NISKU, April 9, 2003 - NQL Drilling Tools Inc. (the "Company") today announced that as previously scheduled, it has met with its bankers to discuss the extension of its credit facilities. The Company has been advised that the banking syndicate will be in a position to provide a response to the Company's request on April 10.

NQL Drilling Tools Inc. is an industry leader in providing downhole tools, technology and services used primarily in drilling applications in the oil and gas, environmental and utility industries on a worldwide basis.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. NQL Drilling Tools Inc. shares are traded on the Toronto Stock Exchange under the symbol "NQL.A".

NISKU, AB, April 7, 2003 - NQL Drilling Tools Inc. ("NQL" or the "Company") today announces that it expects a loss per share for the fourth quarter of 2002 in the range of $0.06 to $0.10. The Company also expects a loss per share for the year ended December 31, 2002, in the range of $0.21 to $0.25. NQL expects EBITDA(1) for the fourth quarter and the full year ended December 31, 2002 to be approximately $4 and $12 million, respectively.

NQL's preliminary 2002 financial results were affected by a slower than expected start to the Canadian winter drilling season while financial results of its international operations were negatively impacted by ongoing geopolitical uncertainty.

Restatement of Historical Financial Results
The Company has changed the manner in which it translates the results of certain of its foreign subsidiaries. Historically, the Company translated the financial statements of these subsidiaries from the local currency directly to the Canadian Dollar using the current rate method of accounting. However, as most of their activities are conducted in US dollars, the Company and its advisors have determined that the US Dollar better reflects the currency exposure of these foreign operations. Therefore, the operations of these subsidiaries are now translated first from the local currency to the functional currency (US currency) using the temporal method of accounting and then from the US Dollar to the Canadian Dollar using the current rate method. The subsidiaries affected by this change include companies in Venezuela, Bolivia, Argentina and Mexico. The Company has also made other changes surrounding the accounting for future income taxes with respect to the assigned value of certain assets in connection with the acquisition of CanFish Services Inc. and P&T Servicios Petroleros, C.A.

These changes will impact the Company's results of operations in the areas of foreign exchange gains and losses and to a lesser extent, direct expenses and future income tax expense. These changes will also impact certain balance sheet items such as inventory, capital assets, future income tax liabilities, retained earnings and cumulative translation adjustments.

As a result of the changes highlighted above, the Company plans to restate its financial statements for 2001 and 2000. As well, these changes are expected to impact the financial results previously released for the first nine months of 2002.

The Company continues to work with its auditors to complete the 2002 audit and expects to release its fourth quarter and year ended December 31, 2002 financial results during the week of May 5, 2003.

Update on Financing Arrangements
Under the terms of its current financing arrangements the Company is subject to various financial covenants. Due to the aforementioned factors, the Company is presently in violation of its profit-based covenants. The Company's bankers continue to work with management on restructuring its debt facilities and have extended the bridge loan to April 9, 2003.

The Company has appointed a Special Committee of the Board of Directors having as its mandate to work with management and its financial advisors to explore refinancing alternatives and to resolve issues relating to the Company's bridge financing.

Update on First Quarter 2003 Activity
While Canadian operations have performed slightly ahead of expectations, ongoing geopolitical uncertainty continues to affect the Company's operations in other areas of the world. The Company expects to report revenues for the first quarter of 2003 in the range of $32 to $35 million and loss per share in the range of $0.05 to $0.10. NQL expects to report EBITDA for the first quarter in the range of $4.5 to $6.5 million. However, sequential monthly results indicate that the international market is improving and notwithstanding the seasonal slowdown for the second quarter of the Canadian drilling operations, the outlook for Canada remains extremely positive. As a consequence, the Company expects to be profitable for 2003.

(1) EBITDA is not a recognized measure under Canadian generally accepted accounting principles (GAAP). Management believes that EBITDA is a useful supplemental measure as it provides an indication of earnings before interest, taxes, depreciation and amortization. Investors should be cautioned that EBITDA should not be construed as an alternative to net income determined in accordance with GAAP as an indicator of NQL's performance. NQL's method of calculating EBITDA may differ from other companies and accordingly may not be comparable to measures used by other companies.

Statements in this press release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of NQL to be materially different from any future results implied by such forward-looking statements. Such factors include fluctuations in the market for oil and gas related products and services, demand for products and services in the drilling industry generally, political and economic conditions in countries in which NQL does business, the ability of NQL to attract and retain key personnel, the demand for services and products provided by NQL, and other factors which are described in further detail in NQL's filings including NQL's annual reports.

NQL Drilling Tools Inc. is an industry leader in providing downhole tools, technology and services used primarily in drilling applications in the oil and gas, environmental and utility industries on a worldwide basis.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. NQL Drilling Tools Inc. shares are traded on the Toronto Stock Exchange under the symbol "NQL.A".