Calgary,
Alberta, Canada - October 20, 2006
Precision
Drilling Trust (“Precision”) announced today that its Board of Trustees has set
the distribution policy for the fourth quarter of 2006 at the same rate
as in
the third quarter, Cdn$0.31 per trust unit per month. These monthly payments
also will be made to holders of Class B limited partnership units of
Precision
Drilling Limited Partnership.
The
Cdn$0.31 per unit cash distribution for October 2006 will be payable
on November
15, 2006 to unitholders of record on October 31, 2006. The ex-distribution
date
is October 27, 2006. The payment of Cdn$0.31 per unit also will be made
to
holders of Class B limited partnership units of Precision Drilling Limited
Partnership using the same record date and payment date.
An
announcement of any special distribution entitlement for 2006, pursuant
to the
Declaration of Trust, will be made by December 18, 2006.
A
Distribution Reinvestment Plan (the “Plan”) is available for Canadian resident
holders of trust units of Precision. A copy of the Plan is available
on
Precision’s website at www.precisiondrilling.com
and detailed information regarding enrolment in the Plan can be obtained
from
Computershare Trust Company of Canada at 1-800-564-6253 for registered
unitholders. Non-registered unitholders should contact their individual
investment agent or broker.
Precision
is Canada’s largest energy services trust and the leading provider of energy
services to the Canadian oil and gas industry. Precision provides customers
with
access to an extensive fleet of contract drilling rigs, service rigs,
camps,
snubbing units, wastewater treatment units and rental equipment, backed
by a
comprehensive mix of technical support services and skilled, experienced
personnel.
Precision
Drilling Trust is listed on the Toronto Stock Exchange under the trading
symbol
“PD.UN” and in U.S. dollars “PD.U” and on the New York Stock Exchange under the
trading symbol “PDS”.
For
further information please contact Doug Strong, Chief Financial Officer
of
Precision Drilling Corporation, Administrator of Precision Drilling Trust,
4200,
150 - 6th Avenue S.W., Calgary, Alberta T2P 3Y7, Telephone (403) 716-4500,
Fax
(403) 264-0251; website: www.precisiondrilling.com.