Stoneham Drilling Trust Announces Cash Distribution for February 2007

Stoneham Drilling Trust announced that its cash distribution for the period from February 1, 2007 to February 28, 2007 will be $0.15 per trust unit ($1.80 per annum). The distribution will be paid on March 15, 2007 to unitholders of record on February 28, 2007.

Stoneham Drilling Trust is an income trust that provides contract drilling services to oil and natural gas exploration and production companies operating in western Canada. With its modern, innovative fleet of drilling rigs, Stoneham is an industry leader in operational performance, safety and rig utilization. Stoneham trades on the TSX under the symbol SDG.UN. The Trust pays monthly cash distributions to unitholders. To learn more about Stoneham, log on to our website at www.stonehamdrilling.com.

This news release may contain forward-looking statements concerning the anticipated performance of Stoneham. Forward-looking statements are based on the estimates and opinions of management at the date the statements are made, and, subject to its obligations under applicable law, Stoneham does not intend, and does not assume any obligation to update these forward looking statements if conditions or opinions should change.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Contact:

Bruce Jones Stoneham Drilling Trust CEO (403) 264-7777

Email: bjones@stonehamdrilling.ca

Jack Smart Stoneham Drilling Trust CFO (403) 264-7777 Email: jsmart@stonehamdrilling.ca

Website: www.stonehamdrilling.com

Source: Stoneham Drilling Trust