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Jefferies Energy ConferencePRECISION DRILLING CORPORATION

November 27, 2018

*Rig 576, Loving County TX, Permian Basin TSX: PD NYSE: PDSTSX: PD NYSE: PDS

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Forward-looking StatementsCertain 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 statementsrelating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadiansecurities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States PrivateSecurities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").

In particular, forward looking information and statements include, but are not limited to, the following: our strategic priorities for 2018;our capital expenditure plans for 2018; anticipated activity levels in 2018 and our scheduled infrastructure projects; anticipated demandfor Tier 1 rigs; the average number of term contracts in place for 2018 and 2019; expectation for U.S. operating costs to be lower in thefourth quarter of 2018; our future debt reduction plans beyond 2018; and the anticipated financial, operational and strategic benefits ofthe proposed Trinidad Drilling transaction.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of ourexperience and our perception of historical trends, current conditions, expected future developments and other factors we believe areappropriate under the circumstances. These include, among other things: the fluctuation in oil prices may pressure customers intoreducing or limiting their drilling budgets; the status of current negotiations with our customers and vendors; customer focus on safetyperformance; existing term contracts are neither renewed nor terminated prematurely; our ability to deliver rigs to customers on a timelybasis; and the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance orachievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertaintieswhich could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:volatility in the price and demand for oil and natural gas; fluctuations in the demand for contract drilling, well servicing and ancillaryoilfield services; our customers’ inability to obtain adequate credit or financing to support their drilling and production activity; changes indrilling and well servicing technology which could reduce demand for certain rigs or put us at a competitive disadvantage; shortages,delays and interruptions in the delivery of equipment supplies and other key inputs; the effects of seasonal and weather conditions onoperations and facilities; the availability of qualified personnel and management; a decline in our safety performance which could resultin lower demand for our services; changes in environmental laws and regulations such as increased regulation of hydraulic fracturing orrestrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil andgas; terrorism, social, civil and political unrest in the foreign jurisdictions where we operate; fluctuations in foreign exchange, interestrates and tax rates; and other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability torespond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that couldaffect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities,including but not limited to Precision’s Annual Information Form for the year ended December 31, 2017, which may be accessed onPrecision’s SEDAR profile at www.sedar.com or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information andstatements contained in this news release are made as of the date hereof and Precision undertakes no obligation to update publicly orrevise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except asrequired by law.

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PRECISION AT A GLANCE

High Performance Land Driller

*Dots on map representative of areas where Precision has had drilling operations in 2015, 2016 & 2017 (09/2017)

257 Drilling Rigs:Canada (135)U.S. (105) International (17)

210 Service Rigs:Canada (202)U.S. (8)

Complementary Services:Camps & Catering, Rentals and Water Treatment

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Precision’s High Performance Foundation

PRECISION SYSTEMS + SCALE

PRECISION CREWS SUPER SERIES RIGS

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SYSTEMS + SCALE

Driving Operational Excellence and Lower Costs

Supply Chain Management

Cost Savings Vendor Management Centralized Support

Manufacturing + Capital Projects

Engineering Project Management Equipment Manufacturing

Technical Support Centres

Asset Integrity Maintenance Standard In House Repair & Rebuild

IT Infrastructure and ERP

Supports Increased Data Flows Operating Efficiencies Fixed Cost Leverage

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Recruiting and Development Program Successfully Eliminates Labor Constraints

1,200 – 1,400 Screened candidates in the

system

100+ drilling rigs reactivated from Q2/16 lows, 2000+ positions filled 8,000 people received in-house training in 2017

Leadership Development

Programs

Career Path Management Structured Promotion Programs

Long-term Compensation Programs

Field Training Investments

Permanent Training Facilities with Fully

Functioning Rigs

Tier 1 Assets

Structured Competency

StandardsWorld-Class Safety

Culture and Processes

177,972Applications processed

2013-2017(35,800 Applications in 2017)

