PRECISION DRILLING CORPORATION
ANNOUNCES SUCCESSFUL AMENDMENT TO CREDIT AGREEMENT
Calgary, Alberta, Canada – June 30, 2010
Precision Drilling Corporation ("Precision") announced today that it has successfully concluded negotiations to
amend certain terms of its credit agreement dated December 23, 2008, as amended (the "Credit Agreement"),
among Precision, a syndicate of lenders and Royal Bank of Canada, as administrative agent. The amendment,
which is expected to become effective later today, will lower the LIBOR floor for the existing Term B loans to
1.75 percent from 3.25 percent and lower the LIBOR interest rate margin on the existing Term B loans to 5.0
percent from an average interest rate margin of 6.45 percent.
Non-consenting holders of Term B loans, holding approximately US$74 million of the Term B loans outstanding
being 19 percent of the Term B loans, will be repaid by Precision with cash on hand. With this repayment, the
outstanding Term B loan balance will be reduced to approximately US$322 million. After giving effect to the
repayments, the total outstanding debt of Precision will be approximately $800 million.
"We are extremely pleased with the result of the re-pricing amendment. The combination of lower interest rates
and debt reduction is expected to lower our annual interest costs by about $15 million and lower Precision's
current effective interest rate by 1.4 percent to 7.0 percent. This represents significant savings and highlights the
strength of Precision's financial position." stated Kevin Neveu, President and Chief Executive Officer.
Cautionary Statement Regarding Forward-Looking Information and Statements
Certain statements contained in this news release, including statements that contain words such as "will", "expect",
"may" and similar expressions and statements relating to matters that are not historical facts constitute "forward-
looking information" within the meaning of applicable Canad