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 May 21, 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
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This Current Report on Form 6-K shall be incorporated by reference into, or as
an exhibit to, as applicable, the Registrant's Registration Statement on Form
F-9 under the Securities Act of 1933 (File No. 333-115330) and the Registrant's
Registration Statements on Form S-8 under the Securities Act of 1933 (File Nos.
333-105648, 333-14284, 333-13432 and 333-11982).
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: May 21, 2004
FORM 51-102F3
MATERIAL CHANGE REPORT
ITEM 1. NAME AND ADDRESS OF COMPANY
Precision Drilling Corporation (the "Corporation") 4200, 150 - 6th
Avenue S.W.
Calgary, AB
T2P 3Y7
Tel: (403) 716-4500
ITEM 2. DATE OF MATERIAL CHANGE
May 18, 2004
ITEM 3. NEWS RELEASE
A press release was disseminated on May 21, 2004 via Canada
NewsWire.
ITEM 4. SUMMARY OF MATERIAL CHANGE
The Corporation's wholly owned subsidiary, Precision Holdings (UK)
Limited, has acquired 99.7% of the issued and outstanding shares of
Reeves Oilfield Services Limited.
ITEM 5. FULL DESCRIPTION OF MATERIAL CHANGE
The Corporation announces that its wholly owned subsidiary,
Precision Holdings (UK) Limited, has acquired 99.7% of the issued
and outstanding shares of UK based Reeves Oilfield Services Limited
("Reeves") pursuant to its previously announced offer to acquire
all of the issued and outstanding shares of Reeves (the "Offer")
for (pound)92.4 million, ((pound)88.4 million net of cash acquired,
equivalent to Cdn. $218 million). The Offer will remain open for
acceptance until June 10, 2004. A 100% shareholding is sought,
whether this be achieved through 100% eventual acceptances or use
of the mandatory buy-out mechanism provided in the Companies Act
1985 (United Kingdom).
Reeves' premier offering consists of a highly reliable formation
evaluation logging system that may be conveyed on wireline or using
an array of conveyance alternatives such as drill pipe, tractors,
or coil tubing. The Reeves system design enables high quality
logging data to be recorded more efficiently than current
competitors' offerings.
ITEM 6. RELIANCE ON SECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102
Not Applicable
ITEM 7. OMITTED INFORMATION
Not Applicable
2
ITEM 8. EXECUTIVE OFFICER
The name and business number of the executive officer of Precision
Drilling Corporation who is knowledgeable about the material change
and this report is:
Dale E. Tremblay - Senior Vice President Finance and
Chief Financial Officer
Telephone: (403) 716-4500
ITEM 9. DATE OF REPORT
May 21, 2004