<DOCUMENT>
<TYPE>EX-25
<SEQUENCE>6
<FILENAME>ex7-2form_f10a1.txt
<DESCRIPTION>EXHIBIT 7.2
<TEXT>

                                                                     EXHIBIT 7.2
                                                                     -----------



                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM T-1

                            STATEMENT OF ELIGIBILITY
                   UNDER THE TRUST INDENTURE ACT OF 1939 OF A
                    CORPORATION DESIGNATED TO ACT AS TRUSTEE

                      CHECK IF AN APPLICATION TO DETERMINE
                      ELIGIBILITY OF A TRUSTEE PURSUANT TO
                               SECTION 305 (B) (2)

                THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK
               (Exact name of trustee as specified in its charter)

         NEW YORK                                       13-5691211
         --------                                       ----------
(Jurisdiction of incorporation or organization          ( I.R.S. employer
if not a U.S. national bank)                            Identification
number)

         ONE LIBERTY PLAZA
         NEW YORK, N.Y.                                 10006
         --------------                                 -----
     (Address of principal                            (Zip code)
      executive office)

                                       N/A
                                       ---
             Name, address and telephone number of agent for service

                         PRECISION DRILLING CORPORATION
                         ------------------------------
               (Exact name of obligor as specified in its charter)

                                     CANADA
                                     ------
         (State or other jurisdiction of incorporation or organization)

                                       N/A
                                       ---
                      (I.R.S. employer identification no.)

                            4200, 150 - 6TH AVENUE SW
         CALGARY, ALBERTA, CANADA                       T2P 3Y7
         ------------------------                       -------
  (Address of principal executive offices)            (Postal Code)

                                 DEBT SECURITIES
                                 ---------------
                       (Title of the indenture securities)

<PAGE>

                                       -2-


Item 1.  GENERAL INFORMATION

         Furnish the following information as to the trustee:

         (a)      Name and address of each examining or supervising authority to
                  which it is subject. Board of Governors of the Federal Reserve
                  System Washington, D.C.

                  State of New York Banking Department
                  State House, Albany, N.Y.

         (b)      Whether it is authorized to exercise corporate trust powers.
                  The Trustee is authorized to exercise corporate trust powers.

Item 2.  AFFILIATION WITH THE OBLIGOR.

         If the obligor is an affiliate of the trustee, describe each such
         affiliation.

         The obligor is not an affiliate of the Trustee.


Item 3. through Item 15.  Not applicable.


Item 16. LIST OF EXHIBITS.

         List below all exhibits filed as part of this statement of eligibility.

         Exhibit 1 - Copy of the Organization Certificate of the Trustee as now
                     in effect. (Exhibit 1 to T-1 to Registration Statement No.
                     333-6688).

         Exhibit 2 - Copy of the Certificate of Authority of the Trustee to
                     commerce business. (Exhibit 2 to T-1 to Registration
                     Statement No. 333-6688).

         Exhibit 3 - None; authorization to exercise corporate trust powers is
                     contained in the documents identified above as Exhibit 1
                     and 2.

         Exhibit 4 - Copy of the existing By-Laws of the Trustee. (Exhibit 4 to
                     T-1 to Registration Statement No. 333-6688).

         Exhibit 5 - No Indenture referred to in Item 4.

         Exhibit 6 - The consent of the Trustee required by Section 321 (b) of
                     the Trust Indenture Act of 1939.(Exhibit 6 to T-1 to
                     Registration Statement No. 333-27685).

         Exhibit 7 - Copy of the latest Report of Condition of the Trustee as of
                     March 31, 2004

<PAGE>

                                    SIGNATURE


         Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, The Bank of Nova Scotia Trust Company of New York, a corporation
organized and existing under the laws of the State of New York, has duly caused
this statement of eligibility to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of New York, and State of New York,
on the 10th day of May, 2004.




                                    THE BANK OF NOVA SCOTIA TRUST
                                    COMPANY OF NEW YORK


                                    By: /s/ John F. Neylan
                                        ---------------------------------------
                                        John F. Neylan
                                        Trust Officer

<PAGE>

THE BANK OF NOVA SCOTIA TRUST COMPANY OF NEW YORK
-----------------------------------------------------
Legal Title of Bank

NEW YORK
-----------------------------------------------------
City

NEW YORK          10006
-----------------------------------------------------
State             Zip Code

FDIC Certificate Number /_/_/_/_/_/


Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for March 31, 2004

All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.

SCHEDULE RC-BALANCE SHEET

<TABLE>
<CAPTION>
                                                Dollar Amounts in Thousands  RCON       BIL     MIL    THOU
                                                                             ----       ---     ---    ----
<S>                                                                          <C>        <C>      <C>   <C>   <C>
ASSETS

1.    Cash and balances due from depository institutions (from Schedule RC-A):
      a.  Noninterest-bearing balances and currency and coin(1)..........    0081                 1     099  1.a.
      b.  Interest-bearing balances(2)...................................    0071                 6     000  1.b.

2.    Securities:
      a.  Held-to-maturity securities (from Schedule RC-B, column A).....    1754                 4     227  2.a.
      b.  Available-for-sale securities (from Schedule RC-B, column D)...    1773                         0  2.b.

3.    Federal funds sold and securities purchased under agreement to resell  1350
      a.  Federal Funds sold.............................................    B987                 5     500  3.a.
      b.  Securities purchased under agreements to resell................    B989                         0  3.b.

