EX-25.1 48 o69608exv25w1.htm EX-25.1 exv25w1
Exhibit 25.1
 
FORM T-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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) þ
 
THE BANK OF NEW YORK MELLON
(Exact name of trustee as specified in its charter)
     
New York
   13-5160382
(State of incorporation
  (I.R.S. employer
if not a U.S. national bank)
  identification no.)
 
    
One Wall Street, New York, NY
   10286
(Address of principal executive offices)
  (Zip code)
 
PRECISION DRILLING CORPORATION
(Exact name of obligor as specified in its charter)
     
Alberta, Canada
  Not Applicable
(State or other jurisdiction of
  (I.R.S. employer
incorporation or organization)
  identification no.)
 
    
4200, 150-6th Avenue S.W.
  T2P 3Y7
Calgary, Alberta, Canada
  (Zip code)
(Address of principal executive offices)
    
SEE TABLE OF ADDITIONAL OBLIGORS
 
6.625% SENIOR NOTES DUE 2020
(Title of the indenture securities)
 

 

 

TABLE OF ADDITIONAL OBLIGORS
             
Exact Name of Obligor   State or Other        
as Specified in its   Jurisdiction of   I.R.S.    
Charter (or Other   Incorporation   Employer    
Organizational   or   Identification   Addresses of Principal Executive
Document)   Organization   Number   Offices
DI Energy, Inc.   Texas   74-2175411   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
DI/Perfensa Inc.   Texas   76-0378440   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Grey Wolf International,
Inc. 		  Texas   76-0000351   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Grey Wolf International
Drilling Corporation 		  Canada   Not Applicable   4200, 150 — 6th Avenue, S.W. Calgary, Alberta, Canada T2P 3Y7
             
Grey Wolf Supply Inc.   Texas   27-0185992   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Murco Drilling
Corporation 		  Delaware   72-0512163   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Precision Completion &
Production Services Ltd. 		  Delaware   98-0679637   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Precision Directional
Services, Inc. 		  Texas   45-0603611   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Precision Diversified Oilfield
Services Corp. 		  Alberta, Canada   Not Applicable   4200, 150 — 6th Avenue, S.W. Calgary, Alberta, Canada T2P 3Y7
             
Precision Drilling
Canada Limited
Partnership 		  Alberta, Canada   Not Applicable   4200, 150 — 6th Avenue, S.W. Calgary, Alberta, Canada T2P 3Y7
             
Precision Drilling
Company LP 		  Texas   76-0590999   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Precision Drilling
Holdings Company 		  Nevada   74-1987143   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Precision Drilling, Inc.   Delaware   26-4435759   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Precision Drilling LLC   Louisiana   72-1433406   10350 Richmond Avenue, Suite 700 Houston, TX 77042

 

 

             
Exact Name of Obligor   State or Other        
as Specified in its   Jurisdiction of   I.R.S.    
Charter (or Other   Incorporation   Employer    
Organizational   or   Identification   Addresses of Principal Executive
Document)   Organization   Number   Offices
Precision Drilling
Oilfield Services
Corporation 		  Texas   26-3638348   10350 Richmond Avenue, Suite 700 Houston, TX 77042
             
Precision Limited
Partnership 		  Alberta, Canada   Not Applicable   4200, 150 — 6th Avenue, S.W.
Calgary, Alberta, Canada T2P 3Y7
             
Precision Oilfield
Personnel Services Ltd. 		  Alberta, Canada   Not Applicable   4200, 150 — 6th Avenue, S.W.
Calgary, Alberta, Canada T2P 3Y7

 

 

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.
     
Name   Address
Superintendent of Banks of the State of New York
  One State Street, New York, N.Y.
 
  10004-1417, and Albany, N.Y. 12223
 
    
Federal Reserve Bank of New York
  33 Liberty Street, New York, N.Y. 10045
 
    
Federal Deposit Insurance Corporation
  Washington, D.C. 20429
 
    
New York Clearing House Association
  New York, New York 10005
  (b)   Whether it is authorized to exercise corporate trust powers.
    Yes.
 
