CALGARY, Aug. 31 /PRNewswire-FirstCall/ -- Precision Drilling Corporation ("Precision") is pleased to announce that it has completed the sale of its Energy Services and International Drilling divisions to Weatherford International Ltd. ("Weatherford") for a purchase price consisting of 26,000,000 common shares of Weatherford and Cdn $1,130,000,000 cash consideration. Weatherford common shares trade on the New York Stock Exchange and the closing price of a Weatherford common share was US $67.71 on August 31, 2005. In addition, Precision has reached an agreement in principal with a private purchaser to sell all of its shares of CEDA Holdings Ltd. for a cash purchase price of about Cdn $273,000,000. CEDA Holdings Ltd. is the parent company of a number of subsidiaries, which together carry on Precision's industrial cleaning, catalyst handling and mechanical services businesses. It is anticipated that a definitive purchase and sale agreement will be entered into and this transaction should close on or about September 12, 2005. Precision Drilling Corporation is listed on the Toronto Stock Exchange under the trading symbols "PD and PD.U" and on the New York Stock Exchange under the trading symbol "PDS". DATASOURCE: Precision Drilling Corporation CONTACT: Hank B. Swartout, Chairman, President and Chief Executive Officer, 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 reports@cnw.

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