1

UBH Investor Presentation

June, 2015

2

Forward-looking statements

Statements that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and forward looking information within the meaning of applicable Canadian legislation. These forward-looking statements are based on current expectations, estimates and assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside Precision's control, which could cause actual results to differ materially from those anticipated by Precision and described in the forward looking statements. These forward-looking statements are also affected by the risk factors, challenges and uncertainties described in Precision's Annual Report on Form 40-F (Annual Information Form in Canada) for the fiscal year ended December 31, 2014, and those set forth from time to time in Precision's filings with the Securities and Exchange Commission and the securities regulatory authorities in each of the Provinces of Canada, which are available through Precision's website at www.precisiondrilling.com.

No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits will be derived therefrom. Security holders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements which speak only as of the date made. Except as may be required by law, Precision expressly disclaims any intention or obligation to revise or update any forward-looking statements and information whether as a result of new information, future events or otherwise.

3

Historical North American Drilling Activity

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Jan, 2008

Jan, 2006

Jan, 2014

Jan, 2012

Jan, 2010

U.S. Land Rig Count 10 Year History

0

100

200

300

400

500

600

700

800

January

Febru

ary

Marc

h

April

May

June

July

August

Septe

mber

Oct

ober

Novem

ber

Dece

mber

5 Year Range 2010 - 2014 2009 2015

Canadian Land Rig Count 5 Year History

Source: Baker Hughes land rig count

May, 2015

4

Lessons from 2009 Downturn

Rig Capability _____

Liquidity _____

Revenue Security __

Concentration Risk

141 Tier 1 Rigs Added with Tier 1 Crews Trained

Strong Balance Sheet + $449* million Cash

104 Contracts for 2015 _

Global Diversification

Precision Strategy

Creates Shareholder Value

* Excludes cash receipt of $69 million from the Ontario government in Q2 2015.

5

High Performance Rig Fleet 1

122

106

93

International 6

U.S.

1 July, 2015

234

1 Jan, 2009

Canada

141 Tier 1 Rigs Added

1) As of May 26th 2015 - Includes 4 newbuilds that are yet to be delivered (1 for Canada and 3 for United States ). Does not include prospective tier upgrades.

6

6,987 employees completed training through Precision Tech centres in 2013 & 2014

7

Balance Sheet Strength

$1.3 billion in available liquidity 1

+ $69 million tax receipt from Ontario Government in Q2 2015

Staggered long-term maturities starting 2019 to 2024

Average interest rate of 6.2%

Long track record of maintaining financial flexibility

Available liquidity as of 3/31/2015 1

Revolver / operating facilities Availability

Cash

$1,293

$844

$449

1.Calculated as undrawn portion of revolver (adjusted for LCs outstanding) and cash

using CAD/USD exchange rate and balance sheet numbers as at 3/31/2015.

8

Average market cap. of $29 billion.2

Accounts for 77% of total revenue.

Strong Contract Book backed by Well Capitalized Customers

National Oil Companies

8%

Private 5%

Public 87%

1 Includes Canada, U.S. and International operations. 2 As of April 29th 2015.

2014 Top 50 Customers 1

47

51

58

12104

2016 Q2’15

110

2015 Average

International Canada US

Average Term Contracts

9

Focused International Footprint

Middle East 4 active rigs in Saudi Arabia

2 active rigs in Kurdistan

3 active rigs in Kuwait

1 active rig in Georgia

Focus on deep high pressure drilling

Specialized customer needs

Mexico 6 rigs in Mexico

Focus on IPM support

North America 121 Tier 1 Rigs in Canada

103 Tier 1 Rigs in U.S.

Focused on development drilling

10

Positioned In Most Active North American Regions Comprehensive North American Coverage

Dots representative of areas where Precision has had operations within the past two years

11

Key Financial Metrics

Key Operational

Metrics

• Operating Earnings

• Return on Capital Employed

• Total Shareholder Return

• Safety Performance

• Mechanical Downtime

• Employee Retention

Delivers Shareholder Value

12

Competitive Strategy Tailored for Development Drilling

PEOPLE

SYSTEMS & SCALE

DRILLING TECHNOLOGY

LOWER RISK

MAXIMUM EFFICIENCY

ATTRACTIVE RETURNS

PRODUCES

13

Career Path Management

Field Training

Investments

Structured Promotion

Programs

Long-term

Compensation

Programs

Permanent Training

Facilities with Fully

Functioning Rigs

Leadership Development Programs

World-Class

Safety Culture

and Processes

Tier 1 Assets

EXPERIENCED,

HIGHLY SKILLED

PRECISION CREWS

Precision HR Training and Processes

Structured Competency Standards

Structured Measured Retention Programs for Key Personnel

14

Global recruitment

7 Countries

10 Provinces

50 States

Toughnecks program processed 44,461 applications and hired 4,013 people in 2014

90% retention target of key field positions

15

SYSTEMS &

SCALE

IT Infrastructure and ERP

Supply Chain Management • Leverage Procurement • Vendor Management • Centralized Support

