PRECISION DRILLING ANNOUNCES RECEIPT OF CONTINUED LISTING STANDARD NOTICE FROM NYSE

This news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For important information with respect to such forward-looking information and statements and the further assumptions and risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release.

CALGARY, Alberta, March 25, 2020 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (“Precision” or “the Company”) (TSX:PD; NYSE:PDS) announces that on March 24 it received formal notice of non-compliance with the New York Stock Exchange (the “NYSE”) share price continued listing standards, which require a listed common stock to maintain a minimum average closing price of US$1.00 per share for 30 consecutive trading days.

Precision intends to respond to the NYSE with its objective to satisfy all specified requirements to cure the deficiency. In accordance with NYSE's rules, the Company has a six-month timeframe from the date of the notice to bring its share price and 30 trading-day average share price above US$1.00 and regain compliance. This can be achieved if Precision’s closing price reaches at least US$1.00 per ordinary share on the last trading day of any calendar month during the six month cure period and an average closing price of at least US$1.00 per common share over the 30 trading-day period ending on the last trading day of that month.

Precision’s common shares will continue to be listed and traded on the NYSE during the cure period outlined above, subject to the Company's compliance with other continued listing requirements. The Company’s common shares will also continue to trade on the Toronto Stock Exchange under the symbol “PD” and that listing is not affected by the receipt of the NYSE notification.

The Company is considering all available options to regain compliance with the NYSE's continued listing standards, which may include a reverse stock split, subject to approval of the company's shareholders. Failure to satisfy the conditions of the cure period or to maintain other listing requirements could lead to a delisting from the NYSE only.

The current non-compliance notice from the NYSE does not indicate or affect Precision's operations, debt obligations or any associated reporting requirements.

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, this document contains forward-looking information and statements pertaining to, the Company’s intent to respond to the NYSE with its object to cure the deficiency; and potential for a reverse stock split.