UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13A-16 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For January 13, 2003
Commission File Number:
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: January 14, 2003
NEWS RELEASE
FOR IMMEDIATE RELEASE
Calgary, Alberta, Canada - January 13, 2003
PRECISION TO SELL ENERGY INDUSTRIES
Precision Drilling Corporation ("Precision") announced today that it has signed
a letter of intent to sell its shares of Energy Industries Inc. ("Energy
Industries") to Toromont Industries Ltd. for cash. Energy Industries designs and
manufactures modularized natural gas compression packages ranging from 100 to
5,000 horse power. The business includes rental, leasing and other compressor
related support activities. The transaction is to be effective January 1, 2003
with an expected closing date on or about February 28, 2003.
Although Energy Industries has been a profitable entity since its acquisition by
Precision in 1996, the compression packaging business is not a core business to
Precision's energy services globalization strategy. Energy Industries' revenues
for 2002 were approximately $85,000,000.
Certain statements contained in this news release, including statements which
may contain words such as "expect, "believe" and similar expressions and
statements relating to matters that are not historical facts are forward-looking
statements. Such forward-looking statements involve known and unknown risks and
uncertainties which may cause the actual results, performances or achievements
of Precision to be materially different from any future results, performances or
achievements expressed or implied by such forward-looking statements. Such
factors include fluctuations in the market for oil and gas and related products
and services; 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, to which Precision is
subject and other factors which are described in further detail in Precision's
filings with the Securities and Exchange Commission.
Precision Drilling Corporation is listed on the Toronto Stock Exchange under the
trading symbol PD and on the New York Stock Exchange under the trading symbol
PDS.
FOR FURTHER INFORMATION, PLEASE CONTACT DALE E. TREMBLAY, SENIOR VICE PRESIDENT
FINANCE AND 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.