CALGARY, Dec. 19 /PRNewswire-FirstCall/ -- Precision Drilling Trust ("Precision") announces today that the cash distribution for the month of December 2005 will be Cdn$ 0.27 per trust unit of Precision. The distribution will be payable on January 17, 2006 to unitholders of record on December 31, 2005. The ex-distribution date is December 28, 2005. A payment of Cdn$ 0.27 per unit will also be made to holders of Class B limited partnership units of Precision Drilling Limited Partnership using the same record date and payment date. Precision also announces that a special year end distribution of Cdn$ 0.022 per trust unit will be paid on January 17, 2006 to unitholders of record on December 31, 2005. The special distribution is being paid with the intent that Precision's 2005 distributions will at least be equal to Precision's taxable income for 2005, as required under Precision's Declaration of Trust. The ex-distribution date for the special distribution will be December 28, 2005. A special payment of Cdn$ 0.022 per unit, as required under the Limited Partnership Agreement, will also be made to holders of Class B limited partnership units of Precision Drilling Limited Partnership using the same record date and payment date. 2006 Capital Expenditure Program Management is pleased to announce that a capital expenditure program for 2006 totaling Cdn$ 285 million has been approved. The capital expenditure program is being directed towards spending of Cdn$ 120 million in the upgrade of existing fixed assets and Cdn$ 165 million in the growth and expansion to Precision's existing asset base. Approximately 90% of the expansion capital will involve the construction of 19 new drilling rigs which are scheduled to be delivered over the next 12 to 15 months. These new drilling rigs are of a "fit-for-purpose" design pursuant to long term customer contracts. Ten of the new rigs will be Precision's versatile shallow to medium depth rated Super Single(R) rigs. The remaining 9 new rigs are planned to be diesel electric powered light triples rated to an approximate depth of 4,000 metres. The net number of new rigs in 2006 is expected to be 17 with the retirement of two cantilever double rigs. Precision's drilling rig fleet will exit 2005 at a count of 230 with the addition of two new Super Single(R) rigs in the current fourth quarter. This gives Precision a Canadian industry market share of approximately 31%. Forward-Looking Information Certain statements contained in this press release, including statements relating to our capital expenditure program for 2006, containing words such as "anticipate", "could", "should", "expect", "believe", "will", "plan" and similar expressions and statements relating to matters that are not historical fact are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Precision to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include fluctuations in the market for oil and gas and related products and services; competition; political and economic conditions in countries in which Precision does business; the demand for services provided by Precision; changes in laws and regulations, including environmental regulations, to which Precision is subject and other factors, which are described in further detail in Precision's filings with the US Securities and Exchange Commission. Precision Drilling Trust is Canada's largest energy services trust. Headquartered in Calgary, Alberta, Precision is the leading provider of contract drilling services to the Canadian oil and gas industry. Precision provides customers with access to an extensive fleet of drilling and service rigs backed by a comprehensive mix of support services utilizing skilled and experienced personnel. Precision 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". DATASOURCE: Precision Drilling Trust CONTACT: Doug Strong, Chief Financial Officer of Precision Drilling Corporation, Administrator of Precision, 4200, 150 - 6th Avenue S.W., Calgary, Alberta T2P 3Y7, Telephone (403) 716-4500, Fax (403) 264-0251, website: http://www.precisiondrilling.com/; Archived images on this organization are searchable through CNW Photo Archive website at http://photos.newswire.ca/. Images are free to accredited members of the media. To request a free copy of this organization's annual report, please go to http://www.newswire.ca/ and click on Tools for Investors.

Copyright