Pioneer Drilling expects its net proceeds from the transaction to be approximately $62 million, after deducting underwriting discounts and commissions but before the expenses of the offering. Pioneer Drilling intends to use those net proceeds for general corporate purposes, including funding of working capital requirements and capital expenditures. Those capital expenditures may include expenditures to build or acquire additional rigs and to maintain and upgrade Pioneer Drilling's existing rig fleet. Pioneer Drilling will not receive any of the proceeds from the sale of its common stock by Chesapeake.
The offering is being made only by means of a prospectus and related prospectus supplement, a copy of which may be obtained from Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood NY 11717, Fax: 631-254-7268, email: email@example.com
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