<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>2
<FILENAME>ex4-5form_f10a1.txt
<DESCRIPTION>EXHIBIT 4.5
<TEXT>

                                                                     EXHIBIT 4.5
                                                                     -----------



         RECONCILIATION OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
                              AS AT MARCH 31, 2004
 AND FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2004 AND 2003 TO UNITED STATES
                    GENERALLY ACCEPTED ACCOUNTING PRINCIPLES:

     The consolidated interim financial statements of Precision Drilling
     Corporation (the "Corporation") were prepared in accordance with Canadian
     generally accepted accounting principles ("Canadian GAAP") which, in the
     case of the Corporation conforms with United States generally accepted
     accounting principles ("US GAAP") in all material respects, except as
     follows:

     a)  INCOME TAXES:

         Under Canadian GAAP the Corporation adopted the liability method of
         accounting for income taxes in 2000. US GAAP required the use of the
         liability method, which substantially conforms to the Canadian GAAP
         accounting standard adopted in 2000, prior to 2000. Implementation of
         the Canadian standard resulted in a $70.0 million increase in retained
         earnings that under US GAAP is in included in goodwill. Under US GAAP
         amortization totaling $7.0 million was recorded on the additional
         goodwill in 2000 and 2001. At March 31, 2004 and December 31, 2003 the
         US GAAP financial statements would reflect an increase in goodwill of
         $63.0 million and a corresponding decrease in retained earnings.

     b)  STOCK COMPENSATION

         Effective January 2004 the Corporation adopted revised Canadian
         accounting standard with respect to accounting for stock-based
         compensation. Under the Canadian standard the fair value of common
         share purchase options is calculated at the date of grant and that
         value is recorded as compensation expense over the vesting period of
         those grants. The Corporation has retroactively applied this standard
         with restatement of prior years to all common share purchase options
         granted since January 2002. Under US GAAP the Corporation has elected
         only to disclose the impact of expensing common share purchase options.


<PAGE>

     The application of US accounting principles would have the following impact
     on the consolidated financial statements:

<TABLE>
<CAPTION>
     CONSOLIDATED STATEMENTS OF EARNINGS
==================================================================================================================
     Three months ended March 31,                                                        2004             2003
------------------------------------------------------------------------------------------------------------------
<S>                                                                              <C>                 <C>
     Net earnings under Canadian GAAP and proforma earnings
     under US GAAP                                                               $    100,519        $  83,129
     Adjustments under US GAAP:
         Stock-based compensation expense                                               2,051            1,768
------------------------------------------------------------------------------------------------------------------
     Net income and comprehensive income
       under US GAAP                                                             $    102,570        $  84,897
==================================================================================================================

     Earnings per share under US GAAP:
         Basic                                                                   $       1.85        $    1.57
         Diluted                                                                 $       1.82        $    1.54
------------------------------------------------------------------------------------------------------------------
</TABLE>

     BALANCE SHEETS
<TABLE>
<CAPTION>
==================================================================================================================
                                                    MARCH 31, 2004                   December 31, 2003
                                                AS REPORTED       US GAAP         As reported      US GAAP
------------------------------------------------------------------------------------------------------------------
<S>                                            <C>              <C>                <C>             <C>
     Current assets                            $   827,588          827,588        $  686,458      $  686,458
     Property, plant and equipment               1,587,732        1,587,732         1,588,250       1,588,250
     Intangibles                                    63,778           63,778            65,262          65,262
     Goodwill                                      528,547          591,576           527,443         590,472
     Other assets                                    8,612            8,612             8,932           8,932
     Assets of discontinued operations               4,086            4,086            32,040          32,040
------------------------------------------------------------------------------------------------------------------

                                               $ 3,020,343      $ 3,083,372        $2,908,385      $2,971,414
==================================================================================================================

     Current liabilities                       $   405,793      $   405,793        $  438,197      $  438,197
     Long-term debt                                391,172          391,172           399,422         399,422
     Future income taxes                           340,356          340,356           320,599         320,599
     Liabilities of discontinued operations             --               --             1,107           1,107
     Non-controlling interest                        4,628            4,628             3,771           3,771
     Shareholders' equity                        1,878,394        1,941,423         1,745,289       1,808,318
------------------------------------------------------------------------------------------------------------------

                                               $ 3,020,343      $ 3,083,372        $2,908,385      $2,971,414
==================================================================================================================


     CONSOLIDATED STATEMENT OF CASH FLOWS
------------------------------------------------------------------------------------------------------------------
</TABLE>

     The application of US accounting principles would have no impact on the
     consolidated statement of cash flows.


</TEXT>
</DOCUMENT>
