<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>4
<FILENAME>ex4-3form_s8.txt
<DESCRIPTION>EXHIBIT 4.3
<TEXT>

                                                                     EXHIBIT 4.3
                                                                     -----------


                         PRECISION DRILLING CORPORATION

                             2005 STOCK OPTION PLAN


EFFECTIVE AS OF MARCH 9, 2005


1.                PURPOSE

                  The purpose of this 2005 Plan is to provide an incentive to
the officers, employees and directors of Precision Drilling Corporation (the
"Corporation") or any of its subsidiaries to achieve the longer term objectives
of the Corporation, to give suitable recognition to the ability and industry of
such persons who contribute materially to the success of the Corporation and to
attract to, and retain in, the employ of the Corporation, persons of experience
and ability, by providing them with the opportunity to acquire an increased
proprietary interest in the Corporation.

2.                DEFINITIONS

                  When used in this 2005 Plan, unless there is something in the
subject matter or context inconsistent therewith, the following words and terms
shall have the respective meanings ascribed to them as follows:

         (a)      "BOARD OF DIRECTORS" means the Board of Directors of the
                  Corporation;

         (b)      "COMMON SHARES" means the Common Shares of the Corporation and
                  any shares or securities of the Corporation into which such
                  Common Shares are changed, converted, subdivided, consolidated
                  or reclassified;

         (c)      "CORPORATION" means Precision Drilling Corporation and any
                  successor corporation and any reference herein to action by
                  the Corporation means action by or under the authority of its
                  Board of Directors or a duly empowered committee appointed by
                  the Board of Directors;

         (d)      "MARKET VALUE" means the per share closing price for the
                  Common Shares on the Toronto Stock Exchange on the Trading Day
                  immediately preceding the date of such grant providing that
                  such price must not be lower than the closing price for the
                  Toronto Stock Exchange on that day;

         (e)      "OPTION" means an option granted by the Corporation to an
                  Optionee entitling such Optionee to acquire a designated
                  number of Common Shares from treasury at a price to be
                  determined by the Board of Directors, but subject to the
                  provisions hereof;

         (f)      "OPTION PERIOD" means such period as may be determined by the
                  Board of Directors during which an Optionee may exercise an
                  Option, commencing on

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                  the date such Option is granted to such Optionee and ending as
                  specified in this 2005 Plan, or in the Stock Option Agreement
                  but in no event shall an Option expire on a date which is
                  later than five (5) years after the grant of the Option;

         (g)      "OPTIONEE" means a person who is an officer, employee or
                  director of the Corporation or its subsidiaries who is granted
                  an Option pursuant to this 2005 Plan;

         (h)      "2005 PLAN" shall mean the Corporation's stock option plan as
                  embodied herein; and

         (i)      "TRADING DAY" means a day on which at least a board lot of
                  Common Shares shall have been sold through the facilities of
                  The Toronto Stock Exchange or other relevant stock exchange.

3.                ADMINISTRATION AND ELIGIBILITY

                  The 2005 Plan shall be administered by the Board of Directors.
The Board of Directors shall have full and final discretion to interpret the
provisions of the 2005 Plan and, with the exception set forth in subparagraph
6(b) hereof, to prescribe, amend, rescind and waive rules and regulations to
govern the administration and operation of the 2005 Plan, and all decisions and
interpretations made by the Board of Directors shall be binding and conclusive
upon the Optionees and the Corporation subject to shareholder approval if
required by any relevant stock exchange. The Board of Directors may at any time,
and from time to time, designate those Optionees who are to be granted an Option
pursuant to the 2005 Plan and grant an Option to such Optionee. Notwithstanding
the foregoing, or any other provision contained herein, the Board of Directors
shall have the right to delegate to the President of the Corporation the
administration and operation of the 2005 Plan and the right to designate
Optionees and grant Options to such Optionees, with the exception of grants of
options to directors and the President.

4.                COMMON SHARES RESERVED

         (a)      The number of authorized but unissued Common Shares that may
                  be subject to Options granted to Optionees under the 2005 Plan
                  at any time, including Common Shares reserved for issuance
                  pursuant to previous stock option plans of the Corporation,
                  shall not exceed 10% of the issued and outstanding common
                  shares of the Corporation from time to time.

         (b)      The aggregate number of Common Shares reserved for issuance to
                  any one (1) individual pursuant to this 2005 Plan and all
                  previous stock option plans, shall not exceed five percent
                  (5%) of the issued and outstanding Common Shares of the
                  Corporation.

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         (c)      The number of Common shares issuable (or reserved for
                  issuance) to insiders under all security based compensation
                  arrangements shall not at any time exceed 10% of the issued
                  and outstanding Common Shares and the number of Common Shares
                  issued to insiders under all security based compensation
                  arrangements, within a one year period, shall not exceed 10%
                  of the issued and outstanding Common Shares.

