AKITA Drilling Ltd. Announces Record First Quarter Results

CALGARY, ALBERTA, April 27, 2006 –AKITA Drilling Ltd. announced first quarter earnings and cash flow today. AKITA Drilling Ltd.’s net earnings for the three months ended March 31, 2006 were $11,002,000 or $0.59 per share on revenue of $61,195,000. Comparative figures for 2005 were earnings of $8,685,000 or $0.47per share on revenue of $49,889,000. Funds flow (named cash flow in prior reports) for the period was $16,519,000 compared to $13,531,000 in 2005. The earnings and funds flow are record results for any quarter for AKITA.

Strong market conditions that prevailed throughout 2005 continued into the first quarter of 2006, resulting in record contribution margins for all rig categories. Operating statistics for the first three months of 2006 and 2005 are as follows:

Demand for drilling rigs remains strong for rigs in all depth categories even though the onset of spring break-up was later than typical for most of western Canada. Despite the significant number of wells drilled over the winter, many customers continue to maintain a significant inventory of drilling prospects. Although some rigs will remain active during break-up, the start-up for most drilling and well servicing rigs in the south is dependent upon the sustained return of favourable weather conditions. Rigs located in the arctic regions of Canada and Alaska will not be working again until freeze-up, as is typical for rigs working in muskeg conditions. Demand for service rigs is also ahead of last year.

AKITA is an Alberta company engaged in the contract drilling business. AKITA's Class A Non-Voting Shares and Class B Common Shares are listed on the Toronto Stock Exchange under the symbol "AKT.NV.A." and "AKT.B"; respectively.

For further information please contact Murray Roth, Vice President of Finance,
(403)292-7950. Web site: http://www.akita-drilling.com