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 January 29, 2004
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: January 29, 2004
NEWS RELEASE
CALGARY, ALBERTA, CANADA - January 29, 2004
FOR IMMEDIATE RELEASE
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PRECISION DRILLING CORPORATION
SETS HIGH-TEMPERATURE STANDARDS FOR MWD, LWD OPERATIONS
Precision Drilling Corporation ("Precision") announced today it has successfully
operated its MWD and LWD tools in record high-temperature wellbore conditions.
Precision's Hostile Environment Logging (HELTM) MWD system and PrecisionLWDTM
triple combo system operated at 375(Degree)F and 347(Degree)F bottomhole
temperatures, respectively, providing wellbore and formation data for Newfield
Exploration Company ("Newfield") in south Texas.
During 12 days of drilling for Newfield on the Carrillo Conoco Fee No. 1 well in
Duval County, Texas, Precision's HEL MWD system provided wellbore directional
data, as well as gamma ray and bore/annular pressure, at circulating bottomhole
temperatures up to 375(Degree)F. A surface gyro was run and confirmed
directional survey accuracy within 1(Degree).
On the Peach Creek Gas Unit No. 5 well in Wharton County, Texas, adverse hole
conditions prevented wireline logging due to the risk of tools getting stuck.
The PrecisionLWD system recorded gamma ray, multi-frequency resistivity and
azimuthal density and thermal neutron porosity in 17.8-lb/gal oil-based mud at
347(Degree)F circulating bottomhole temperature to 16,250 ft. The LWD logs were
wireline-quality.
"The record-setting performance of Precision's MWD and LWD technology is a
substantial step forward in the advancement of hostile environment drilling,"
said Bruce Darlington, Drilling Engineer for Newfield. "The MWD and LWD systems
operated trouble-free and provided accurate data under extremely difficult
conditions where other methods likely would have failed."
"Our engineering processes have again delivered reliable tools that have been
proven in the most demanding of environments," said Rusty Petree, Vice President
of Corporate Development, Technology Services for Precision. "This bodes well
for delivering superior technology into the economic envelope required for the
ongoing development of mature basins."
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Precision Drilling Corporation (TSX: PD, and effective February 2, 2004 PD.U;
NYSE: PDS) is a global 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 Houston,
Texas, and research facilities in the U.S. and Europe, Precision employs more
than 10,000 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 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