Precision Drilling Trust announces December 2005 Trust Distribution and 2006 Capital Expenditure Program
19 Diciembre 2005 - 4:49PM
PR Newswire (US)
CALGARY, Dec. 19 /PRNewswire-FirstCall/ -- Precision Drilling Trust
("Precision") announces today that the cash distribution for the
month of December 2005 will be Cdn$ 0.27 per trust unit of
Precision. The distribution will be payable on January 17, 2006 to
unitholders of record on December 31, 2005. The ex-distribution
date is December 28, 2005. A payment of Cdn$ 0.27 per unit will
also be made to holders of Class B limited partnership units of
Precision Drilling Limited Partnership using the same record date
and payment date. Precision also announces that a special year end
distribution of Cdn$ 0.022 per trust unit will be paid on January
17, 2006 to unitholders of record on December 31, 2005. The special
distribution is being paid with the intent that Precision's 2005
distributions will at least be equal to Precision's taxable income
for 2005, as required under Precision's Declaration of Trust. The
ex-distribution date for the special distribution will be December
28, 2005. A special payment of Cdn$ 0.022 per unit, as required
under the Limited Partnership Agreement, will also be made to
holders of Class B limited partnership units of Precision Drilling
Limited Partnership using the same record date and payment date.
2006 Capital Expenditure Program Management is pleased to announce
that a capital expenditure program for 2006 totaling Cdn$ 285
million has been approved. The capital expenditure program is being
directed towards spending of Cdn$ 120 million in the upgrade of
existing fixed assets and Cdn$ 165 million in the growth and
expansion to Precision's existing asset base. Approximately 90% of
the expansion capital will involve the construction of 19 new
drilling rigs which are scheduled to be delivered over the next 12
to 15 months. These new drilling rigs are of a "fit-for-purpose"
design pursuant to long term customer contracts. Ten of the new
rigs will be Precision's versatile shallow to medium depth rated
Super Single(R) rigs. The remaining 9 new rigs are planned to be
diesel electric powered light triples rated to an approximate depth
of 4,000 metres. The net number of new rigs in 2006 is expected to
be 17 with the retirement of two cantilever double rigs.
Precision's drilling rig fleet will exit 2005 at a count of 230
with the addition of two new Super Single(R) rigs in the current
fourth quarter. This gives Precision a Canadian industry market
share of approximately 31%. Forward-Looking Information Certain
statements contained in this press release, including statements
relating to our capital expenditure program for 2006, containing
words such as "anticipate", "could", "should", "expect", "believe",
"will", "plan" and similar expressions and statements relating to
matters that are not historical fact are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements involve known and unknown risks and
uncertainties which may cause the actual results, performance or
achievements of Precision to be materially different from any
future results, performances or achievements expressed or implied
by such forward-looking statements. Such factors include
fluctuations in the market for oil and gas and related products and
services; competition; political and economic conditions in
countries in which Precision does business; the demand for services
provided by Precision; changes in laws and regulations, including
environmental regulations, to which Precision is subject and other
factors, which are described in further detail in Precision's
filings with the US Securities and Exchange Commission. Precision
Drilling Trust is Canada's largest energy services trust.
Headquartered in Calgary, Alberta, Precision is the leading
provider of contract drilling services to the Canadian oil and gas
industry. Precision provides customers with access to an extensive
fleet of drilling and service rigs backed by a comprehensive mix of
support services utilizing skilled and experienced personnel.
Precision is listed on the Toronto Stock Exchange under the trading
symbol "PD.UN" and in U.S. dollars "PD.U" and on the New York Stock
Exchange under the trading symbol "PDS". DATASOURCE: Precision
Drilling Trust CONTACT: Doug Strong, Chief Financial Officer of
Precision Drilling Corporation, Administrator of Precision, 4200,
150 - 6th Avenue S.W., Calgary, Alberta T2P 3Y7, Telephone (403)
716-4500, Fax (403) 264-0251, website:
http://www.precisiondrilling.com/; Archived images on this
organization are searchable through CNW Photo Archive website at
http://photos.newswire.ca/. Images are free to accredited members
of the media. To request a free copy of this organization's annual
report, please go to http://www.newswire.ca/ and click on Tools for
Investors.
Copyright