South Texas Drilling Changes Name to Pioneer Drilling Co.
South Texas Drilling & Exploration, Inc. announced that the Company's shareholders approved the proposed name change to Pioneer Drilling Company at its annual meeting of shareholders. The name change was previously approved by the Company's Board of Directors and is effective immediately. The Company's common stock will continue to trade on the American Stock Exchange under the symbol "PDC".
"With our expansion into East Texas, our new name better reflects the breadth of operations which is no longer exclusively in South Texas," stated Michael E. Little, South Texas Drilling's Chairman and Chief Executive Officer. "Additionally since acquiring Pioneer Drilling in August 2000, we have been conducting our operations through our operating subsidiary, Pioneer Drilling, and our customers have come to know us by that name."
Pioneer Drilling Company provides contract land drilling services to independent and major oil and gas operators drilling wells in central, south and east Texas. The Company's fleet consists of 18 land drilling rigs that can reach depths of 8,000-18,000 feet. Pioneer Drilling also has another 1700-hp technologically advanced land rig under construction and a newly acquired National 110UE 1500-hp being refurbished.