         (d)      The foregoing provisions of this paragraph 4 are subject to
                  the appropriate adjustment, as set forth in paragraph 11
                  hereof, both in the number of Common Shares covered by
                  individual grants and the total number of Common Shares
                  authorized to be issued hereunder, to give effect to any
                  relevant changes in the capitalization of the Corporation.

         (e)      Common Shares in respect of which Options are not exercised
                  will be available for subsequent Options.

5.                PARTICIPATION

         (a)      Participation in the 2005 Plan shall be entirely voluntary and
                  any decision not to participate shall not affect an Optionee's
                  relationship or employment with the Corporation.

         (b)      Notwithstanding any express or implied term of this 2005 Plan
                  to the contrary, the granting of an Option pursuant to the
                  2005 Plan shall in no way be construed as a guarantee of
                  employment by the Corporation to the Optionee.

         (c)      No Optionee shall have any of the rights of a shareholder in
                  respect to Common Shares under an Option until such Common
                  Shares shall have been paid for in full and issued by the
                  Corporation pursuant to this 2005 Plan.

6.                OPTION AGREEMENTS

         (a)      Subject to subparagraph 6(b), a written agreement will be
                  entered into between the Corporation and each Optionee to whom
                  an Option is granted hereunder, which agreement will set out
                  the number of Common Shares subject to option, the exercise
                  price and any other terms and conditions approved by the Board
                  of Directors, all in accordance with the provisions of this
                  2005 Plan (herein referred to as the "Stock Option
                  Agreement"). The Stock Option Agreement will be in such form
                  as the Board of Directors may from time to time approve, and
                  may contain such terms as may be considered necessary in order
                  that the Option will comply with any provisions respecting
                  options in the income tax or other laws in force in any
                  country or jurisdiction of which the Optionee may from time to
                  time be a resident or

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                  citizen or the rules of any regulatory body having
                  jurisdiction over the Corporation.

         (b)      No Options shall be granted to any director of the Corporation
                  who is not also an officer of the Corporation if such grant
                  could result, at any time, in the total number of Shares
                  issuable to all directors of the Corporation who are not also
                  officers of the Corporation pursuant to Options exceeding
                  0.50% of the issued and outstanding Common Shares of the
                  Corporation.

7.                EXERCISE OF OPTIONS

         (a)      Subject to Paragraph 8 hereof, Optionee shall be entitled to
                  exercise an Option granted to Optionee at any time prior to
                  the expiry of the Option Period, subject to vesting
                  limitations which may be imposed by the Board of Directors at
                  the time such Option is granted.

         (b)      The exercise price of an Option granted under the 2005 Plan
                  shall be as determined by the Board of Directors when such
                  Option is granted subject to any limitations imposed by any
                  relevant stock exchange or regulatory authority, and shall not
                  be less than an amount equal to the Market Value of the Common
                  Shares.

8.                TERMINATION OF OPTIONS

                  Unless specifically amended or otherwise dealt with in a Stock
Option Agreement:
                   (i)     in the case of death of an Optionee, the right to
                           exercise an Option shall extend to the earlier of (i)
                           one year after the date of death or (ii) the expiry
                           date of the Option set forth in the Stock Option
                           Agreement, to the extent such Option was exercisable
                           by Optionee on the date of death of the Optionee; and

                  (ii)     in the case of termination or cessation of employment
                           of an Optionee for any reason (other than death) the
                           right to exercise an Option shall be limited to and
                           shall expire on the earlier of 60 days after the date
                           of termination or cessation, or the expiry date of
                           the Option set forth in the Stock Option Agreement,
                           to the extent such Option was exercisable by Optionee
                           on the date of termination of such employment. For
                           greater certainty, any reference to a cessation of
                           employment of the Optionee with the Corporation for
                           any reason, other than death, is a reference to the
                           occurrence of such fact howsoever that arises, and if
                           any Optionee is entitled to reasonable notice of
                           termination of employment or compensation in lieu
                           thereof, or is entitled to a specific period of
                           notice or compensation in lieu thereof, then the
                           Optionee is not entitled to claim any right to
                           further

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                                       5


                           unvested Common Shares which may be available
                           pursuant to an Option or further time to exercise
                           vested Common Shares available pursuant to an Option
                           during the said reasonable notice period or during
                           the said specific notice period, or to compensation
                           in lieu thereof by way of general damages, or special
                           damages, whether in contract, in tort or otherwise.

                  (iii)    The Corporation shall have the authority to either
                           provide for in the future or to amend all outstanding
                           option agreements of outside directors of the
                           corporation (being a director of the corporation who
                           is not also a full time employee of the corporation)
                           to provide for the right to such director to exercise
                           all of that director's outstanding options within
                           sixty (60) days of termination as a director of the
                           corporation if such termination occurs as a result of
                           a forced retirement due to the implementation of a
                           policy to force directors to retire from the board
                           due to a term limit of more than fourteen (14) years
                           as a board member or due to an age limit of greater
                           than sixty-nine (69) years.

