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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 October 26, 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: October 26, 2005
P R E S S R E L E A S E
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PRECISION DRILLING CORPORATION ANNOUNCES
APPOINTMENT OF EXECUTIVE OFFICERS
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CALGARY, October 26, 2005 - As previously announced on September 7, 2005, the
Board of Directors of Precision Drilling Corporation ("Precision") confirmed
today that upon the effective date of conversion to the proposed mutual fund
trust structure, Gene Stahl will be appointed to the position of Chief Operating
Officer and President of Precision, Doug Strong will be appointed to the
position of Chief Financial Officer of Precision and Darren Ruhr will be
appointed Vice President Corporate Services and Corporate Secretary. Mr. Stahl
has been employed with Precision for the past nine years in a diverse mix of
management roles, most recently as Vice President, Rentals. Mr. Strong is a
Chartered Accountant with nearly twenty years of domestic and international
oilfield service industry experience and has been the Group Controller for
Precision's Canadian drilling business for the past eight years. Mr. Ruhr has
been employed with Precision for the past eight years, most recently as
Director, Information Technology, Real Estate and Travel.
Mr. Stahl is the son-in-law of Mr. Hank Swartout, who is continuing as Chairman
and Chief Executive Officer.
Upon consideration, the provisions of Precision's Code of Business Conduct and
Ethics (the "Code") concerning conflicts of interest have been waived by the
board of directors (the "Board") of Precision in connection with the appointment
of Mr. Stahl and the ongoing reporting relationship that Mr. Stahl will have to
Mr. Swartout. In reaching their decision, the Board considered the following
factors with respect to Mr. Stahl:
o Competence, commitment and a broad range of experience demonstrated
over nine years of service with Precision;
o Knowledge of customer base across Precision's product lines;
o Proven operating performance with a track record of growth and
profitability; and
o Demonstrated leadership skills.
In dealing with the waiver of the Code, the Board took into account the fact
that Mr. Swartout is in a transition role and the Board has implemented a policy
whereby Mr. Swartout is required to recuse himself from any discussions
regarding Mr. Stahl's terms of employment.
Upon consideration of these factors, the board of directors of Precision is
satisfied that a waiver of Precision's Code of Business Conduct and Ethics is in
the best interests of Precision.
Precision 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 Jan M. 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.