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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
January 20, 2006
Commission File Number: 001-14534
PRECISION DRILLING TRUST
(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 Section 12 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.
Dated: January 20, 2006
PRECISION DRILLING TRUST
By its Administrator PRECISION DRILLING
CORPORATION
By: /s/ Darren Ruhr
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Name: Darren Ruhr
Title: Vice President, Corporate Services
and Corporate Secretary
EXHIBIT TITLE
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1 PRESS RELEASE - PRECISION DRILLING TRUST ANNOUNCES JANUARY
2006 CASH DISTRIBUTION AND UNITED STATES FEDERAL INCOME TAX
INFORMATION FOR 2005
EXHIBIT 1
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[LOGO - PRECISION DRILLING CORPORATION]
NEWS RELEASE
PRECISION DRILLING TRUST
ANNOUNCES JANUARY 2006 CASH DISTRIBUTION
AND
UNITED STATES FEDERAL INCOME TAX INFORMATION FOR 2005
CALGARY, January 20, 2006 - Precision Drilling Trust ("Precision") announces
today that the cash distribution for the month of January 2006 will be Cdn$ 0.27
per trust unit of Precision. The distribution will be payable on February 15,
2006 to unitholders of record on January 31, 2006. The ex-distribution date is
January 27, 2006. A payment of Cdn$ 0.27 per unit will also be made to holders
of Class B limited partnership units of Precision Drilling Limited Partnership
using the same record date and payment date.
UNITED STATES FEDERAL INCOME TAX INFORMATION FOR 2005
Based on advice from Precision's United States tax advisors, the issued and
outstanding trust units of Precision will be classified as equity rather than as
debt for United States federal income tax purposes. Precision believes that the
cash distributions paid in 2005, out of its current and accumulated earnings and
profits, to individual United States unitholders, should be treated as qualified
dividend income for United States federal income tax purposes eligible for the
reduced maximum rate of tax to individuals of generally 15%. More detailed
information regarding the 2005 distribution will be reported at a later date on
Precision's website at WWW.PRECISIONDRILLING.COM.
UNITED STATES UNITHOLDERS ARE ADVISED TO CONSULT THEIR OWN TAX ADVISERS AS TO
THE SPECIFIC UNITED STATES FEDERAL AND STATE INCOME TAX CONSEQUENCES OF HAVING
RECEIVED CASH DISTRIBUTIONS IN 2005 FROM PRECISION.
Precision Drilling Trust is Canada's largest energy services trust.
Headquartered in Calgary, Alberta, Precision is the leading provider of contract
drilling services to the Canadian oil and gas industry. Precision provides
customers with access to an extensive fleet of drilling and service rigs backed
by a comprehensive mix of support services utilizing skilled and experienced
personnel.
Precision is listed on the Toronto Stock Exchange under the trading symbol
"PD.UN" and in U.S. dollars "PD.U" and on the New York Stock Exchange under the
trading symbol "PDS". For further information please contact Doug Strong, Chief
Financial Officer of Precision Drilling Corporation, Administrator of Precision,
4200, 150 - 6th Avenue S.W., Calgary, Alberta T2P 3Y7, Telephone (403) 716-4500,
Fax (403) 264-0251; website: www.precisiondrilling.com.