PRECISION DRILLING Corp — Interim / Quarterly Report 2005

Nov 28, 2005

================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO SECTION 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For November 15, 2005 Commission File Number: 001-14534 PRECISION DRILLING TRUST (Exact name of registrant as specified in its charter) 4200, 150 - 6TH AVENUE S.W. CALGARY, ALBERTA CANADA T2P 3Y7 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [] Form 40-F [X] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _______ Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _______ Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [] No [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A ------- ================================================================================ Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: November 28, 2005 PRECISION DRILLING TRUST By its Administrator PRECISION DRILLING CORPORATION By: /s/ Darren Ruhr ---------------------------------- Name: Darren Ruhr Title: Vice President, Corporate Services and Corporate Secretary PRECISION DRILLING CORPORATION INTERIM REPORT 3 PERIODS ENDED SEPTEMBER 30, 2005 AND 2004 MANAGEMENT'S DISCUSSION AND ANALYSIS

PRECISION DRILLING CORPORATION - 1 - THIRD QUARTER INTERIM REPORT OVERVIEW Diluted earnings per share from continuing operations were $0.02 in the third quarter of 2005 compared to $0.31 in 2004. Diluted earnings per share from continuing operations in the third quarter of 2005 was reduced by $0.50 as a result of a number of one time items related to the Corporation's recent reorganization activities. First is the $65.5 million premium on repayment of the Corporation's outstanding debentures and second is the $20.3 million market value adjustment to the shares of Weatherford International Ltd. ("Weatherford") received on the sale of the Energy Services and International Contract Drilling divisions. Excluding these items, diluted earnings per share from continuing operations is $0.52 with the 68% increase over last year reflecting the strong market for oilfield services in Canada and favorable weather conditions allowing activity levels to rise to meet demand. Increased demand has resulted in improved pricing for all of our service offerings. On August 31, the Corporation completed the sale of its Energy Services and International Contract Drilling divisions to Weatherford for a purchase price consisting of 26 million common shares of Weatherford and $1.13 billion cash consideration and recognized an associated gain of $1.262 billion. On September 13, Precision closed the sale of CEDA International Corporation ("CEDA"), which carried on the Industrial Services business, for cash proceeds of $274 million, recognizing a gain of $123 million. In September, the Corporation announced its intentions to reorganize its remaining operations and holdings into an income trust and on October 4 the associated Notice of Special Meeting of Securityholders and Information Circular were mailed to securityholders. The special meeting to consider the conversion took place on October 31, 2005 with the actual conversion taking place on or about November 7, 2005. Pursuant to the reorganization, shareholders will be entitled to receive in exchange for each common share held (i) one unit of the Trust; (ii) their pro-rata share of the 26 million common shares of Weatherford owned by Precision; and (iii) their pro-rata share of up to $850 million of cash. The Weatherford shares will not be subject to any resale restrictions. Based on current business conditions, it is anticipated that the Board of Trustees of the Trust will set the initial regular distributions to the Trust's unitholders at approximately $0.24 per Trust Unit per month, with the first such payment expected to be made in the month following the effective date of the reorganization. Also in September, Precision provided irrevocable redemption notices for the repayment of all of its outstanding debentures and on October 17, 2005 paid approximately $767 million to fulfill this obligation. PRECISION DRILLING CORPORATION - 2 - THIRD QUARTER INTERIM REPORT

