Precision Drilling Corporation Subsidiary Acquires 99.7% Of Reeves Oilfield Services Limited CALGARY, May 21 /PRNewswire-FirstCall/ -- Precision Drilling Corporation ("Precision") announces that its wholly owned subsidiary, Precision Holdings (UK) Limited, has acquired 99.7% of the issued and outstanding shares of UK based Reeves Oilfield Services Limited ("Reeves") pursuant to its previously announced offer to acquire all of the issued and outstanding shares of Reeves (the "Offer") for pnds stlg 92.4 million, (pnds stlg 88.4 million net of cash acquired, equivalent to Cdn. $218 million). The Offer will remain open for acceptance until June 10, 2004. A 100% shareholding is sought, whether this be achieved through 100% eventual acceptances or use of the mandatory buy-out mechanism provided in the Companies Act 1985 (United Kingdom). Reeves' premier offering consists of a highly reliable formation evaluation logging system that may be conveyed on wireline or using an array of conveyance alternatives such as drill pipe, tractors, or coil tubing. The Reeves system design enables high quality logging data to be recorded more efficiently than current competitors' offerings. Precision Drilling Corporation (TSX: PD, and PDU; NYSE: PDS) is a global oilfield services company providing a broad range of drilling, production and evaluation services with focus on fulfilling customer needs through fit-for- purpose technologies for the maturing oilfields of the 21st century. With corporate offices in Calgary, Alberta, Canada and Houston, Texas, and research facilities in the U.S. and Europe, Precision employs more than 10,000 people conducting operations in more than 30 countries. Precision is committed to providing efficient and safe services to create value for our customers, our shareholders and our employees. DATASOURCE: Precision Drilling Corporation CONTACT: Hank B. Swartout, Chairman, President and Chief Executive Officer, or Dale E. Tremblay, Senior Vice President Finance and Chief Financial Officer, Telephone 403-716-4500; Fax 403-264-0251; website: http://www.precisiondrilling.com/; Archived images on this organization are available through CNW E-Pix at http://www.newswire.ca/. Images are free to members of The Canadian Press. 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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