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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
For August 31, 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
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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
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Jan M. Campbell
Corporate Secretary
Date: August 31,2005
N E W S R E L E A S E
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PRECISION DRILLING CORPORATION ANNOUNCES THE SALE OF ITS
ENERGY SERVICES AND INTERNATIONAL DRILLING DIVISIONS
TO WEATHERFORD INTERNATIONAL LTD.
AND A PENDING SALE OF CEDA HOLDINGS LTD.
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CALGARY, ALBERTA, CANADA, August 31, 2005 - Precision Drilling Corporation
("Precision") is pleased to announce that it has completed the sale of its
Energy Services and International Drilling divisions to Weatherford
International Ltd. ("Weatherford") for a purchase price consisting of 26,000,000
common shares of Weatherford and Cdn $1,130,000,000 cash consideration.
Weatherford common shares trade on the New York Stock Exchange and the closing
price of a Weatherford common share was US $67.71 on August 31, 2005.
In addition, Precision has reached an agreement in principal with a private
purchaser to sell all of its shares of CEDA Holdings Ltd. for a cash purchase
price of about Cdn $273,000,000.
CEDA Holdings Ltd. is the parent company of a number of subsidiaries, which
together carry on Precision's industrial cleaning, catalyst handling and
mechanical services businesses. It is anticipated that a definitive purchase and
sale agreement will be entered into and this transaction should close on or
about September 12, 2005.
Precision Drilling Corporation is listed on the Toronto Stock Exchange under the
trading symbols "PD and PD.U" and on the New York Stock Exchange under the
trading symbol "PDS".
For further information please contact Hank B. Swartout, Chairman, President and
Chief Executive Officer, 4200, 150 - 6th Avenue S.W., Calgary, Alberta T2P 3Y7,
Telephone (403) 716-4500, Fax (403) 264-0251; website:
www.precisiondrilling.com.