Precision Drilling Corporation Provides Activity Update

CALGARY, Alberta, June 01, 2023 (GLOBE NEWSWIRE) -- This news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release.

Precision Drilling Corporation (TSX:PD; NYSE:PDS) (“Precision” or the “Company”) today provides an update on its North American drilling operations.

In Canada, we have 46 rigs active today and expect to have over 60 rigs active by the end of the month as we begin to emerge from the lows of spring breakup. To date, the wildfires in Alberta and British Columbia have had a modest impact on our operations and we expect second quarter activity to average approximately 42 rigs, a 14% increase over last year. In the U.S., our active rig count is currently 50 and activity may further soften in the coming weeks. For the second quarter, we expect our U.S. activity to average approximately 50 rigs. We continue to sign new customer contracts, with multiple rigs starting in the second half of the year and anticipate a return to activity growth with supportive commodity prices.

We remain confident in Precision’s ability to successfully execute its 2023 strategic priorities, which include reducing debt by at least $150 million and utilizing 10% to 20% of free cash flow before principal payments to repurchase shares.

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.