Pioneer Drilling Announces Stock Option

Pioneer Drilling Company today announced that in connection with its underwritten public offering of 6,000,000 shares of common stock at the public offering price of $14.50 per share, the underwriters exercised their option in full to purchase 900,000 additional shares of common stock on July 15, 2011. Accordingly, the Company intends to sell an aggregate of 6,900,000 shares of its common stock in connection with the offering. The net proceeds to the Company from the offering are expected to be approximately $94.3 million, after deducting underwriting discounts and commissions and other estimated offering expenses.

Goldman, Sachs & Co. and Jefferies & Company, Inc. are serving as joint bookrunners for the offering. The offering and the exercise of the underwriters' option are expected to close on July 20, 2011, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering to fund a portion of the purchase price in connection with the construction of new-build AC drilling rigs and for general corporate purposes, which may include capital expenditures, working capital, acquisitions or the repayment of indebtedness. The Company may invest funds not required immediately for such purposes in marketable securities and short-term investments.

The shares will be issued pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") on Form S-3. A copy of the final prospectus supplement and the accompanying base prospectus relating to the offering may be obtained from the SEC's website at or from Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing, or from Jefferies & Company, Inc., Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, telephone: 1-888-449-2342 or by emailing


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