The proceeds of the offering will be used by Pioneer Drilling to fund the completion of the construction of two rigs for $13 million from new and used components and to repay approximately $20 million of indebtedness Pioneer Drilling incurred under the acquisition facility portion of the new credit facility Pioneer Drilling entered into in October 2004. The remaining proceeds from the offering will be used by Pioneer Drilling for general corporate purposes, which may include funding capital expenditures for rig additions and upgrades.
Jefferies & Company, Inc. acted as sole book-running manager for the public offering. Copies of the final prospectus relating to the offering may be obtained from Jefferies & Company, Inc., Attention: Prospectus Department, 520 Madison Avenue, New York, NY 10022.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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