Exhibit 25.1

EX-25.1 13 d277141dex251.htm EXHIBIT 25.1 Exhibit 25.1

Exhibit 25.1

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 NEW YORK MELLON

(Exact name of trustee as specified in its charter)


New York		13-5160382
(State of incorporation if not a U.S. national bank)		(I.R.S. employer 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 incorporation or organization)		(I.R.S. employer identification no.)

800, 525-8^th Avenue S.W. Calgary, Alberta, Canada		T2P 1G1
(Address of principal executive offices)		(Zip code)

SEE TABLE OF ADDITIONAL OBLIGORS

6.50% SENIOR NOTES DUE 2021

GUARANTEES OF 6.50% SENIOR NOTES DUE 2021

(Title of the indenture securities)

TABLE OF ADDITIONAL OBLIGORS


Exact Name of Obligor as Specified in its Charter (or Other Organizational Document)	State or Other Jurisdiction of Incorporation or Organization	I.R.S. Employer Identification Number	Addresses of Principal Executive 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	800, 525-8th Avenue, S.W. Calgary, Alberta, Canada T2P 1G1

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	800, 525-8th Avenue, S.W. Calgary, Alberta, Canada T2P 1G1

Precision Drilling Canada Limited Partnership	Alberta, Canada	Not Applicable	800, 525-8th Avenue, S.W. Calgary, Alberta, Canada T2P 1G1

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

Precision Drilling (US) Corporation	Texas	26-3638348	10350 Richmond Avenue, Suite 700 Houston, TX 77042

Precision Limited Partnership	Alberta, Canada	Not Applicable	800, 525-8th Avenue, S.W. Calgary, Alberta, Canada T2P 1G1

Precision Oilfield Personnel Services Ltd.	Alberta, Canada	Not Applicable	800, 525-8th Avenue, S.W. Calgary, Alberta, Canada T2P 1G1

Precision Directional Services Ltd.	Alberta, Canada	Not Applicable	800, 525-8th Avenue, S.W. Calgary, Alberta, Canada T2P 1G1

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, NY 10004-1417

Federal Reserve Bank of New York		33 Liberty Street New York, NY 10045

Federal Deposit Insurance Corporation		550 17^th Street, N.W. Washington, D.C. 20429 3501 N. Fairfax Drive Arlington, VA 22226

The Clearing House Association, L.L.C.		450 West 33rd Street New York, NY 10001

(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).

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.)

A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-121195.)

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.)

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 8^th day of February, 2012.


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 September 30, 2011, 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		6,134,000
Interest-bearing balances		111,418,000
Securities:
Held-to-maturity securities		4,012,000
Available-for-sale securities		68,423,000
Federal funds sold and securities purchased under agreements to resell:
Federal funds sold in domestic offices		5,000
Securities purchased under agreements to resell		717,000
Loans and lease financing receivables:
Loans and leases held for sale		15,000
Loans and leases, net of unearned income		28,969,000
LESS: Allowance for loan and lease losses		373,000
Loans and leases, net of unearned income and allowance		28,596,000
Trading assets		7,535,000
Premises and fixed assets (including capitalized leases)		1,208,000
Other real estate owned		10,000
Investments in unconsolidated subsidiaries and associated companies		977,000
Direct and indirect investments in real estate ventures		0
Intangible assets:
Goodwill		6,368,000
Other intangible assets		1,655,000
Other assets		14,456,000

Total assets		251,529,000


LIABILITIES
Deposits:
In domestic offices			115,751,000
Noninterest-bearing			77,937,000
Interest-bearing			37,814,000
In foreign offices, Edge and Agreement subsidiaries, and IBFs			90,304,000
Noninterest-bearing			2,817,000
Interest-bearing			87,487,000
Federal funds purchased and securities sold under agreements to repurchase:
Federal funds purchased in domestic offices			2,157,000
Securities sold under agreements to repurchase			1,012,000
Trading liabilities			7,170,000
Other borrowed money: (includes mortgage indebtedness and obligations under capitalized leases)			3,663,000
Not applicable
Not applicable
Subordinated notes and debentures			3,505,000
Other liabilities			9,746,000

Total liabilities			233,308,000

EQUITY CAPITAL
Perpetual preferred stock and related surplus			0
Common stock			1,135,000
Surplus (exclude all surplus related to preferred stock)			9,493,000
Retained earnings			7,963,000
Accumulated other comprehensive income			-720,000
Other equity capital components			0
Total bank equity capital			17,871,000
Noncontrolling (minority) interests in consolidated subsidiaries			350,000
Total equity capital			18,221,000

Total liabilities and equity capital			251,529,000

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.

Gerald L. Hassell

Catherine A. Rein

John P. Surma

Directors