OREANDA-NEWS. Precision Drilling Corporation ("Precision" or the "Company") (TSX:PD) (NYSE:PDS) today announced that the Company has notified Computershare Trust Company of Canada, as agent for Valiant Trust Company the trustee under the trust indenture dated as of March 15, 2011, that Precision will redeem in cash all of the C$200 million outstanding principal amount of its 6.50% senior notes due 2019 (the "2019 Notes") in accordance with the terms of the 2019 Notes. The 2019 Notes will be redeemed and interest will cease to accrue on December 4, 2016. The total redemption amount payable for each C$1,000 principal amount of the 2019 Notes will be C$1,016.25, plus accrued and unpaid interest.

Precision also today announced that the Company has notified The Bank of New York Mellon, as trustee under the trust indenture dated as of November 17, 2010, that Precision will redeem in cash on a pro rata basis US$250 million outstanding principal amount of its 6.625% senior notes due 2020 (the "2020 Notes") in accordance with the terms of the 2020 Notes. The partial redemption of the 2020 Notes will occur on December 4, 2016 and interest will cease to accrue on the redeemed 2020 Notes as of that date. The total partial redemption amount payable for each US$1,000 principal amount of the 2020 Notes will be US$410.968378, plus accrued and unpaid interest.

Beneficial holders of the 2019 Notes and the 2020 Notes should contact their investment dealer if they have any questions about the redemptions.

Precision is a leading provider of safe and High Performance, High Value services to the oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, directional drilling services, well service and snubbing rigs, coil tubing services, camps, rental equipment, and wastewater treatment units backed by a comprehensive mix of technical support services and skilled, experienced personnel.

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