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PRECISION SUPER TRIPLE

Advanced Rig Technology

1500 HP TDS-11 TOP DRIVE

25,000’ + FT RACKING CAPACITY

PROCESS AUTOMATION CONTROL (APPS)*

DRILLING EQUIPMENT CONTROL SYSTEM*

HIGH SPEED DOWNHOLE DATA*

“OMNI-PAD” WALKING SYSTEM

TRANSFER TANK

TWO SPEED DRAWWORKS

DIRECTIONAL GUIDANCE SYSTEM*

(3) 1,600HP 7,500 PSI PUMPS

(4) CAT 3512 GENSETS

INTEGRATED POWER MANAGEMENT SYSTEM

1

1

2 3

4

5

6

7 8

9 11

10

2

3

4

5

6 825,000 LBS HOOKLOAD

7

8

9

10

11 UMBILICALLY CONNECTEDBACKYARD COMPLEX

12

1213

14

13

14

REMOTE OPERATIONS CONTROL CENTER (OPTIMIZATION*)

* Precision Technology Building Blocks

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Precision’s Super Series Investments Drive Market Share Gains

>$3.0 Billion in Drilling Expansion and Upgrade Capital Investment from 2011 – 2017

1) Excludes 16 upgrade candidates, 100 newbuild rigs and 21 major upgrades.2) Decommissioned 36 legacy rigs in 2011, 52 rigs in 2012, 29 rigs in 2014 and 79 rigs in 2015 – total of 196 rigs.3) Peak based on Baker Hughes U.S. Land Rig Count average of 1,872 in November, 2014.

1,2

121TIER 1 RIGS

ADDED

2014 Peak Month Avg. Rig Count

Peak 2018 U.S. Rig Count as % of 2014 Peak Month Average 3

81%

67%

56% 58%

80%

56%

44%

PD Lower 48Peer CPeer A Peer B

101

Peer D Lower 48 ex. PD &

Peers A-D

72 192 290 291 1,872 926

75

114 119 125 128 129 128

43

7279

88101 102 103 105

5

2

2013

8

2

20162011 2012

2

2014

6

2015

8 8

129

2017 2018

Int.

U.S.

Canada

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Precision’s 2018 Strategic Priorities

Enhance financial performance through higher utilization and improved margins

Reduce debt by generating free cash flow while continuing to fund only the most attractive investment opportunities(Target $300 million-$500 million debt reduction in the next 3-4 years; $75 million-$125 million in 2018)

Commercial deployment of Process Automation Controls and Directional Guidance Systems on a wide scale

FINANCIAL PERFORMANCE

REDUCE DEBT WITH FREE CASH FLOW

TECHNOLOGY AS A DIFFERENTIATOR

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PRECISION TECHNOLOGY BUILDING BLOCKS

DRILLING EQUIPMENT CONTROL SYSTEM

Connects all rig components to electronically manage, control and

monitor rig equipment

PROCESS AUTOMATION CONTROL

Automates repetitive drilling activities using pre-programmed

automation routines

APPS

Open source software allows for expansive app development to

further automate drilling operations

HIGH SPEED DOWNHOLE DATAWired drill pipe enables

instantaneous transmission of data, saving time

RIG AUTOMATION

DIRECTIONAL GUIDANCE SYSTEMSteering instructions generated using algorithms and real-time

downhole data to automate directional drilling

OPTIMIZATION

Using analytics and data to improve performance, drill faster

DRAWWORKS ENGINES

MUD PUMPSTOP DRIVE

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0

300

600

900

1,200

0

20

40

60

80

100

2016 Low 2016 Avg. 2017 Avg. Q3/18 Avg. Current

PD Lower 48 (RHS)

2

UNITED STATES

Focused on Market Share Growth, Cash Flow Growth

Pricing power on Super Series rigs

Leading edge dayrates up as much as US$10,000+ from trough

Dayrates and margins continue to improve

Highest market share in company history at ~7.5%

Low cost rig upgrades backed by contracted cash flow

Technology (PAC, DGS, Apps) driving further growth

1) Market share based on drilling days 2) Current rig count as at 11/23/2018, Baker Hughes* Dots on map representative of areas where Precision has had operations in 2015, 2016 & 2017 (09/2017)

MARKET SHARE1ACTIVE RIG COUNT GROWTHPRECISION DRILLING U.S.

