UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 40-F



| ̈ | Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
|- | ------------------------------------------------------------------------------------

or



|þ | Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
|- | ---------------------------------------------------------------------------------------

For the fiscal year ended December 31, 2011

Commission file number: 001-14534

PRECISION DRILLING CORPORATION

(Exact name of Registrant as specified in its charter)



|                                                                  |  |                                                          |  |                                 
|----------------------------------------------------------------- |  | -------------------------------------------------------- |  | --------------------------------
|Alberta, Canada                                                   |  | 1381                                                     |  | Not Applicable                  
|(Province or other jurisdiction of incorporation or organization) |  | (Primary Standard Industrial Classification Code Number) |  | (I.R.S. Employer Identification)

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

(403) 716-4500

(Address and telephone number of Registrants principal executive offices)

Precision Drilling (US) Corporation, 10350 Richmond Avenue, Suite 700, Houston, Texas 77042

(713) 435-6100

(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act:



|                    |  |                                          
|------------------- |  | -----------------------------------------
|Title of each class |  | Name of each exchange on which
registered
|Common Shares       |  | New York Stock Exchange                  

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Information filed with this Form:

þ            Annual Information
Form                        þ        
    Audited annual financial statements

Indicate the number of outstanding shares of each of the issuers classes of
capital or common stock as of the close of the period covered by the annual report: 276,081,797 Common Shares outstanding as at December 31, 2011.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

þ    Yes             ̈ 
   No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post
such files).

 ̈    Yes          
   ̈    No

The documents (or portions thereof) forming part of
this Form 40-F are incorporated by reference into the following registration statements under the Securities Act of 1933, as amended:



|     |  |                  |                                | 
|---- |  | ---------------- | ------------------------------ | 
|Form |  | Registration No. |                               
|     | 
|S-8  |  |                  | 333-167614                     | 
|F-10 |  |                  | 333-167610                     | 
|F-4  |  |                  | 333-179427-01 to 333-179427-18 | 



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DISCLOSURE CONTROLS AND PROCEDURES

For information on disclosure controls and procedures, see Evaluation of Disclosure Controls and Procedures in the Annual Information Form
for the fiscal year ended December 31, 2011, filed as Exhibit 99.1 (the Annual Information Form) and Evaluation of Disclosure Controls and Procedures in Managements Discussion and Analysis of Financial Condition
and Results of Operations for the fiscal year ended December 31, 2011, filed as Exhibit 99.2 (Managements Discussion and Analysis).

INTERNAL CONTROL OVER FINANCIAL REPORTING

For information on internal control over
financial reporting, see Managements Report to the Shareholders and Report of Independent Registered Public Accounting Firm in the Consolidated Financial Statements for the fiscal year ended December 31, 2011,
filed as Exhibit 99.3. Also see Internal Control Over Financial Reporting in the Annual Information Form.

AUDIT
COMMITTEE FINANCIAL EXPERT

The board of directors of the Registrant has determined that it has at least one audit committee financial
expert serving on its audit committee. Each of Patrick M. Murray, Allen R. Hagerman and William T. Donovan has been designated an audit committee financial expert and is independent, as that term is defined by the New York Stock Exchanges
listing standards applicable to the Registrant. See Audit Committee Information  Composition of the Audit Committee and Audit Committee Information  Relevant Education and Experience in the Annual Information
Form. The Commission has indicated that the designation of a person as an audit committee financial expert does not make them an expert for any purpose, impose any duties, obligations or liability on them that is greater than that
imposed on members of the audit committee and board of directors who do not carry this designation or affect the duties, obligations or liability of any other member of the audit committee or the board of directors.

CODE OF ETHICS

The
Registrant has adopted the Code of Business Conduct and Ethics (the Code) which applies to every director, officer and employee of the Registrant, including the principal executive officer, principal financial officer, principal
accounting officer or controller and any person performing similar functions. The Code is available on the Registrants website at www.precisiondrilling.com. No waivers have been granted from, and there have been no amendments to, any provision
of the Code during the 2011 fiscal year.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

For information on principal accountant fees and services, see Audit Committee Information  Pre-approval Policies and Procedures and
Audit Committee Information  Audit Fees in the Annual Information Form.

OFF-BALANCE SHEET ARRANGEMENTS

The Registrant has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the
financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

For information on contractual obligations,
see Capital and Liquidity Management  General in Managements Discussion and Analysis.

IDENTIFICATION OF THE AUDIT COMMITTEE

The Registrant has a separately-designated standing Audit Committee. The members of the Audit Committee are:



|          |  |                                                        
|--------- |  | -------------------------------------------------------
|Chairman: |  | Patrick M. Murray                                      
|          | 
|Members:  |  | William T. Donovan                                     
|          |  | Robert J.S. Gibson Allen R. Hagerman Robert
L. Phillips



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UNDERTAKING

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the staff of the Commission, and to furnish promptly, when requested to do so by the
Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an Annual Report on Form 40-F arises; or transactions in said securities.

SIGNATURES

Pursuant to
the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F

and has duly
caused this Annual Report to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Calgary, Province of Alberta, Canada.



|                     |  |  |  |                                |  |                                             
|-------------------- |  |  |  | ------------------------------ |  | --------------------------------------------
|                     |  |  |  | Precision Drilling Corporation
|                     |  |  | 
|                     |  |  |  | By:                            |  | /s/ Kevin A. Neveu                          
|Date: March 30, 2012 |  |  |  |                                |  | Name: Kevin A. Neveu                        
|                     |  |  |  |                                |  | Title: President and Chief Executive Officer

EXHIBITS



|               |      |  |             |                                                                                                                                   
|-------------- | ---- |  | ----------- | ----------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |      |  | Description
|               |     
|               | 23.1 |  |             | Consent of KPMG LLP, Chartered Accountants.                                                                                       
|               |     
|               | 31.1 |  |             | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                               
|               |     
|               | 31.2 |  |             | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                               
|               |     
|               | 32.1 |  |             | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                               
|               |     
|               | 32.2 |  |             | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                               
|               |     
|               | 99.1 |  |             | Annual Information Form for the fiscal year ended December 31, 2011.                                                              
|               |     
|               | 99.2 |  |             | Managements Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended December 31, 2011.
|               |     
|               | 99.3 |  |             | Consolidated Financial Statements for the fiscal year ended December 31, 2011.                                                    



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