Pioneer Drilling Prices 12,600,000 Shares of Common Stock

Pioneer Drilling Company (Amex: PDC) announced that the public offering price of the pending sale of 12,600,000 shares of its common stock has been set at $12.25 per share.

Of the shares to be sold in the offering, 6,000,000 shares will be sold by Pioneer Drilling and 6,600,000 shares will be sold by certain selling shareholders. The offering is larger than the 10.5 million shares originally announced, with 1.0 million additional shares coming from Pioneer Drilling and 1.1 million additional shares coming from the selling shareholders.

Pioneer Drilling will not receive any proceeds from the sale of stock by the selling shareholders. The sale of shares by the Pioneer Drilling represents a new financing.

In connection with the offering, Pioneer Drilling has granted the underwriters an option to purchase up to an additional 937,500 shares of common stock to cover over-allotments, if any. The underwriters also can purchase an additional 937,500 shares from WEDGE Energy Services, LLC.

The offering is expected to close on or about March 29, 2005. Jefferies & Co. is acting as book-running manager for the common stock offering. Copies of the prospectus relating to the offering may be obtained from Jefferies & Co., Attention: Prospectus Department, 520 Madison Avenue, New York, NY 10022.