COMPLETE GEOGRAPHICAL COVERAGECASH FLOW MOMENTUMTOTAL REACH

0%2%4%6%8%

10%12%14%16%18%20%22%24%

DJ-NiobraraPermianWoodford

20172010PD trough to current up ~270%

versus Lower 48 up ~175%

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CANADA

Focused on Cash Flow

$156

$252

$269

$321

STRONG FREE CASH FLOW GENERATION

1) Cash flow calculated using reported daily margins multiplied by drilling utilization days plus C&P EBITDA, less Canadian maintenance capital expenditure.2) Based on well count provided by industry sources and internal analysis (2017 average).* Dots on map representative of areas where Precision has had operations in 2015, 2016 & 2017 (09/2017)

128 Tier 1 RigsINDUSTRIALIZED DRILLING EFFICIENCY

70+ DeliveredNEWBUILD & UPGRADED RIGS SINCE 2010

#1 High Performance Fleet in Canada

SUPER SERIES FLEET

MARKET POSITION

25% Market ShareTypically operate 25% of rigs in market with 135 drilling rig fleet30% DuvernayLEADING MARKET SHARE2

33% Heavy OilLEADING MARKET SHARE2

26% MontneyLEADING MARKET SHARE2

Generated $1.8 billion in free cash flow since 20101

Virtually no upgrade capital spending planned in 2018

Scale drives operational and cost efficiencies

Activity and margins expected to be up y/y in 2H ‘18

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INTERNATIONAL

Stable Cash Flow in Low Cost RegionESTABLISHED SCALE

IN THE MIDDLE EAST REGION

Additional Kuwait newbuild award (Q3/19 deployment)

Ability to leverage fixed costs with additional deployments

Targeting IOC’s and NOC’s that value Safety and Performance

8 RIGSCURRENTLY UNDER CONTRACT

6 NEWBUILD RIGSDEPLOYED SINCE 2014 INCLUDING TWO IN Q4/16

17 TOTAL RIGSDEPLOYED INTERNATIONALLY (12 ME REGION, 5 MEXICO)

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Revenue and Cash Flow Visibility and Stability

TOP 50 CUSTOMERS12017

PUBLIC72%

CONTRACT BOOK3

CUSTOMER BASE

Primarily public, large private, and national oil companies

Average market capitalization of ~$48 billion (median ~$11 billion)2

1. Includes Canada, U.S. and International operations based on revenue (2017) , 2. As of 11/23/2018, 3. As of 11/17/2018

Proactive contract management – balancing predictable cash flow with exposure to improving price environment

All contracts performed through the downturn

PRIVATE24%

NATIONALOIL COMPANIES4%

9 7

46

23

8

5

2018 Average 2019 Average

63

35

CanadaInternational US

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Financial Performance

Aggressive cost management

Rig contract performance

Premium day rates

TTM SG&A expenses down ~20% from pre-downturn levels1

Stable corporate headcount from post-restructuring levels

Increased U.S. rig count by >200% from trough to Q3/18

FIXED COST LEVERAGEWITH IMPROVED ACTIVITY

RESILIENT MARGINSTHROUGH THE DOWNTURN

1) From Q1/14 to Q3/18

(in $ millions)

Revenue $1,321 $1,003EBITDA $305 $228Margin 23% 23%

Fiscal 2016

Fiscal 2017

0

20

40

60

80

100

120

140

0

20

40

60

80

100

120

140

160

180

Avg.

Act

ive

Rig

Coun

t

TTM

SG&

A Ex

pens

e ($

mm

s)

TTM SG&A U.S. Rig Count WCSB Rig Count

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2018 CAPITAL PLAN

Strict Financial Discipline

TOTAL:

$94M

PLANNED 2018 CAPEX

$71M

EXPANSION & UPGRADES

Plans to upgrade ~12-24 Tier 1 rigs to industry leading rig specifications

Additions of walking systems

Increased pumping and racking capacities

Rig automation systems

** Spending contingent on firm customer contract commitments that meet internal return thresholds

Kuwait new build rig (~$10 mm spending in 2018, remainder in 2019)

U.S. new build rig completed for <$10 mm

$64M

MAINTENANCE, INFRASTRUCTURE &

INTANGIBLES

Fleet well maintained throughout the downturn, minimal catch-up maintenance required

Remaining spend related to ERP system upgrade

Increase operating efficiencies, improve fixed cost leverage and position organization to better handle increased data flows

Maintenance spend highly correlated to activity levels

$135M

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Precision’s Balance Sheet Management Through Downturn

