Precision Drilling Trust: Third Quarter 2006 Earnings Conference Call and Webcast

Precision Drilling Trust (“Precision”) intends to release its 2006 Third Quarter results at approximately 5:00 a.m. MT (7:00 a.m. ET) on Thursday, October 26, 2006 and has scheduled a conference call and webcast to begin promptly at 12:00 Noon MT (2:00 p.m. ET) on the same day.

The conference call dial in numbers are 1-877-888-4210 or 416-695-5261

A live webcast of the conference call will be accessible on Precision’s website at www.precisiondrilling.com by selecting “Investor Relations”, then “Webcasts”.

An archived recording of the conference call will be available approximately one hour after the completion of the call until November 2, 2006 by dialing 1-888-509-0081 or 416-695-5275, passcode 632237.

Precision Drilling Trust is Canada’s largest energy services trust. Headquartered in Calgary, Alberta, Precision is 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 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: Doug Strong, Chief Financial Officer Precision Drilling Corporation, Administrator of the Trust (403) 716-4500

(403) 264-0251 (FAX)

Precision Drilling Trust 4200, 150 – 6th Avenue S.W. Calgary, Alberta, Canada T2P 3Y7

Website: www.precisiondrilling.com