Pioneer Drilling Secures Contracts for HZ Shale Drilling

Pioneer Drilling has executed three multi-year term contracts for new-build rigs, in addition to the new-build contract announced on May 5. Three of the four will be 1,500-horsepower AC drilling rigs and one will be a 1,000-horsepower AC rig, all to be delivered in the first and second quarters of 2012.

"Our latest new-build rigs are designed with features to improve horizontal drilling operations in shale plays, which are being well received by our customers," said Wm. Stacy Locke, President and CEO of Pioneer Drilling.

"The 1500-horesepower rigs will be equipped with 2,000-horsepower mud pumps and 7,500-psi fluid heads to drill long lateral well bores faster and more effectively. All of the rigs will be fully automated AC electric rigs equipped with 500-ton top drives, iron roughnecks, automatic catwalks and walking systems for pad drilling, plus they will be crane free for quicker mobilization," added Locke.