<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex-3form6k_100405.txt
<DESCRIPTION>EXHIBIT 3
<TEXT>
                                                                       EXHIBIT 3
                                                                       ---------

PRECISION DRILLING

                                                9th Floor, 100 University Avenue
                                                        Toronto, Ontario M5J 2Y1
                                                          www. Computershare.com


                                          SECURITY CLASS

                                          HOLDER ACCOUNT NUMBER


================================================================================
FORM OF PROXY - SPECIAL MEETING TO BE HELD ON OCTOBER 31, 2005
================================================================================

1. EACH  OPTIONHOLDER  HAS THE RIGHT TO  APPOINT A  PROXYHOLDER,  OTHER THAN THE
PERSONS  DESIGNATED  IN THE FORM OF  PROXY,  WHO NEED NOT BE A  OPTIONHOLDER  TO
ATTEND AND TO ACT FOR HIM ON HIS BEHALF AT THE MEETING.  TO EXERCISE SUCH RIGHT,
THE NAMES OF  MANAGEMENT'S  NOMINEES  SHOULD BE CROSSED  OUT AND THE NAME OF THE
OPTIONHOLDER'S NOMINEE SHOULD BE LEGIBLY PRINTED IN THE BLANK SPACE PROVIDED, OR
ANOTHER PROXY IN PROPER FORM SHOULD BE COMPLETED.

2. In order for this Proxy to be effective,  it must be deposited at the offices
of  Computershare  Trust Company of Canada,  Proxy  Department,  100  University
Avenue, 9th Floor, Toronto,  Ontario, M5J 2YI, not less than 48 hours (excluding
Saturdays, Sundays and statutory holidays) before the Meeting or any adjournment
thereof or with the Chairman of the Meeting prior to the commencement thereof.

3. In addition to any other  manner  permitted by law, an  optionholder  who has
given a proxy  may  revoke it as to any  matter on which a vote has not  already
been cast pursuant to the authority  conferred by it, by signing in person or by
attorney  authorized in writing a written  revocation of proxy and by depositing
such  instrument of revocation at the office of  Computershare  Trust Company of
Canada, Proxy Department,  100 University Avenue, 9th Floor,  Toronto,  Ontario,
M5J 2YI, at any time up to and including the last business day preceding the day
of the Meeting or any adjournment thereof or with the Chairman of the Meeting on
the day thereof or on the day of any adjournment thereof.

4. Management  knows of no other  matters to come before the Meeting  other than
the matters referred to in the Notice. However, if any amendments, variations or
new matters properly come before the Meeting,  this proxy confers  discretionary
authority upon the optionholder's  nominee to vote on such matters in accordance
with the nominee's best judgment.

5. Please sign exactly as name  appears  above.  Joint owners  should each sign.
Executors,  administrators  and trustees,  etc.  should attach evidence of their
authority and a corporation  should affix its seal hereto.  Optionholders who do
not expect to attend the Meeting in person are  requested  to date and sign this
Instrument  of Proxy  appointing a proxy and return it in the envelope  provided
for that purpose.

6. If this  proxy is not  dated,  it will be deemed to bear the date on which it
was mailed by Management to the optionholder.

VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK!

VOTING  BY MAIL  may be the  only  method  for  holdings  held in the  name of a
corporation or holdings being voted on behalf of another individual.

VOTING  BY MAIL OR BY  INTERNET,  are the only  methods  by  which a holder  may
appoint a person as proxyholder other than the Management  nominees named on the
reverse of this proxy.  Instead of mailing this proxy, you may choose one of the
two voting methods outlined below to vote this proxy.  Please have this proxy in
hand when you call.

TO RECEIVE DOCUMENTS  ELECTRONICALLY - You can enroll to receive future security
holder  communications  electronically after you vote using the Internet. If you
don't  vote  online,  you  can  still  enroll  for  this  service.   Follow  the
instructions below.


TO VOTE USING THE TELEPHONE (WITHIN U.S. AND CANADA)

o  Call the toll free number listed BELOW from a touch tone telephone. There is
NO CHARGE for this call.

o  Proxy  Instructions  must be  received  not  less  than 48  hours  (excluding
Saturdays, Sundays and statutory holidays) prior to the time set for the Meeting
or any adjournment thereof

TO VOTE USING THE INTERNET

o Go to the following web site: WWW.COMPUTERSHARE.COM/CA/PROXY

o Proxy  Instructions  must  be  received  not  less  than  48hours  (excluding
Saturdays, Sundays and statutory holidays) prior to the time set for the Meeting
or any adjournment thereof.


TO RECEIVE DOCUMENTS ELECTRONICALLY

o You  can   enroll  to   receive   future   security   holder   communications
electronically, after you vote using the Internet. If you don't vote online, you
can still enroll by visiting  www.computershare.com - click "Investors" and then
"Electronic Shareholder Communications".


