Abstract: A tool case for the storage of drill bits and similarly shaped tools includes two housing members that are hingedly attached and which open and close, with respect to one another. The tool case of the present invention includes elastomeric material surrounding the periphery of the tool case and tool trays on the inside of the case that retain inverted drill bits and similarly shaped tools. The tool trays disposed within the two housing members are removably attached to inner recessed cavities in the housing member by snapping male protrusions located on the tray into corresponding female recesses located on the inner surface of the recessed cavities.