Technical Support centres • Asset Integrity • Maintenance Standard • Centralized Support • In House Repair & Rebuild

Manufacturing + Capital Projects • Engineering • Project Management • Equipment Manufacturing (Rostel)

16

Safety & Operations

Training

Rig Build & Construction

Repair & Maintenance

Nisku Drilling Support Centre

17

Unique Schlumberger Alliance Drives Efficiency

Maximum efficiency

Reliability

More productive

drilling programs

Better field economics

Precision field execution

and customer interface

Schlumberger downhole tools

& technology, training &

engineering support

18 Precision Super Triple rigs operating in Duvernay

Fully Industrialized Development Drilling

Maximum Efficiency

Repeatability + Predictability

Risk Minimization

Technology deployment

Long-term economic mindset

19

Completion & Production Segment: Full Well Cycle Exposure

Largest well service provider in Canada and growing presence in U.S.

Over 170 Well Service, Snubbing and Coil Tubing rigs

Large fleet of high value rental equipment

Camps and Catering

Excellent footprint in Canada and Northern U.S.

Existing asset base supports solid cash flow generation

Focus on maximizing cash flow

20

Increasing Diversification of Revenue Contribution

44%

7%

49%

U.S. Canada International

46%

3%

51%

2012 2013

47%

8%

46%

2014

International revenue was 8% of total in 2014, up from 3% in 2012.

21

Historical Annual Revenue and EBITDA

Annual Revenue (millions)

Annual EBITDA (millions)

2014

$800

2013

$639

2012

$671

2011

$695

2010

$435

2009

$407

$1,430

2009

$1,197

2010 2014 2013

$2,351

$2,030

2012

$2,041

2011

$1,951

Q1 2015 Revenue – $512 million EBITDA – $163 million

22

International Revenue Growth

Inte

rna

tio

na

l R

eve

nu

e (

mil

lio

n)

$70

‘$50

‘$40

‘$30

‘$20

‘$10

‘$0

$60

+24%

Q1’15 Q4’14 Q3’14 Q2’14 Q1’14 Q4’13 Q3’13 Q2’13 Q1’13 Q4’12 Q3’12 Q2’12 Q1’12

Initiated Saudi with 3 Rigs

Deployed additional 3 Rigs to Mexico

Initiated Kurdistan with 2 Rigs

Revenue

Late Q2 2014 - Initiated Kuwait with 2 Rigs

Deployed additional 1 rig

to Saudi

Initiated Georgia with 1 rig

CAGR

23

Capital Spending Highlights 1

2015 Planned Capital Spending

1) Canadian dollar amount in millions. As of April 27th, 2015

Total: $506 million

$320

$195

$187

$721

2015 – $506 million

Construction and delivery of 17 newbuild Super Series rigs

13 to U.S. (10 delivered)

3 to Canada (2 delivered)

1 to Kuwait (delivered)

$78

$428

Maintenance & Infrastructure

Expansion & Upgrades

24

Returning Value to Shareholders

Div

ide

nd

s P

aid

($

in

mil

lio

n)

$14

$14

$14

$17

$18

$18

$18

$20

$20

$166

$14

Q4’12 Q1’15 Total Q4’14 Q3’14 Q2’14 Q1’14 Q4’13 Q3’13 Q1’13 Q2’13

Initiated dividends with $0.05

per share per quarterly

Increased dividends to $0.06 per share

per quarter

Increased dividends to $0.07 per share

per quarter

25

Precision Drilling Investment Merits

Leading North American driller with global diversification

High Performance Tier 1 fleet of rigs with Tier 1 crews

Strong balance sheet with $449* million of cash

Contract position backed by excellent customer base

Experienced organization and management team

Dividend yield ≈ 3.5%

TSX: PD NYSE: PDS * Excludes cash receipt of $69 million from the Ontario government in Q2 2015.

26

Appendix

27

June North American Market Update

Oil-weighted regions are more than 50% below November 2014 peak activity levels.

• Decline in activity is increasing at a decreasing rate.

• Operators focusing on core areas of unconventional plays.

Precision operates 234 Tier 1 rigs (122 Canada, 106 U.S. and 6 internationally).

• Tier 1 rigs remain most in-demand but utilization still declining.

• 17 new build deliveries scheduled in 2015 (13 delivered).

• Provides additional contracted cash flow visibility.

Canadian spring break-up activity is 53% below 2014 levels.

• Year over year April activity was down over 55%.

Demand for C & P services in Canada is following drilling activity, however business is generating cash.

