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 10, 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
-------
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 10, 2005
NEWS RELEASE
PRECISION DRILLING CORPORATION ANNOUNCES
SHAREHOLDER APPROVAL OF STOCK SPLIT
CALGARY, ALBERTA, CANADA, May 10, 2005 - Further to the news release of March
10, 2005, Precision Drilling Corporation ("Precision") announces that its
shareholders have approved the stock split of its Common Shares on a two for one
basis at the Annual and Special Meeting of Shareholders held earlier today. The
trading price of Precision's Common Shares has increased from $57.48 (US$44.80)
on January 5, 2004 to $75.52 (US$62.80) on December 31, 2004. The trading price
of the Common Shares continued to increase this year recently reaching a high of
$98.14 (US$78.68) on April 26, 2005. The board of directors of Precision
believes that the stock split will encourage greater market liquidity and wider
distribution among retail investors, as a lower share price makes a board lot
(100 Common Shares) more affordable.
Precision would like to announce minor changes in the timing of the
implementation of the stock split. Subject to regulatory approval, each
shareholder will receive one additional Common Share for each Common Share he or
she holds on the record date for the stock split of May 20, 2005. Pursuant to
the rules of the Toronto Stock Exchange, Precision's Common Shares will commence
trading on a split basis at the opening of business on May 18, 2005, which is
the second trading day preceding the record date. Also on May 18, 2005
Precision's Common Shares listed on the New York Stock Exchange ("NYSE") will
commence trading with rights entitling holders to an additional Common Share for
each Common Share held upon the commencement of trading of the Common Shares on
a split basis on the NYSE. The trading of the Common Shares on a split basis on
the NYSE will occur one day after the mailing of share certificates to
registered holders of Precision's Common Shares. It is anticipated that share
certificates representing the additional Common Shares resulting from the stock
split will be mailed to registered common shareholders on or about May 31, 2005.
Precision Drilling Corporation (TSX: PD and PD.U; NYSE: PDS) is a global
contract drilling and 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 corporate
subsidiary offices in Houston, Texas, and research facilities in the U.S. and
Europe, Precision employs more than 12,000 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 Jan 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.