PDS will be converting to a C-Corp

[dan_s]

This is nothing to be concerned about. It was expected. PDS is a rock solid driller and oilfield service company. - Dan

CALGARY, ALBERTA--(Marketwire - 05/12/10) - 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 symbol "PDS".