Precision Drilling Trust Reminds Unitholders of Deadline in Connection With Rights Offering

* Reuters is not responsible for the content in this press release.

Wed May 27, 2009 12:57pm EDT 

  CALGARY, ALBERTA, May 27 (MARKET WIRE) -- 
Precision Drilling Trust (the "Trust") reminded its security holders
today that pursuant to the previously announced rights offering to
unitholders (the "Rights Offering"), all holders of Rights must validly
deliver their Rights Certificates along with the total Subscription Price
to the Trust's transfer agent, Computershare Investor Services Inc.,
before the Rights Expiry Time of 4:30 PM (Calgary time) on June 3, 2009.
Details are set out in the Rights Offering Circular which was mailed to
unitholders of record as of May 5, 2009. The Circular is available on the
Trust's website at www.precisiondrilling.com, under "Investor Centre". 

    The Rights are listed on the Toronto Stock Exchange (the "TSX") under the
symbol "PD.RT" and on the New York Stock Exchange (the "NYSE") under the
symbol "PDS.RT". The Rights will stop trading on the NYSE on May 28, 2009
and on the TSX on June 3, 2009. The Rights will expire at 4:30 PM
(Calgary time) on June 3, 2009. 

    ABOUT THE TRUST

    The Trust is a leading provider of safe, high performance energy services
to the North American oil and gas industry. The Trust 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.

    The Trust is headquartered in Calgary, Alberta, Canada. The Trust is
listed on the Toronto Stock Exchange under the trading symbol "PD.UN" and
on the New York Stock Exchange under the trading symbol "PDS".


 
 The
Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.

Contacts:
David Wehlmann, Executive Vice President, Investor Relations
Precision Drilling Corporation,
Administrator of Precision Drilling Trust
(403) 716-4575
(403) 716-4755 (FAX)

Precision Drilling Trust
4200, 150 - 6th Avenue S.W.
Calgary, Alberta T2P 3Y7
Website: www.precisiondrilling.com

Copyright 2009, Market Wire, All rights reserved.

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