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
19, 2007
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
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.
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PRECISION
DRILLING TRUST
By its Administrator PRECISION DRILLING
CORPORATION
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| Dated: January 19, 2007 | By: | /s/ Darren Ruhr |
|
Name: Darren Ruhr |
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| Title: Corporate Secretary | ||
 |
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Precision
Drilling Trust Announces
January
2007 Distribution
Calgary,
Alberta, Canada - January 19, 2007
(Canadian
dollars)
Precision
Drilling Trust (“Precision”) announces that its Board of Trustees has approved a
cash distribution for the month of January 2007 of $0.19 per trust unit
of
Precision. The same payment will also be made to holders of Class B limited
partnership units of Precision Drilling Limited Partnership
(“PDLP”).
The
$0.19
per unit cash distribution for the month of January 2007 will be payable
on
February 15, 2007 to Precision unitholders of record on January 31, 2007.
The
ex-distribution date is January 29, 2007. The payment of $0.19 per unit
will
also be made to holders of Class B limited partnership units of PDLP
using the
same record date and payment date.
The
39%
decrease from the prior monthly cash distribution reflects the persistent
decline in natural gas and oil price trends and the impact these conditions
have
on demand for Precision’s services. Precision’s financial performance is closely
tied to that of its customers. As lower commodity prices are realized
by natural
gas and oil producers, their ability to fund exploration and development
activities may become impaired. This has resulted in a reduction in equipment
utilization on a seasonally adjusted basis for Precision.
As
previously announced, the Distribution Reinvestment Plan has been suspended
until further notice.
Forward-Looking
Information and Statements Advisory
Certain
statements contained in this news release, including statements related
to
customer activity, demand for Precision’s services and financial performance for
2007 constitute “forward-looking information” within the meaning of Canadian
Securities laws and “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Such forward-looking information and statements involve known
and
unknown risks and uncertainties which may cause the actual results, performance
or achievements of Precision to be materially different from any future
results,
performances or achievements expressed or implied by such forward-looking
information and statements. Such factors include fluctuations in the
market for
oil and natural gas and related products and services; changes in commodity
prices; competition; 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 regulations, to which
Precision
is subject; and other factors, which are described in further detail
in
Precision's filings with Canadian securities regulators and the United
States
Securities and Exchange Commission.
Precision
is Canada’s largest energy services trust and the leading provider of energy
services to the Canadian oil and gas industry. Precision provides customers
with
access to an extensive fleet of contract drilling rigs, service rigs,
camps,
snubbing units, wastewater treatment units and rental equipment backed
by a
comprehensive mix of technical support services and skilled, experienced
personnel.
Precision
Drilling Trust is listed on the Toronto Stock Exchange under the trading
symbol
“PD.UN” 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 Drilling Trust,
4200,
150 - 6th Avenue S.W., Calgary, Alberta T2P 3Y7, Telephone (403) 716-4500,
Fax
(403) 264-0251; website: www.precisiondrilling.com.
4200,
150
- 6th Avenue S.W.
Calgary,
Alberta, Canada T2P 3Y7
Telephone:
403.716.4500
Facsimile:
403.264.0251
www.precisiondrilling.com