Rig demand remains extremely strong and the wet weather conditions throughout the second quarter further enhanced the situation in the third quarter as ground conditions dried in July. The impact of this pent up demand resulted in an outstanding quarter for revenues and earnings as the backlog of wells to be drilled created a combination of positive factors. First, winter pricing held up through the spring and into the summer and second, whenever equipment became available there were customers that were prepared to put it to work immediately. This contributed to the 81% increase in operating earnings in the third quarter of 2005 relative to 2004. Overall, the oil and gas service industry will benefit from the pricing leverage established from third quarter activity. Accordingly, increased pricing for the winter season will take effect in the fourth quarter. All operating divisions reported significant revenue increases year over year. Well Servicing's 25% increase was somewhat lower than Contract Drilling's 43% increase due to the natural time lag between drilling and completing wells. Operating costs were lower as a percentage of revenue despite crew wage increases that were implemented in the fourth quarter of 2004. Operating expenses declined from 58% of revenue in the third quarter of 2004 to 53% in 2005. Equipment repair and maintenance expenditures were lower on a per day basis as scheduled expenditures were spread over a higher activity level relative to last year. In addition, operating expenses have not increased as much as customer pricing. General and administrative costs for the third quarter were slightly higher than the same period in 2004. As a percentage of revenue, general and administrative costs fell to 5.5% from 6.4 %. General and administrative costs should further decline as the corporate function continues to be sized to meet the needs of Precision's smaller business organization. Depreciation expense remained relatively consistent as the impact of increased activity was offset by the change in the estimated useful life of drilling rigs from 4,150 to 5,000 utilization days effective January 1, 2005. PRECISION DRILLING CORPORATION - 3 - THIRD QUARTER INTERIM REPORT LIQUIDITY AND CAPITAL RESOURCES The Corporation had cash and cash equivalents of $1.585 billion as at September 30, 2005. The cash resources have been generated from the operations of the Corporation plus the cash proceeds from the sale of the Energy Services and International Contract Drilling divisions and CEDA. A portion of the cash was utilized to fund the redemption of 100% of the Corporation's outstanding public debt on October 17, 2005, for a total cost of approximately $767 million. The balance of the cash resources will be utilized to fund most of the cash distribution of $850 million to occur upon the completion of the proposed reorganization into a trust. The balance of the $850 million cash payment, plus cash costs related to the trust conversion, the net cash payments required on purchase of vested stock options and the working capital needs of the Trust will be funded by a new credit facility. The Corporation has obtained a $550 million, three year committed revolving facility, from a syndicate of Canadian financial institutions which will be sufficient to fund the above noted costs plus capital expenditures. During October 2005, the Corporation issued 459,650 shares on the exercise of stock options.

Operating earnings is not a recognized measure under Canadian generally accepted accounting principles (GAAP). Management believes that in addition to net earnings, operating earnings is a useful supplemental measure as it provides an indication of the results generated by the Corporation's principal business activities prior to consideration of how those activities are financed or how the results are taxed in various jurisdictions. Investors should be cautioned, however, that operating earnings should not be construed as an alternative to net earnings determined in accordance with GAAP as an indicator of Precision's performance. Precision's method of calculating operating earnings may differ from other companies and, accordingly, operating earnings may not be comparable to measures used by other companies. PRECISION DRILLING CORPORATION - 4 - THIRD QUARTER INTERIM REPORT DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS CERTAIN STATEMENTS CONTAINED IN THIS INTERIM REPORT, INCLUDING STATEMENTS RELATED TO OUR PROPOSED REORGANIZATION AND THE WEATHERFORD SHARES, AND STATEMENTS THAT MAY CONTAIN WORDS SUCH AS "COULD", "PLANS", "SHOULD", "ANTICIPATES", "EXPECT", "BELIEVE", "WILL" AND SIMILAR EXPRESSIONS AND STATEMENTS RELATING TO MATTERS THAT ARE NOT HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS, AND ARE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THESE STATEMENTS INCLUDE, BUT ARE NOT LIMITED TO STATEMENTS AS TO: OUR EXAMINATION OF AVAILABLE STRATEGIC ALTERNATIVES FOR OUR CONTINUING BUSINESS, THE CORPORATION'S MARKET SHARE AND POSITION IN THE DOMESTIC DRILLING MARKET; ANTICIPATED REDUCTIONS IN OUR GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER SUCH MATTERS. THESE STATEMENTS ARE BASED ON CERTAIN ASSUMPTIONS AND ANALYSIS MADE BY THE CORPORATION IN LIGHT OF ITS EXPERIENCE AND ITS PERCEPTION OF HISTORICAL TRENDS, CURRENT CONDITIONS AND EXPECTED FUTURE DEVELOPMENTS AS WELL AS OTHER FACTORS IT BELIEVES ARE APPROPRIATE IN THE CIRCUMSTANCES. HOWEVER, WHETHER ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS WILL CONFORM WITH THE CORPORATION'S EXPECTATIONS AND PREDICTIONS IS SUBJECT TO A NUMBER OF KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE CORPORATION'S EXPECTATIONS, INCLUDING: FLUCTUATIONS IN THE PRICE AND DEMAND OF OIL AND GAS; FLUCTUATIONS IN THE LEVEL OF OIL AND GAS EXPLORATION AND DEVELOPMENT ACTIVITIES; FLUCTUATIONS IN THE DEMAND FOR WELL SERVICING, CONTRACT DRILLING AND ANCILLARY OILFIELD SERVICES; THE EXISTENCE OF COMPETITORS, TECHNOLOGICAL CHANGES AND DEVELOPMENTS IN THE OIL AND GAS INDUSTRY; THE ABILITY OF OIL AND GAS COMPANIES TO RAISE CAPITAL; THE EFFECTS OF SEVERE WEATHER CONDITIONS ON OPERATIONS AND FACILITIES; THE EXISTENCE OF OPERATING RISKS INHERENT IN WELL SERVICING, CONTRACT DRILLING AND ANCILLARY OILFIELD SERVICES; IDENTIFYING AND ACQUIRING SUITABLE ACQUISITION TARGETS ON REASONABLE TERMS; GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS, INCLUDING STOCK MARKET VOLATILITY; CHANGES IN LAWS OR REGULATIONS, INCLUDING TAXATION, ENVIRONMENTAL AND CURRENCY REGULATIONS; THE LACK OF AVAILABILITY OF QUALIFIED PERSONNEL OR MANAGEMENT; AND OTHER UNFORESEEN CONDITIONS WHICH COULD IMPACT ON THE USE OF SERVICES SUPPLIED BY THE CORPORATION. CONSEQUENTLY, ALL OF THE FORWARD-LOOKING STATEMENTS MADE IN THIS REPORT ARE QUALIFIED BY THESE CAUTIONARY STATEMENTS AND THERE CAN BE NO ASSURANCE THAT THE ACTUAL RESULTS OR DEVELOPMENTS ANTICIPATED BY THE CORPORATION WILL BE REALIZED OR, EVEN IF SUBSTANTIALLY REALIZED, THAT THEY WILL HAVE THE EXPECTED CONSEQUENCES TO OR EFFECTS ON THE CORPORATION OR ITS BUSINESS OR OPERATIONS. THE CORPORATION ASSUMES NO OBLIGATION TO UPDATE PUBLICLY ANY SUCH FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. PRECISION DRILLING CORPORATION - 5 - THIRD QUARTER INTERIM REPORT

