PRECISION DRILLING TRUST UNITHOLDERS A PPROVE RESOLUTIONS AT ANNUAL AND SPECIAL
MEETING, INCLUDING CONVERSION TO CORPORATION
Calgary, Alberta, Canada – May 12, 2010
Precision Drilling Trust ("Precision" or the "Trust") held its annual and special meeting of unitholders (the
"Meeting") in Calgary yesterday. At the Meeting, the unitholders of the Trust adopted the special resolution
authorizing the plan of arrangement to reorganize the Trust into a corporation (the "Arrangement") with over 99
per cent of the units represented at the Meeting being voted in favour of the resolution. In addition, the Court of
Queen's Bench of Alberta issued its final order approving the Arrangement earlier today.
It is presently anticipated that the conversion will be effective on or about June 1, 2010. Following completion,
the common shares of Precision Drilling Corporation, the successor to the Trust, are expected to be listed for
trading on the Toronto Stock Exchange under the symbol "PD" and on the New York Stock Exchange under the
All other resolutions presented at the Meeting were also approved by the requisite majority of unitholders of the
Trust. For more information, readers can view the report of voting results filed by the Trust in respect of the
Meeting at: http://www.sedar.com .
Cautionary Statement Regarding Forward-Looking Information and Statements
Certain statements contained in this news release, including statements that contain words such as “anticipate”,
“expect”, “believe”, “may” and similar expressions and statements relating to matters that are not historical facts
constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and
“forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).