Ms. Lavonne Zdunich reports

PRECISION DRILLING CORPORATION PROVIDES ACTIVITY UPDATE

Precision Drilling Corp. has provided an update on its North American drilling operations.

In Canada, Precision has 46 rigs active and expects to have over 60 rigs active by the end of the month as it begins to emerge from the lows of spring breakup. To date, the wildfires in Alberta and British Columbia have had a modest impact on the company's operations and it expects second quarter activity to average approximately 42 rigs, a 14-per-cent increase over last year. In the United States, Precision's active rig count is currently 50 and activity may further soften in the coming weeks. For the second quarter, the company expects its U.S. activity to average approximately 50 rigs. Precision continues to sign new customer contracts, with multiple rigs starting in the second half of the year, and anticipates a return to activity growth with supportive commodity prices.

The company remains confident in Precision's ability to successfully execute its 2023 strategic priorities, which include reducing debt by at least $150-million and utilizing 10 per cent to 20 per cent of free cash flow before principal payments to repurchase shares.

About Precision Drilling Corp.

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. The company's drilling services are enhanced by its EverGreen suite of environmental solutions, which bolsters Precision's commitment to reducing the environmental impact of its 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.

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