News Releases

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES./TSX SYMBOL: TDG, TDG.DB

    CALGARY, March 23 /CNW/ - Trinidad Drilling Ltd. ("Trinidad" or the
"Corporation") (TSX-TDG and TDG.DB) announced today that it has received
approval from the Toronto Stock Exchange (the "TSX") to acquire for
cancellation, by way of normal course issuer bid (the "Bid"), convertible
unsecured subordinated debentures (the "Debentures") of the Corporation in the
principal amount of up to $35,417,934, which represent approximately ten
percent of the Corporation's public float. The Corporation had Debentures in
the principal amount of $354,337,340 issued and outstanding on March 23, 2009,
of which, to the knowledge of the Corporation, directors, senior officers and
principal security holders (as such term is defined in Section 628 of the TSX
Company Manual) of the Corporation held a principal amount of $158,000
(approximately 0.04 percent) of the outstanding Debentures.
    "Adding the ability to repurchase our Debentures provides us with one
more tool to manage our capital structure," said Brent Conway, Trinidad's
Executive Vice President and Chief Financial Officer. "By repurchasing
Debentures at a discount to their face value, we are effectively lowering our
debt balances by the amount of the discount for every dollar we spend. We do
not expect we will need the full capacity of our revolving credit facility in
2009 or 2010 and believe that having the ability to use these funds or cash
flow from operations to reduce overall indebtedness is a prudent direction to
take".
    The Bid will commence on March 25, 2009 and terminate on the earlier of
March 24, 2010 or the date upon which the Corporation acquires the maximum
amount of Debentures to be purchased pursuant to the Bid. Pursuant to TSX
policies, daily purchases made by Trinidad may not exceed $277,500 principal
amount of Debentures, representing 50% of the six month average daily trading
volume of $555,000 principal amount of Debentures on the TSX, subject to
certain exceptions prescribed by the TSX including the "block purchase
exemption" until March 31, 2009 or as otherwise may be extended by the TSX.
Assuming no extension by the TSX, the maximum amount reverts to 25% of the six
month daily trading volume or $138,750 principal amount of Debentures.
    Purchases pursuant to the Bid will be affected through the facilities of
the TSX purchases and payment for the Debentures will be made by the
Corporation in accordance with TSX requirements and the price which Trinidad
will pay for any Debentures acquired under the Bid will be the market price
for the Debentures at the time of acquisition.

    Trinidad is a growth-oriented corporation that trades on the Toronto
Stock Exchange (TSX) under the symbol TDG and TDG.DB. Trinidad's divisions
operate in the drilling, well-servicing, coring and barge-drilling sectors of
the North American oil and natural gas industry. With the completion of the
2008/2009 rig construction program, Trinidad will have 120 land drilling rigs
ranging in depths from 1,000 - 6,500 metres and operations in Canada, the
United States and Mexico. In addition to its land drilling rigs, Trinidad has
23 service rigs, 20 pre-set and coring rigs and 4 barge rigs currently
operating in the Gulf of Mexico. Trinidad is focused on providing modern,
reliable, expertly designed equipment operated by well-trained and experienced
personnel. Trinidad's drilling fleet is one of the most adaptable,
technologically advanced and competitive in the industry.

    Advisory Respecting Forward-Looking Statements
    This news release contains certain forward-looking information and
statements within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends",
"confident", "might" and similar expressions are intended to identify
forward-looking information or statements. In particular, but without limiting
the foregoing, this news release contains forward-looking information and
statements that involve substantial known and unknown risks and uncertainties,
certain of which are beyond Trinidad's control, including the following: (i)
the completion of the rig construction programs on a timely basis and on
economical terms; (ii) the assumption that Trinidad's customers will honour
their take or pay contracts; (iii) the ability for Trinidad to attract and
retain qualified crews to crew their rigs; (iv) assumptions respecting capital
expenditure programs and other expenditures by oil and gas exploration and
production companies; (v) assumptions respecting commodity prices, foreign
currency exchange rates and interest rates; (vi) assumptions respecting supply
and demand for commodities; and (vii) other expectations, beliefs, plans,
goals, objectives, assumptions, information and statements about possible
future events, conditions, results of operations or performance. Various
assumptions were used in drawing the conclusions or making the projections
contained in the forward-looking statements throughout this news release.  The
forward-looking information and statements included in this news release are
not guarantees of future performance and should not be unduly relied upon.
Forward-looking statements are based on current expectations, estimates and
projections that involve a number of risks and uncertainties, which could
cause actual results to differ materially from those anticipated and described
in the forward-looking statements. Such information and statements involve
known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking information or statements.  Trinidad cautions that the
foregoing list of assumptions, risks and uncertainties is not exhaustive. The
forward-looking information and statements contained in this news release
speak only as of the date of this news release, and Trinidad assumes no
obligation to publicly update or revise them to reflect new events or
circumstances, except as may be required pursuant to applicable securities
laws.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the Debentures in any jurisdiction. The
Debentures offered will not be and have not been registered under the United
States Securities Act of 1933 and may not be offered or sold in the United
States or to a United States person, absent registration, or an applicable
exemption therefrom.