2.   Affiliations with Obligor.
 
    If the obligor is an affiliate of the trustee, describe each such affiliation.
 
    None.
 
16.   List of Exhibits.
 
    Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the “Act”) and 17 C.F.R. 229.10(d).
  1.   A copy of the Organization Certificate of The Bank of New York Mellon (formerly The Bank of New York and formerly Irving Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152735.)
 
  4.   A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-121195.)
 
  6.   The consent of the Trustee required by Section 321(b) of the Act. (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-152735.)

 

 

  7.   A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.

 

 

SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon, 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 2nd day of May, 2011.
         
  THE BANK OF NEW YORK MELLON
 		  
  By:   /s/ Teisha Wright    
    Teisha Wright   
    Senior Associate   
 

 

 

EXHIBIT 7
Consolidated Report of Condition of
THE BANK OF NEW YORK MELLON
of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business December 31, 2010, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.
         
    Dollar Amounts In Thousands  
ASSETS
        
Cash and balances due from depository institutions:
        
Noninterest-bearing balances and currency and coin
     2,924,000  
Interest-bearing balances
     64,634,000  
Securities:
        
Held-to-maturity securities
     3,651,000  
Available-for-sale securities
     58,491,000  
Federal funds sold and securities purchased under agreements to resell:
        
Federal funds sold in domestic offices
     20,000  
Securities purchased under agreements to resell
     1,792,000  
Loans and lease financing receivables:
        
Loans and leases held for sale
     6,000  
Loans and leases, net of unearned income
     23,307,000  
LESS: Allowance for loan and lease losses
     482,000  
Loans and leases, net of unearned income and allowance
     22,825,000  
Trading assets
     4,910,000  
Premises and fixed assets (including capitalized leases)
     1,163,000  
Other real estate owned
     6,000  
Investments in unconsolidated subsidiaries and associated companies
     947,000  
Direct and indirect investments in real estate ventures
     0  
Intangible assets:
        
Goodwill
     6,364,000  
Other intangible assets
     1,805,000  

 

 

         
    Dollar Amounts In Thousands  
Other assets
     12,317,000  
 
      
Total assets
     181,855,000  
 
      
 
        
LIABILITIES
        
Deposits:
        
In domestic offices
     65,674,000  
Noninterest-bearing
     33,246,000  
Interest-bearing
     32,428,000  
In foreign offices, Edge and Agreement subsidiaries, and IBFs
     75,029,000  
Noninterest-bearing
     4,900,000  
Interest-bearing
     70,129,000  
Federal funds purchased and securities sold under agreements to repurchase:
        
Federal funds purchased in domestic offices
     3,272,000  
Securities sold under agreements to repurchase
     1,550,000  
Trading liabilities
     6,207,000  
Other borrowed money:
        
(includes mortgage indebtedness and obligations under capitalized leases)
     2,191,000  
Not applicable
        
Not applicable
        
Subordinated notes and debentures
     3,490,000  
Other liabilities
     8,577,000  
 
      
Total liabilities
     165,990,000  
 
      
 
        
EQUITY CAPITAL
        
Perpetual preferred stock and related surplus
     0  
Common stock
     1,135,000  
Surplus (exclude all surplus related to preferred stock)
     8,591,000  
Retained earnings
     6,821,000  
Accumulated other comprehensive income
     -1,044,000  
Other equity capital components
     0  
Total bank equity capital
     15,503,000  
Noncontrolling (minority) interests in consolidated subsidiaries
    362,000  
Total equity capital
     15,865,000  
 
      
Total liabilities and equity capital
     181,855,000  
 
      

 

 

     I, Thomas P. Gibbons, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.
Thomas P. Gibbons,
Chief Financial Officer
     We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.
         
Robert P. Kelly
        
Gerald L. Hassell
      Directors
Catherine A. Rein