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                                   FORM 6-K


                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                       REPORT OF FOREIGN PRIVATE ISSUER
                       PURSUANT TO RULE 13a-16 OR 15d-16
                   UNDER THE SECURITIES EXCHANGE ACT OF 1934

                                  MAY 9, 2006


                       Commission File Number: 001-14534

                           PRECISION DRILLING TRUST
            (Exact name of registrant as specified in its charter)

                          4200, 150 - 6TH AVENUE S.W.
                               CALGARY, ALBERTA
                                CANADA T2P 3Y7
                   (Address of principal executive offices)


         Indicate  by check mark  whether  the  registrant  files or will file
annual reports under cover Form 20-F or Form 40-F.

                     Form 20-F [_]           Form 40-F   [X]

         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). _______

         Note:  Regulation  S-T Rule  101(b)(1) only permits the submission in
paper of a Form 6-K if submitted  solely to provide an attached  annual report
to security holders.

         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): _______

         Note:  Regulation  S-T Rule  101(b)(7) only permits the submission in
paper of a Form 6-K if  submitted to furnish a report or other  document  that
the registrant  foreign  private issuer must furnish and make public under the
laws of the jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant's "home country"), or under the rules of the
home country exchange on which the registrant's securities are traded, as long
as the report or other document is not a press release,  is not required to be
and has not been distributed to the  registrant's  security  holders,  and, if
discussing  a  material  event,  has  already  been the  subject of a Form 6-K
submission or other Commission filing on EDGAR.

         Indicate  by check mark  whether the  registrant  by  furnishing  the
information  contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934. Yes [_] No [X]

         If "Yes" is marked,  indicate  below the file number  assigned to the
registrant in connection with Rule 12g3-2(b): 82- N/A
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EXHIBIT        DESCRIPTION
-------        -----------

31.1           Certification  of  Chief  Executive  Officer  pursuant  to Rule
               13a-14(a) or 15d-14 of the Securities Exchange Act of 1934

31.2           Certification  of  Chief  Financial  Officer  pursuant  to Rule
               13a-14(a) or 15d-14 of the Securities Exchange Act of 1934

32.1           Certification of Chief Executive  Officer pursuant to 18 U.S.C.
               Section 1350

32.2           Certification of Chief Financial  Officer pursuant to 18 U.S.C.
               Section 1350

99.1           Consolidated Financial Statements for the period ended March
               31, 2006

99.2           Management's Discussion and Analysis for the period ended March
               31, 2006.




                                   SIGNATURE


         Pursuant to the requirements 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.


                                    PRECISION DRILLING CORPORATION
                                    as agent for and on behalf of
                                    PRECISION DRILLING TRUST



Date:    May 9, 2006                By: /s/ Darren Ruhr
                                        ----------------------------------
                                        Name:   Darren Ruhr
                                        Title:  Vice President, Corporate
                                                Services & Corporate
                                                Secretary