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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (12914)	10/21/1998 6:40:00 PM
From: SofaSpud	of 15196

SERVICE SECTOR / Precision Drilling Update Precision Drilling Corporation - Utilization Update CALGARY, Oct. 21 /CNW/ - Precision Drilling Corporation (the ''Corporation'') is presenting at ''The Canadian Oilfield Services Conference'' to be held in San Francisco, California on October 22 and 23, 1998. It is anticipated that recent trends in the oil and gas services industry will be discussed. The Corporation is of the view that it is appropriate to advise all its shareholders and the market generally of the highly competitive oilfield industry conditions which will result in continued lower than expected utilization rates and declining day-rates on drilling rigs and other related oilfield services. Due to the oil industry market conditions, exploration and development expenditures have decreased significantly which has translated into utilization rates for drilling and other related oilfield services to be between 30% and 35% lower than expected. This will likely result in a corresponding decrease in consensus revenues and earnings for Precision's second quarter. The information above includes forward looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 and are based upon certain assumptions made by Precision in light of their experience, general economic and business conditions and numerous other factors including expected future developments many of which are beyond the control of Precision. As a result of these factors, Precision's actual results may differ materially from those indicated in or applied by such forward looking statements. Precision Drilling Corporation is listed on The Toronto Stock Exchange under the ticker symbol PD and on the New York Stock Exchange under the ticker symbol PDS. -30- For further information: Dale E. Tremblay, Senior Vice President Finance and Chief Financial officer, (403) 716-4500, Fax: (403) 264-0251; website: www.precisiondrilling.com

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