TO  VOTE  BY  TELEPHONE  OR  THE  INTERNET,   YOU  WILL  NEED  TO  PROVIDE  YOUR
CONTROLNUMBER, HOLDER ACCOUNT NUMBER AND ACCESS NUMBER LISTED BELOW.

CONTROL NUMBER            HOLDER  ACCOUNT NUMBER            ACCESS NUMBER

IF YOU VOTE BY TELEPHONE OR THE INTERNET, DO NOT MAIL BACK THIS PROXY.
Proxies submitted must be received not less than 48 hours (excluding Saturdays,
Sundays and statutory holidays) prior to the time set for the Meeting or any
adjournment thereof.

THANK YOU

--------------------------------------------------------------------------------
If you have any questions or require assistance to complete this proxy please
call:

GEORGESON SHAREHOLDER Toll Free: 1-866-430-2001
--------------------------------------------------------------------------------
<PAGE>

--------------------------------------------------------------------------------
THIS FORM OF PROXY IS SOLICITED BY AND ON BEHALF OF MANAGEMENT.
--------------------------------------------------------------------------------

APPOINTMENT OF PROXYHOLDER

The undersigned shareholder of Precision Drilling          _____________________
Corporation ("Precision"), hereby appoints Hank B.
Swartout, President and Chief Executive Officer or
failing him, R.T. (Bob) German, Vice President and
Chief Accounting Officer, or instead of either of          _____________________
the foregoing,

as proxyholder of the undersigned,  with full power of substitution,  to attend,
act and vote for and on behalf of the  undersigned  at the  special  meeting  of
shareholders  and  optionholders  of Precision  (the  "Meeting"),  to be held on
Monday,  October  31,  2005 at 10:00  a.m.  (Calgary  time) at the  Metropolitan
Conference Centre, 333-4th Avenue S.W., Calgary,  Alberta and at any adjournment
thereof,  and on every ballot that may take place in consequence  thereof to the
same  extent  and with the same  powers as if the  undersigned  were  personally
present  at the  Meeting  with  authority  to  vote  at the  said  proxyholder's
discretion, except as otherwise specified below.

Without  limiting the general powers hereby  conferred,  the undersigned  hereby
directs the said  proxyholder to vote the shares  represented by this Instrument
of Proxy in the following manner (check (?) the appropriate box):

1.    FOR or AGAINST(and, if no specification
      is  made,   FOR)   passing   a  special
      resolution,  the full  text of which is
      set   forth  as   Appendix   A  to  the
      Information Circular of Precision dated
      October   3,  2005  (the   "Information
      Circular"),  approving  an  arrangement     FOR  [_]     AGAINST  [_]
      involving Precision, Precision Drilling
      Trust,   Precision   Drilling   Limited
      Partnership,    1194312Alberta    Ltd.,
      1195309 Alberta ULC, certain direct and
      indirect  wholly-owned  subsidiaries of
      Precision  and the  securityholders  of
      Precision  under  Section  193  of  the
      Business Corporations Act(Alberta), all
      as  more  particularly  set  forth  and
      described in the Information  Circular;
      and

2.    At  the  discretion  of the  said  proxyholders,  upon  any  amendment  or
      variation  of the above  matters or any other  matter that may be properly
      brought  before the Meeting or any  adjournment  thereof in such manner as
      such proxy, in such proxyholder's sole judgment, may determine.

This  Instrument of Proxy is solicited on behalf of the management of Precision.
The common  shares  represented  by this  Instrument of Proxy will be voted and,
where the  shareholder  has specified a choice with respect to the above matters
will be voted as directed  above or, if no direction is given,  will be voted in
favor of the above matters.

Each  optionholder has the right to appoint a proxyholder other than the persons
designated above, who need not be an optionholder,  to attend and to act for and
on the behalf of such  optionholder at the Meeting.  To exercise such right, the
names of the  nominees of  management  should be crossed out and the name of the
optionholder's appointee should be legibly printed in the blank space provided.



The undersigned hereby revokes any proxies heretofore given.


AUTHORIZED  SIGNATURE(S)  - SIGN HERE - THIS SECTION MUST BE COMPLETED  FOR YOUR
INSTRUCTIONS TO BE EXECUTED.

I/We authorize you to act in accordance with my/our instructions set out above.
I/We hereby revoke any proxy previously given with respect to the Meeting. IF NO
VOTING INSTRUCTIONS ARE INDICATED ABOVE, THIS PROXY WILL BE VOTED AS RECOMMENDED
BY MANAGEMENT.

Signature(s)

______________________________


______________________________                    _____________________________
                                                  Date


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</DOCUMENT>
