Precision Drilling Corp. - 2010-11-05

Plans to commence a private offering of US$550 million aggregate principal amount of senior unsecured notes due 2020. Net proceeds, together with cash on hand, will be used to pay in full its outstanding indebtedness under its existing term loan A and term loan B credit facilities. The current outstanding balance of the term A is approximately US$263 million, and the outstanding balance under the term B credit facility is approximately US$318 million. In conjunction, Precision expects to enter a new US$650-million senior secured revolving credit facility expiring in 2013.