UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For June 15, 2005
Commission File Number: 001-14534
PRECISION DRILLING CORPORATION
(Exact name of registrant as specified in its charter)
4200, 150 - 6TH AVENUE S.W.
CALGARY, ALBERTA
CANADA T2P 3Y7
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [_] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1). _______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in
paper of a Form 6-K if submitted solely to provide an attached annual report to
security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): _______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in
paper of a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- N/A
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PRECISION DRILLING CORPORATION
Per: /s/ Jan M. Campbell
------------------------
Jan M. Campbell
Corporate Secretary
Date: June 15, 2005
PRECISION DRILLING CORPORATION
COMMENCES CONSIDERATION OF CONVERSION
TO AN INCOME TRUST
CALGARY, ALBERTA, CANADA, June 15, 2005 - Precision Drilling Corporation
("Precision") announces that it is undertaking an examination of the available
strategic alternatives with respect to its Canadian contract drilling, service
rig, snubbing, rentals, and related services businesses, including determining
the viability and method of conversion to an income trust. Although the Board
of Directors has not made any decision with respect to any specific course of
action at this time, it has retained the appropriate accounting, financial,
legal and tax advisors to assist it in identifying and assessing issues
pertaining to a conversion to an income trust and to report back to the Board
of Directors as soon as reasonably possible. Any conversion alternatives
available to Precision will be subject to review by, and approval of the Board
of Directors and will also be subject to receipt of all required shareholder
and regulatory approvals.
In addition, Precision is examining strategic alternatives with respect to its
industrial and plant maintenance business.
For further information please contact Jan M. Campbell, Corporate Secretary,
4200, 150 - 6th Avenue S.W., Calgary, Alberta T2P 3Y7, Telephone (403)
716-4500, Fax (403) 264-0251; website: www.precisiondrilling.com.