PRECISION DRILLING CORPORATION - 6 - THIRD QUARTER INTERIM REPORT

PRECISION DRILLING CORPORATION - 7 - THIRD QUARTER INTERIM REPORT

PRECISION DRILLING CORPORATION - 8 - THIRD QUARTER INTERIM REPORT NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (TABULAR AMOUNTS STATED IN THOUSANDS OF DOLLARS) 1. BASIS OF PRESENTATION These interim financial statements were prepared using accounting policies and methods of their application consistent with those used in the preparation of the Corporation's audited amended consolidated financial statements for the year ended December 31, 2004, except as noted below. These interim financial statements conform in all respects to the requirements of Canadian generally accepted accounting principles for annual financial statements with the exception of certain note disclosures regarding balance sheet items and transactions occurring prior to the current reporting period. As a result, these interim financial statements should be read in conjunction with the Corporation's audited amended consolidated financial statements for the year ended December 31, 2004. 2. SEASONALITY OF OPERATIONS The majority of the Corporation's operations are carried on in Canada. The ability to move heavy equipment in the Canadian oil and natural gas fields is dependent on weather conditions. As warm weather returns in the spring, the winter's frost comes out of the ground rendering many secondary roads incapable of supporting the weight of heavy equipment until they have thoroughly dried out. The duration of this "spring breakup" has a direct impact on the Corporation's activity levels. In addition, many exploration and production areas in northern Canada are accessible only in winter months when the ground is frozen hard enough to support equipment. The timing of freeze up and spring breakup affects the ability to move equipment in and out of these areas. As a result, late March through May is traditionally our slowest time. 3. CHANGES IN ACCOUNTING ESTIMATE Effective January 1, 2005 Precision changed the useful life of its drilling rigs for purposes of determining depreciation expense to 5,000 utilization days from 4,150 utilization days (3,650 operating days), and its drill string to 1,500 from 1,100 operating days. Utilization days include both operating and rig move days. This change in accounting estimate has been applied prospectively and resulted in $ 3.0 million reduction of depreciation expense for the three months ended and a $ 7.2 million reduction for the nine months ended September 30, 2005. 4. MARKETABLE SECURITIES Marketable securities consists of 26 million common shares of Weatherford International Ltd. ("Weatherford") received as partial proceeds on the sale of the Energy Services and International Contract Drilling divisions. The market value of these securities was $2,072.7 million at September 30, 2005 and $1,899.8 million at October 25, 2005. 5. DISPOSAL OF DISCONTINUED OPERATIONS On August 31, 2005, the Corporation sold its Energy Services and International Contract Drilling divisions to Weatherford for proceeds of approximately $1.13 billion and 26 million common shares of Weatherford, valued at $2.09 billion. In addition, on September 13, 2005 and effective August 31, 2005, the Corporation completed the sale of its industrial plant maintenance business carried on by CEDA International Corporation ("CEDA") to Borealis Investments Inc., an investment entity of the Ontario Municipal Employees Retirement System, for proceeds of approximately $274 million. Included in the CEDA proceeds was $26.8 million for the purchase of CASCA Electric Ltd. and CASCA Tech Inc., a transaction undertaken by CEDA on July 29, 2005. The Energy Services, International Contract Drilling and CEDA assets were included in the Energy Services, Contract Drilling and Rental and Production segments respectively and were disposed in accordance with an extensive process undertaken by the Corporation's Board of Directors to investigate avenues of value creation for the Corporation's PRECISION DRILLING CORPORATION - 9 - THIRD QUARTER INTERIM REPORT shareholders. The proceeds received in both transactions are subject to adjustment based on changes in working capital and net property, plant and equipment from December 31, 2004 to the effective date of the disposal. An estimate has been recorded for these adjustments, however, the final amount is to be agreed upon by the parties to the purchase and sale agreements and such final amount could differ from the amount recorded. On February 12, 2004, the Corporation sold substantially all of the assets of Fleet Cementers Inc. for proceeds of $25.7 million. On May 7, 2004, the Corporation sold the assets of the Polar Completions division for proceeds of $15.0 million, subject to working capital adjustments. On August 31, 2004, the Corporation sold its 65% interest in United Diamond Ltd. for proceeds of $8.5 million. Additional proceeds in the amount of up to $9.5 million are receivable with respect to the sale of United Diamond Ltd., contingent upon the extent of future business undertaken between the Corporation and United Diamond Ltd. No portion of the $9.5 million of contingent proceeds has been recognized. These assets were included in the Energy Services segment and were disposed of as they were not a core component to the Corporation's energy services globalization strategy. Results of the operations of these businesses have been classified as results of discontinued operations. The following table provides additional information with respect to amounts included in the results of discontinued operations.

