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 July 26, 2004
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.
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: July 26, 2004
N E W S R E L E A S E
FOR IMMEDIATE RELEASE
---------------------
PRECISION DRILLING CORPORATION ANNOUNCES CLOSING OF 4,000,000
COMMON SHARE EQUITY ISSUE
Calgary, Alberta, Canada July 26, 2004 - Precision Drilling Corporation
("Precision") is pleased to announce that it has closed its previously announced
equity offering of 4,000,000 common shares ("Shares") at a price of US$49.80 per
Share, (C$65.25 per Share), for gross proceeds of approximately US$200 million.
The sale of these securities was completed by a syndicate of underwriters led by
TD Securities Inc. and RBC Capital Markets. Precision has granted the
Underwriters an option to purchase up to an additional 400,000 Shares at the
offering price to cover over-allotments and for stabilization purposes. The
over-allotment option is exercisable for up to 30 days after the date of the
closing of this offering.
Precision expects to use the net proceeds from the offering primarily to pay
down indebtedness, including all indebtedness incurred in connection with the
acquisitions of the land drilling assets of GlobalSanteFe Corporation and the
acquisition of all of the issued and outstanding shares of Reeves Oilfield
Services Limited as well as for general corporate purposes.
A shelf registration statement relating to the common shares of Precision has
been filed with the Securities and Exchange Commission and has been declared
effective. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these securities
in the United States prior to registration and any sale in the United States
will be made by means of a prospectus that may be obtained from TD Securities
Inc. at 222 Bay Street, Ernst & Young Tower, 7th Floor, Toronto, Ontario, M1K
1A2 or from RBC Capital Markets at 200 Bay Street, Royal Bank Plaza, 4th Floor,
Toronto, Ontario, M5J 2W7.
Certain statements contained in this press release, including statements
relating to matters that are not historical facts and statements relating to the
ultimate use of proceeds are forward-looking statements, including under the
U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks and uncertainties which may cause the
actual results, performances or achievements of Precision to be materially
different from any future results, performances or achievements expressed or
implied by such forward-looking statements. Such factors include fluctuations in
the market for oil and gas and related products and services; competition; the
ability to successfully carry out its intentions; political and economic
conditions in countries in which Precision does business; the demand for
services provided by Precision; changes in laws and regulations, including
environmental, to which Precision is subject and other factors which are
described in further detail in Precision's filings with the Securities and
Exchange Commission.
Precision Drilling Corporation (TSX: PD and PDU; NYSE: PDS) is a global oilfield
services company providing a broad range of drilling, production and evaluation
services with focus on fulfilling customer needs through fit-for-purpose
technologies for the maturing oilfields of the 21st century. With corporate
offices in Calgary, Alberta, Canada and Houston, Texas, and research facilities
in the U.S. and Europe, Precision employs more than 10,000 people conducting
operations in more than 30 countries. Precision is committed to providing
efficient and safe services to create value for our customers, our shareholders
and our employees.
FOR FURTHER INFORMATION PLEASE CONTACT HANK B. SWARTOUT, CHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER, OR DALE E. TREMBLAY, SENIOR VICE PRESIDENT FINANCE AND
CHIEF FINANCIAL OFFICER, 4200, 150 - 6TH AVENUE S.W., CALGARY, ALBERTA T2P 3Y7,
TELEPHONE (403) 716-4500; FAX (403) 264-0251; WEBSITE: WWW.PRECISIONDRILLING.COM