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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 November 7, 2005
Commission File Number: 001-14534
PRECISION DRILLING CORPORATION
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(Exact name of registrant as specified in its charter)
4200, 150 - 6TH AVENUE S.W.
CALGARY, ALBERTA
CANADA T2P 3Y7
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(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
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Jan M. Campbell
Corporate Secretary
Date: November 7, 2005
PRECISION DRILLING CORPORATION
COMPLETES TRUST CONVERSION
CALGARY, November 7, 2005 - Precision Drilling Corporation ("PRECISION") and
Precision Drilling Trust (the "TRUST") jointly announce today the successful
completion of the reorganization of Precision into the Trust by way of Plan of
Arrangement. The units of the Trust will commence trading on both the Toronto
Stock Exchange and the New York Stock Exchange today.
Pursuant to the Plan of Arrangement, holders of common shares of Precision will
receive in exchange for each common share of Precision held (i) one unit of the
Trust, (ii) .2089 common shares of Weatherford International Ltd., and (iii)
$Cdn 6.83 of cash.
As a result of the Plan of Arrangement, the Trust will issue 122,512,799 trust
units. Pursuant to the Plan of Arrangement, shareholders were also given the
opportunity to receive limited partnership units ("EXCHANGEABLE LP UNITS") of
Precision Drilling Limited Partnership exchangeable without further
consideration into trust units on a one-for-one basis. Pursuant to the election
forms received, an aggregate of 1,108,597 Exchangeable LP Units will be issued
pursuant to the Plan of Arrangement in lieu of trust units.
For further information please contact Doug Strong, 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.