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
MARCH 29, 2006
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.
Dated: March 29, 2006
PRECISION DRILLING TRUST
BY ITS ADMINISTRATOR PRECISION DRILLING
CORPORATION
By: "Darren Ruhr"
Name: Darren Ruhr
Title: Vice President, Corporate Services
and Corporate Secretary
Exhibit Title
1 PRESS RELEASE - PRECISION DRILLING TRUST ANNOUNCES
DISTRIBUTION REINVESTMENT PLAN
[Graphic Omitted]
[Logo - Precision Drilling Corporation]
NEWS RELEASE
PRECISION DRILLING TRUST ANNOUNCES
DISTRIBUTION REINVESTMENT PLAN
CALGARY, Alberta, March 29, 2006 - the Trustees of Precision Drilling Trust
("PRECISION") have approved the adoption of a distribution reinvestment plan
(the "PLAN") for holders of trust units of Precision ("UNITHOLDERS"). The Plan
is effective for distributions declared after March 31, 2006.
The Plan provides eligible Unitholders with the option to reinvest the monthly
cash distributions and acquire additional units of Precision at an average
market price as determined under the Plan. Units distributed pursuant to the
Plan will be acquired by Computershare Trust Company of Canada from treasury, or
at the discretion of Precision Drilling Corporation, administrator of Precision,
through the facilities of the Toronto Stock Exchange. No brokerage fees or
commissions are payable by participants enrolled in the Plan, however,
Unitholders should make inquiries with their broker, investment dealer or
financial institution through which their units are held to confirm their
individual fee policies.
The Plan is presently available to Canadian resident Unitholders. Unitholders
who are not residents of Canada or who hold Class B Limited Partnership Units of
Precision Drilling Limited Partnership are not eligible to enroll in the Plan.
A copy of the Plan is available on Precision's website at
www.precisiondrilling.com and detailed information regarding enrolment in the
Plan can be obtained from Computershare Trust Company of Canada, 9th Floor, 100
University Avenue, Toronto, Ontario M5J 2Y1, Attention: Distribution
Reinvestment Department, Telephone: 1-800-564-6253. Unitholders should
carefully read the complete text of the Plan before making any decisions
regarding their participation in the Plan.
Precision Drilling Trust is Canada's largest energy services trust.
Headquartered in Calgary, Alberta, Precision is 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 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 in U.S. dollars "PD.U" 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.