<SEC-DOCUMENT>0001102624-16-002140.txt : 20160217
<SEC-HEADER>0001102624-16-002140.hdr.sgml : 20160217
<ACCEPTANCE-DATETIME>20160217120809
ACCESSION NUMBER:		0001102624-16-002140
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160217
FILED AS OF DATE:		20160217
DATE AS OF CHANGE:		20160217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		161432172

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-716-4500

	MAIL ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING TRUST
		DATE OF NAME CHANGE:	20051121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
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<TYPE>6-K
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<DESCRIPTION>PRECISION DRILLING CORPORATION 6-K
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">UNITED STATES</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPORT OF FOREIGN PRIVATE ISSUER</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13a-16 or 15d-16 of the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the month of, February 2016</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commission File Number: 001-14534</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Precision Drilling Corporation</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">800, 525 - 8 Avenue S.W.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font>Calgary, Alberta<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> Canada T2P 1G1</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Address of principal executive offices)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Form 20-F</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;________&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Form 40-F </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160;&#160; X&#160;&#160;&#160;&#160; </u></font></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;________ </font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;________ </font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt; MARGIN-LEFT: 198pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRECISION DRILLING CORPORATION</div>

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<td style="WIDTH: 514px">Dated:<font style="FONT-SIZE: 5.14pt"> </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 17, 2016 </font></td>
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<div>By: </div>

<div>Name:<font style="FONT-SIZE: 5.14pt"> </font></div>

<div>Title:</div>
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<div><u>/s/ Robert J McNally&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>

<div>Robert J McNally</div>

<div>Executive Vice President &amp; Chief Financial Officer</div>
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<div><a href="exh99_1.htm#Exhibit99.1">99.1</a></div>
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<div style="FONT-WEIGHT: normal"><u>DESCRIPTION</u></div>

<div>&#160;</div>

<div>Material Change Report &#8211; Dividend Suspension (Feb 2016)</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold"><a name="Exhibit99.1"><!--Anchor--></a>Exhibit 99.1</div>

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<div>&#160;</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FORM 51-102F3</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MATERIAL CHANGE REPORT</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Name and Address of Company:</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Precision Drilling Corporation ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Precision</font>" or the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporation</font>")<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font>800, 525 &#8211; 8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Avenue SW<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> Calgary, AB T2P 1G1</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#160;</div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Date of Material Change:</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">February 11, 2016</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">3.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">News Release:</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">A news release was issued by Precision on February 11, 2016 and disseminated through the facilities of Marketwired and subsequently filed on SEDAR.</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Summary of Material Change:</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">On February 11, 2016, Precision announced that it was suspending its dividend effective immediately.</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Full Description of the Material Change:</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">On February 11, 2016 Precision announced that it was suspending its dividend effective immediately.&#160; Precision had maintained a quarterly dividend payment since December 2012.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Precision's senior unsecured notes contain a restricted payments covenant that limits Precision's ability to make payments in the nature of dividends, distributions, and repurchases from shareholders.&#160; The restricted payments basket grows by, among other things, 50% of the consolidated net earnings and decreases by 100% of consolidated net losses (each as defined in the note indentures governing the senior unsecured notes) and payments made to shareholders. Based on Precision's 2015 fourth quarter financial results, as at December 31, 2015, the restricted payments basket was negative $152 million and Precision is no longer able to make dividend payments until such time as the basket once again becomes positive.</div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Reliance on Subsection 7.1(2) of National Instrument 51-102:</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">None.</div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Executive Officer:</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">For further information, please contact Robert J. McNally, Executive Vice President and Chief Financial Officer of the Corporation, at (713) 435-6100.</div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Date of Report:</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">February 17, 2016</div>

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