PRECISION DRILLING CORPORATION - 10 - THIRD QUARTER INTERIM REPORT

PRECISION DRILLING CORPORATION - 11 - THIRD QUARTER INTERIM REPORT 6. LONG TERM DEBT During the third quarter of 2005, Precision provided irrevocable redemption notices for the repayment of all its outstanding debentures and on October 17, 2005 paid $766.7 million to fulfill this obligation. The redemption price of the debentures varied with market interest rates and the Canadian / U.S. exchange rate. On September 20, 2005, the Corporation hedged 50% of its exposure to these variables. The redemption price of the debentures and the value of the contracts used to hedge the exposure to variations in that value are included in the September 30, 2005 balance sheet at fair market value, amounting to $765.1 million in aggregate. The fair market value of these items was $766.7 million on October 17 and the $1.6 million difference between the September 30 value and the October 17 value will be charged to income in the fourth quarter. Also during the third quarter of 2005, the Corporation cancelled its undrawn $335 million revolving bank credit facility. Commitments have been received from a syndicate of Canadian financial institutions for a new $550 million revolving facility, which will be in place in early November 2005. 7. SHARE CAPITAL

ON MAY 18, 2005 THE CORPORATION SPLIT ITS OUTSTANDING COMMON SHARES ON A TWO FOR ONE BASIS.