1. The 2015 total includes the 2019 maturity C$200 million senior notes converted at the exchange rate as of Dec 31, 2014.2. Liquidity calculated as undrawn portion of revolver (adjusted for LCs outstanding) and cash using CAD/USD exchange rate and balance sheet numbers3. Reflects US$30 million redemption expected by year end 2018

US$166

US$350US$395 US$400

2020 202620232018 2019 2021 2022 20252024

No Maturities Until December 2021

SENIOR DEBT MATURITY PROFILE3

DEBT REDUCTION PROGRESS

Liquidity as of 9/30/2018 2(in $ millions)

$675

$110

$661

$65$785

Cash

Revolver/ Operating Facilities1

(Matures November, 2021)

STRONG LIQUIDITY POSITION

1.1

1.2

1.3

1.4

1.5

1.6

1.7

2015 2016 2017 YE2018E

Long

-term

Deb

t US$

Bns

~US$280mm reduction

1

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Creating Shareholder Value

MARKET SHARE GAINS & PREMIUM PRICING DRIVE FINANCIAL PERFORMANCE

HIGH PERFORMANCE SUPER SERIES FLEET

CASH FLOW GENERATION FOR DEBT REPAYMENT AND ENHANCED EQUITY VALUE

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Combination with Trinidad Drilling Ltd.PRECISION DRILLING CORPORATION

November 2018

*Rig 576, Loving County TX, Permian Basin

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Combination of Two High Performance Contract Drilling Companies

Unique combination of two highly focused drilling contractors pursuing similar strategies with complementary Tier 1 assets

Strong balance sheet and cash flow support/enhance deleveraging plan; flexibility to pursue attractive growth opportunities

Immediately realizable cost synergies enhanced by long-term operating efficiencies from increased scale; ~$52 million annualized

Significantly accretive to cash flow per share

Expanded platform for U.S. and international growth and technology deployment

Complementary cultures with commitment to people, safety, technology and customers

Transaction Creates Exceptional Value for Precision and Trinidad Shareholders

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Transaction Overview

Transaction Overview

Precision to acquire all of the issued and outstanding shares of Trinidad in an all-share transaction

Pro Forma ownership will be ~71% Precision and ~29% Trinidad Precision expects the Transaction to be significantly accretive to 2019 and future

cash flow per share metrics

Consideration Trinidad shareholders will receive 0.445 shares of Precision for each outstanding Trinidad share

Governance One Trinidad director will be appointed to the Precision Board, and an additional Trinidad director will be nominated for election

Approvals and Timing

Expected to be completed in late 2018

Subject to TSX and Alberta Court of Queen’s Bench approval, regulatory approvals, security holder approvals from each company and the satisfaction of other customary closing conditions

1) Transaction values as at October 5, 2018

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Significantly Enhanced Combined Platform to Leverage the Industry Transition to High Performance Drilling

152 Canadian Rigs (1)

1) Excludes 50 rigs identified for divestiture2) 26 international rigs include Precision’s new build Kuwait rig for 2019 deployment

170 U.S. Rigs

26 International Rigs (2)

50 Rigs Held For Sale

348 Total Rigs (1)

~215 Active Rigs

3) Active rigs as at October 5, 2018

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Transaction Update

Successful termination of the waiting periods for both Canadian and U.S. competition acts - satisfies the

required condition under the arrangement

Obtained interim order from Court of Queen’s Bench of Alberta

Filed joint information management circular, in the process of being mailed to shareholders

Shareholder votes for both Trinidad and Precision scheduled for December 11, 2018

Precision aligned with Trinidad Board and strongly recommends against shareholders tendering to Ensign

Χ Competing hostile all-cash Ensign bid shortened timeline to Tuesday, November 27, 2018

Updated & New Disclosure – provided November 7, 2018

Preliminary 2019 Financial Guidance for Post-Arrangement Precision

2019 Post-Arrangement Precision Strategic Priorities

Update on Expected Synergies

Refined expected fixed cost synergies of ~$37 million annualized (previously ~$30 million annualized)

Quantified expected operating cost synergies (~$15 million annualized)

Debt Repayment of US$30 million and Updated Post-Arrangement Precision Debt Reduction Targets

Update on Asset Sale Process (properties & expected 50 rig sale)