PRECISION DRILLING ANNOUNCES COVID-19 RESPONSE, REDUCTIONS IN CAPITAL EXPENDITURE PLAN AND FIXED COSTS, AND UPDATES ITS LIQUIDITY POSITION AND STRATEGIC PRIORITIES - Seite 4

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").

In particular, forward looking information and statements include, but are not limited to the following:

• our planned capital expenditures for 2020;
  
  
• anticipated positive cash flows and fixed cost savings; and
  
  
• future debt repayments and liquidity.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

• volatility in the price and demand for oil and natural gas;
  
  
• fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
  
  
• our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
  
  
• changes in drilling and well servicing technology which could reduce demand for certain rigs or put us at a competitive disadvantage;
  
  
• shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
  
  
• the effects of seasonal and weather conditions on operations and facilities;
  
  
• the availability of qualified personnel and management;
  
  
• a decline in our safety performance which could result in lower demand for our services;
  
  
• changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and gas;
  
  
• terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
  
  
• fluctuations in foreign exchange, interest rates and tax rates; and