Precision Drilling Trust Announces Appointment of Two New Directors to the Board of Precision Drilling Corporation

Market Wire, December, 2006

Precision Drilling Trust is pleased to announce the appointment of an additional two directors to the board of directors of Precision Drilling Corporation ("Precision"), the Administrator of Precision Drilling Trust. Mr. Stephen J. J. Letwin and Mr. Allen R. Hagerman have joined the board of Precision, bringing the board of directors to ten members effective immediately.

Mr. Letwin is the Executive Vice President, Gas Transportation & International at Enbridge Inc. and resides in Houston, Texas. He received a Bachelor of Science from McMaster University and an MBA from the University of Windsor. Mr. Letwin is also a director of Enbridge Energy Partners L.P., Gaz Metropolitan Inc. and Mancal Corporation.

Mr. Hagerman is the Chief Financial Officer of Canadian Oilsands Trust and resides in Calgary, Alberta. He is a chartered accountant and received a Bachelor of Commerce from the University of Alberta and an MBA from the Harvard Business School. Mr. Hagerman is also a director of Syncrude Canada Ltd. and EPCOR Power LP.

Commenting on the new Board appointments, Hank Swartout, Chairman and CEO of Precision stated: "On behalf of management and staff, I am very pleased to welcome both Stephen and Allen to our board of directors. They both bring significant energy industry experience and financial expertise to our board, which will provide valuable insight and guidance to Precision's strategic direction."

Precision Drilling Trust is Canada's largest energy services trust and the leading provider of energy services to the Canadian oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, service rigs, camps, snubbing units, wastewater treatment units and rental equipment backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision Drilling Trust is listed on the Toronto Stock Exchange under the trading symbol "PD.UN" and in U.S. dollars "PD.U" and on the New York Stock Exchange under the trading symbol "PDS".

Contacts: Darren Ruhr, Vice President Corporate Services and Corporate Secretary of Precision Drilling Corporation, Administrator of Precision Drilling Trust (403) 716-4500 (403) 264-0251 (FAX) Precision Drilling Trust 4200, 150 - 6th Avenue S.W. Calgary, Alberta T2P 3Y7 Website: www.precisiondrilling.com