$65.25 per share), for gross proceeds of approximately US$20 million. The over-allotment was exercised by a syndicate of underwriters led by TD Securities Inc. and RBC Capital Markets. Precision expects to use the net proceeds from the over-allotment for general corporate purposes. A shelf registration statement relating to the common shares of Precision has been filed with the Securities and Exchange Commission and has been declared effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in the United States prior to registration and any sale in the United States will be made by means of a prospectus that may be obtained from TD Securities Inc. at 222 Bay Street, Ernst & Young Tower, 7th Floor, Toronto, Ontario, M1K 1A2 or from RBC Capital Markets at 200 Bay Street, Royal Bank Plaza, 4th Floor, Toronto, Ontario, M5J 2W7. Precision Drilling Corporation (TSX: PD and PD.U; NYSE: PDS) is a global 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 Houston, Texas, and research facilities in the U.S. and Europe, Precision employs more than 10,000 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: Hank B. Swartout, Chairman, President and Chief Executive Officer; or Dale E. Tremblay, Senior Vice President Finance and Chief Financial Officer, 4200, 150 - 6th Avenue S.W., Calgary, Alberta, T2P 3Y7, Telephone (403) 716-4500; Fax (403) 264-0251; website: http://www.precisiondrilling.com/; 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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