4.    Loans and lease financing receivable (from Schedule RC-C):
      a.  Loans and leases held for sale.................................    5369                         0  4.a.
      b.  Loans and leases, net of unearned income ........                  B528                            4.b.
      c.  LESS: Allowance for loan and lease losses .......                  3123                            4.c.
      d.  Loans and leases, net of unearned income and allowance (item 4.b
          minus 4.c)......................................................   B529                         0  4.d.

5.    Trading assets (from Schedule RC-D).................................   3545                         0  5.

6.    Premises and fixed assets (including capitalized leases)............   2145                         0  6.

7.    Other real estate owned (from Schedule RC-M)........................   2150                         0  7.

8.    Investments in unconsolidated subsidiaries and associated companies
      (from Schedule RC-M)................................................   2130                         0  8.

9.    Customers' liability to this bank on acceptances outstanding........   2155                         0  9.

10.   Intangible assets:
      a.  Goodwill.......................................................    3163                         0  10.a.
      b.  Other intangible assets (from Schedule RC-M)...................    0426                         0  10.b.

11.   Other assets (from Schedule RC-F)...................................   2160                       182  11.

12.   Total assets (sum of items 1 through 11) ...........................   2170                17     008  12.
</TABLE>
------------------------
(1)  Includes cash items in process of collection and unposted debits.
(2)  Includes time certificates of deposit not held for trading.

<PAGE>


SCHEDULE RC-CONTINUED

<TABLE>
<CAPTION>
                                                Dollar Amounts in Thousands  RCON       BIL     MIL    THOU
                                                                             ----       ---     ---    ----
<S>                                                                          <C>        <C>      <C>   <C>   <C>
LIABILITIES

13.   Deposits:
      a.  In domestic offices (sum of totals of columns A and C from
          Schedule RC-E)..................................................   2200                 3     122  13.a.
          (1)  Noninterest-bearing(l)........                                6631                 3     122  13.a.(1)
          (2)  Interest-bearing..............                                6636                            13.a.(2)
      b.  Not applicable

14.   Federal funds purchased and securities sold under agreements to
      repurchase                                                             2800                         0  14.
      a.  Federal Funds purchased(2)......................................   B993                         0  14.a.
      b.  Securities sold under agreements to purchase(3).................   B995                         0  14.b.

15.   Trading liabilities (from Schedule RC-D)............................   3548                         0  15.

16.   Other borrowed money (includes mortgage indebtedness and obligations
      under capitalized leases)(from Schedule RC-M).......................   3190                         0  16.

17.   Not applicable

18.   Bank's liability on acceptances executed and outstanding............   2920                         0  18.

19.   Subordinated notes and debentures(4)................................   3200                         0  19.

20.   Other liabilities (from Schedule RC-G)..............................   2930                       409  20.

21.   Total liabilities (sum of items 13 through 20)......................   2948                 3     531  21.

22.   Minority interest in consolidated subsidiaries......................   3000                          0  22.

EQUITY CAPITAL

23.   Perpetual preferred stock and related surplus.......................   3838                          0  23.

24.   Common stock........................................................   3230                 1     000  24.

25.   Surplus (exclude all surplus related to preferred stock)............   3839                10     030  25.

26.   a.  Retained earnings...............................................   3632                 2     447  26.a.
      b.  Accumulated other comprehensive incomes(3)......................   B530                         0  26.b.

27.   Other equity capital components(4)..................................   A130                         0  27.

28.   Total equity capital (sum of items 23 through 27)...................   3210                13     447  28.

29.   Total liabilities, minority interest, and equity capital (sum of
      items 21, 22, and 28)...............................................   3300                17     008  29.
</TABLE>

Memorandum
To be reported with the March Report of Condition.
<TABLE>
<CAPTION>
                                                                             RCON       NUMBER
                                                                             ----       ------
<S>                                 <C>                                      <C>           <C>      <C>
1.   Indicate in the box at the right the number of the statement below that
     best describes the most comprehensive level of
     auditing work performed far the bank by independent external
     auditors as of any date during 2003.........................            6724          1       M.1.
</TABLE>

1 =  Independent audit of the bank conducted in accordance with generally
     accepted auditing standards by a certified public accounting firm which
     submits a report an the bank

2 =  Independent audit of the bank's parent holding company conducted in
     accordance with generally accepted auditing standards by a certified public
     accounting firm which submits a report on the consolidated holding company
     (but not on the bank separately)

3 =  Attestation on bank management's assertion on the effectiveness of the
     bank's internal control over financial reporting by a certified public
     accounting firm

4 =  Directors' examination of the bank conducted in accordance with generally
     accepted auditing standards by a certified public accounting firm (may be
     required by state chartering authority)

5 =  Directors' examination of the bank performed by other external auditors
     (may be required by state chartering authority)

<PAGE>

6 =  Review of the bank's financial statements by external auditors

7 =  Compilation of the bank's financial statements by external auditors

8 =  Other audit procedures (excluding tax preparation work)

9 =  No external audit work

------------------------
(1)  Includes total demand deposits and noninterest-bearing time and savings
     deposits.

(2)  Includes limited-life preferred stock and related surplus.

(3)  Includes net unrealized holding gains (losses) on available-for-sale
     securities, accumulated net gains (losses) on cash flow hedges, and minimum
     pension liability adjustments.

(4)  Includes treasury stock and unearned Employee Stock Ownership Plans


</TEXT>
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