28

0

100

200

300

400

500

600

700

800

Ca

na

dia

n A

cti

ve

La

nd

Rig

Co

un

t

5 Year Range 2010 - 2014 2013 2014 2015

Canadian Activity Update

2011

Source: BHI

29

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

U.S

. A

cti

ve

La

nd

Rig

Co

un

t

Oil Gas

Oil Drilling Dominates Activity

Total rig count has dropped

54% from Peak

Oil rig count has dropped

58% from Peak

Source: BHI, as of May 15th, 2015

30

Precision Horizontal Leadership

82%

91%

Precision Industry

85%86%

Precision Industry

1. Precision Q1 2015 Average. 2. Baker Hughes rig count average for Q1 2015. 3. Rolling 12 month average as at March 31st, 2015.

United States 1,2 Canada 3

Percentage of Horizontal/Directional Wells

31

Commodity • Vertical gas • Vertical gas • Vertical oil • Horizontal gas emerges

• Horizontal gas, development mode • Horizontal oil/liquids growth • Vertical oil • Vertical gas declining

Customers • Small independents • Highly cyclic customer

demand

• Large cap independents • Mid cap independents • Small cap independents

• Integrated oil companies • National oil companies • Large cap independents • Mid cap independents • More stable demand

Unconventional Basins

• Oil Sands • U.S. focused • 3 to 5 basins

• U.S. and Canada • Emerging Internationally • 20+ basins

Barriers to Entry & Competitive Advantage

• Low barriers • No differentiation

• Rig ownership • Capital • Technology bifurcation

emerging • High performance contractors

emerge • Shortage of Tier 1 rigs

• Technology bifurcation complete • Rig efficiency dominates • Scale benefits apparent • Capital needs large • Established track record • Robust support systems • Tier 1 market undersupplied

North American Market Has Transitioned To Industrialized Resource Drilling

1985-2005 Reservoir Drilling

2005-2010 Resource Drilling Emergence

2010-PRESENT Industrial Resource Drilling

32

Precision Commands Leadership In Canadian LNG

Approved export capacity of 26Bcf/day 1

Opportunity for 20 to 25 rigs per Bcf of export capacity

Longer-term demand source

Require deeper Tier 1 rigs

ST-1200 and ST-1500 rigs ideal for type of development Pad walking Potential year around operations

Well capitalized players funding projects

Want long-term partners with proven

track record

Precision has won approximately half of the awarded LNG related new builds

ST-1500 deployed in Northwestern Alberta in February 2014

1. Source: Risky Business: This issue of timing, entry and performance in the Asia-Pacific LNG Market, The School of Public Policy SPP Research Papers, University of Calgary

33

PD Tier 1 + Tier 2 & PSST 1

109 120144

188200

217234

140 126

126

108103 74

74

103 109 67 26 2422

22

2015E

330

2014

313

2013

327

2012

322

2011

337

2010

355

2009

352

PSSt

Tier 1

Tier 2

1) As of May 26th 2015 - Includes 4 newbuilds that are yet to be delivered (1 for Canada and 3 for United States ). Does not include prospective tier upgrades.

34

High Performance Horizontal Drilling Machines

Precision’s Tier 1 Super Series Fleet

Super Triple 1500 1 Super Triple 1200 2 Super Single

1) ST1500 – requires as few as 42 truck loads in addition to 12 loads of tubular and any operator rental loads 2) ST1200 – requires as few as 36 truck loads in addition to 10 loads of tubular and any operator rental loads

Rapid mobility: ● Walking/skidding system ● Location to location ● Sophisticated connections

Smart design: ● Small footprint ● Integrated components ● Cold weather operations

Automation & safety features:

● Pipe handling ● Electronics and hydraulics ● Advanced control systems

35

Precision’s Canadian Dayrate Strength

2010 2011 2012 2013 2014 2015

$12,000

$24,000

$22,000

$20,000

$18,000

$16,000

$14,000

Q1

Q3

Q2

Q4

Average Quarterly Dayrate

Year over year, quarterly average increase of 8% from 2010 to 2015

36

Balance Sheet Strength

1) Statistics refer to balance sheet and annual income statement as of 3/31/2015. Debt to total capital equals long-term debt to long-term debt plus equity. Interest coverage equals EBITDA divided by interest.

2) Calculated as undrawn portion of revolver (adjusted for LCs outstanding) and cash using CAD/USD exchange rate and balance sheet numbers as at 3/31/2015.

3) Current blended cash interest cost of our debt is approximately 6.2%.

Attractive Capital Structure (1)

Total debt to total capital: 45% Net debt to total capital: 35% Interest coverage: 6.3x

Long maturity, low cost debt Average interest rate of 6.2%

First Principal Payment due 2019 (3)

2019: $200 million 2020: US$650 million 2021: US$400 million 2024: US$400 million

Flexibility to react to market upturn or downturn

Available liquidity as of 3/31/2015(2)

Revolver / operating facilities Availability

Cash

$1,293

$844

$449

37

800, 525-8th Avenue S.W.

Calgary, Alberta, Canada T2P 1G1

Telephone: 403.716.4500

Facsimile: 403.264.0251

www.precisiondrilling.com