9.                OPTIONEE'S RIGHTS NOT TRANSFERABLE

         (a)      No right or interest of any Optionee in or under the 2005 Plan
                  is assignable or transferable, in whole or in part, either
                  directly or by operation of law or otherwise in any manner
                  except by bequeath or the laws of descent and distribution.

         (b)      Subject to the foregoing, the terms of the 2005 Plan shall
                  bind the Corporation, its successors and assigns, and each
                  Optionee, his heirs, executors, administrators and personal
                  representatives.

10.               TAKEOVER OR CHANGE IN CONTROL

                  The Corporation shall have the power, in the event of:

         (a)      any disposition of substantially all of the assets of the
                  Corporation, on the dissolution, merger, amalgamation or
                  consolidation of the Corporation, with or into any other
                  corporation, or the merger, amalgamation or consolidation of
                  any other corporation into the Corporation,

         (b)      any change in control of the Corporation, or

         (c)      an offer is made generally to the holders of the Corporation's
                  voting securities to purchase those securities and which is a
                  "takeover bid" as defined in the SECURITIES ACT (Alberta),

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to amend the Stock Option Agreement to permit the exercise of any or all of the
remaining Options prior to the completion of any such transaction. If the
Corporation shall exercise such power, the Option shall be deemed to have been
amended to permit the exercise thereof in whole or in part by the Optionee at
any time or from time to time as determined by the Corporation prior to the
completion of such transaction. For the purposes of the foregoing, a change in
control of the Corporation shall occur if there becomes a Control Person (as
defined in the ALBERTA SECURITIES ACT) with respect to the securities of the
Corporation, who is not a Control Person as at the effective date of this 2005
Plan.

11.               ANTI-DILUTION OF THE OPTION

                  In the event of:

         (a)      any subdivision, redivision or change of the Common Shares at
                  any time during the term of the Option into a greater number
                  of Common Shares, the Corporation shall deliver, at the time
                  of any exercise thereafter of the Option, such additional
                  number of shares as would have resulted from such subdivision,
                  redivision or change if the exercise of the Option had been
                  made prior to the date of such subdivision, redivision or
                  change;

         (b)      any consolidation or change of the Common Shares at any time
                  during the term of the Option into a lesser number of Common
                  Shares, the number of shares deliverable by the Corporation on
                  any exercise thereafter of the Option shall be reduced to such
                  number of shares as would have resulted from such
                  consolidation or change if the exercise of the Option had been
                  made prior to the date of such consolidation or change;

         (c)      any reclassification of the Common Shares at any time
                  outstanding or change of the Common Shares into other shares,
                  or in case of the consolidation, amalgamation or merger of the
                  Corporation with or into any other corporation (other than a
                  consolidation, amalgamation or merger which does not result in
                  a reclassification of the outstanding Common Shares or a
                  change of the Common Shares into other shares), or in case of
                  any transfer of the undertaking or assets of the Corporation
                  as an entirety or substantially as an entirety to another
                  Corporation, at any time during the term of the Option, the
                  Optionee shall be entitled to receive, and shall accept, in
                  lieu of the number of Common Shares to which he was
                  theretofore entitled upon exercise of the Option, the kind and
                  amount of shares and other securities or property which such
                  holder would have been entitled to receive as a result of such
                  reclassification, change, consolidation, amalgamation, merger
                  or transfer if, on the effective date thereof, he had been the
                  holder of the number of Common Shares to which he was entitled
                  upon exercise of the Option.

12.               AMENDMENT AND TERMINATION

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                                       7


         (a)      The Corporation may in its discretion, subject to stock
                  exchange and other appropriate regulatory approval and to
                  shareholder approval, if required by any relevant stock
                  exchange, amend or terminate the 2005 Plan at any time. No
                  such amendment or termination will, without the consent of an
                  Optionee, alter or impair any rights which have accrued to
                  Optionee prior to the effective date thereof.

         (b)      The Corporation may amend or terminate this 2005 Plan at any
                  time in order to conform to applicable law or regulation,
                  whether or not such amendment or termination would affect any
                  accrued rights.


13.               APPLICABLE LAW

                  This 2005 Plan shall be governed by, administered and
construed in accordance with the laws of the Province of Alberta and the laws of
Canada applicable therein.

14.               GENDER

                  Wherever the singular or masculine or neuter is used in this
2005 Plan, the same shall be construed as meaning the plural or feminine or body
corporate and vice versa, where the context or the parties so require.

15.               COSTS

                  The Corporation shall pay all costs of administering the 2005
Plan.

16.               EFFECTIVE DATE

                  The effective date of this 2005 Stock Option Plan shall be
March 9, 2005.

17.               REPRICING PROHIBITED

                  No award of Options may be repriced, replaced, regranted
                  through cancellation, or modified without shareholder approval
                  (except in connection with a change in the Corporation's
                  capitalization), if the effect would be to reduce the exercise
                  price for the shares underlying such award.


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