PRECISION DRILLING CORPORATION - 12 - THIRD QUARTER INTERIM REPORT 8. CONTINGENCY The business and operations of Precision have been complex and the Corporation has executed a number of significant financings, business combinations, acquisitions and dispositions over the course of its history. The computation of income taxes payable as a result of these transactions, and in particular those completed within the last five years, involves many complex factors as well as Precision's interpretation of relevant tax legislation and regulations. Precision's management believes that the provision for income tax is adequate and in accordance with Canadian generally accepted accounting principles and applicable legislation and regulations. However, there are a number of tax filing positions that can still be the subject of review by taxation authorities who may successfully challenge Precision's interpretation of the applicable tax legislation and regulations, with the result that additional taxes could be payable by Precision and the amount payable could be up to $300 million. 9. SUBSEQUENT EVENT In September, the Corporation announced its intentions to reorganize its remaining operations and holdings into an income trust and on October 4 the associated Notice of Special Meeting of Securityholders and Information Circular was mailed to securityholders. The special meeting to consider the conversion took place on October 31, 2005, with the actual conversion anticipated to take place on or about November 7, 2005. EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES As of the end of third quarter ended September 30, 2005, an evaluation of the effectiveness of Precision's "disclosure controls and procedures" (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) was carried out by Precision's principal executive officer and principal financial officer. Based upon that evaluation, the principal executive officer and principal financial officer have concluded that as of the end of that fiscal quarter, Precision's disclosure controls and procedures are effective to ensure that information required to be disclosed by Precision in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms. During the third quarter ending September 30, 2005, there were no changes in Precision's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, Precision's internal control over financial reporting. It should be noted that while Precision's principal executive officer and principal financial officer believe that Precision's disclosure controls and procedures provide a reasonable level of assurance that they are effective, they do not expect that Precision's disclosure controls and procedures or internal control over financial reporting will prevent all errors and fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. PRECISION DRILLING CORPORATION - 13 - THIRD QUARTER INTERIM REPORT SHAREHOLDER INFORMATION DIRECTORS W.C. (Mickey) Dunn (2) (3) EDMONTON, ALBERTA Robert J.S. Gibson (1) (3) CALGARY, ALBERTA Patrick M. Murray (1) DALLAS, TEXAS Frederick W. Pheasey (2) (3) EDMONTON, ALBERTA Robert L. Phillips (2) (3) VANCOUVER, BRITISH COLUMBIA Hank B. Swartout CALGARY, ALBERTA H. Garth Wiggins (1) CALGARY, ALBERTA (1) AUDIT COMMITTEE MEMBER (2) COMPENSATION COMMITTEE MEMBER (3) CORPORATE GOVERNANCE AND NOMINATING COMMITTEE MEMBER OFFICERS Hank B. Swartout CHAIRMAN OF THE BOARD, PRESIDENT AND CHIEF EXECUTIVE OFFICER R.T. (Bob) German VICE PRESIDENT AND CHIEF ACCOUNTING OFFICER Jan M. Campbell CORPORATE SECRETARY PRECISION DRILLING CORPORATION - 14 - THIRD QUARTER INTERIM REPORT HEAD OFFICE PRECISION DRILLING CORPORATION 4200, 150-6th Avenue S.W. Calgary, Alberta, Canada T2P 3Y7 Telephone: 403-716-4500 Facsimile: 403-264-0251 Website: www.precisiondrilling.com LEAD BANK ROYAL BANK OF CANADA CALGARY, ALBERTA LEGAL COUNSEL BORDEN LADNER GERVAIS LLP CALGARY, ALBERTA PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP NEW YORK, NEW YORK AUDITORS KPMG LLP CALGARY, ALBERTA STOCK EXCHANGE LISTINGS Common shares of Precision Drilling Corporation are listed on The Toronto Stock Exchange under the trading symbol PD and PD.U, and on the New York Stock Exchange under the trading symbol PDS. TRADING PROFILE TORONTO (TSX:PD) July 1, 2005 to September 30, 2005 High: $60.98 Low: $46.31 Volume traded: 63.1 million NEW YORK (NYSE:PDS) July 1, 2005 to September 30, 2005 High: US $51.72 Low: US $38.08 Volume traded: 48.2 million PRECISION DRILLING CORPORATION - 15 - THIRD QUARTER INTERIM REPORT TRANSFER AGENT AND REGISTRAR COMPUTERSHARE TRUST COMPANY OF CANADA CALGARY, ALBERTA TRANSFER POINT COMPUTERSHARE TRUST COMPANY, INC. NEW YORK, NEW YORK ACCOUNT QUESTIONS Our Transfer Agent can help you with a variety of shareholder related services, including: - - CHANGE OF ADDRESS - - LOST SHARE CERTIFICATES - - TRANSFER OF STOCK TO ANOTHER PERSON - - ESTATE SETTLEMENT You can call our Transfer Agent toll free at: 1-888-267-6555 You can write to them at: COMPUTERSHARE TRUST COMPANY OF CANADA 100 University Avenue 9th Floor Toronto, Ontario M5J 2Y1 Or you can email them at: caregistryinfo@computershare.com Shareholders of record who receive more than one copy of this report can contact our Transfer Agent and arrange to have their accounts consolidated. Shareholders who own Precision shares through a brokerage firm can contact their broker to request consolidation of their accounts. ONLINE INFORMATION To receive our news releases by e-mail, or to view this interim report, please visit our web site at www.precisiondrilling.com and refer to the Investor Relations section. ESTIMATED RELEASE DATES FOR FINANCIAL RESULTS 2005 Fourth Quarter - February 9, 2006 PRECISION DRILLING CORPORATION 4200, 150 - 6th AVE SW, Calgary, Alberta, Canada T2P 3Y7 T 403 716 4500 F 403 264 0251 www.precisiondrilling.com PRECISION DRILLING CORPORATION - 16 - THIRD QUARTER INTERIM REPORT