Pioneer Drilling Prices Private Offering of $250MM

Pioneer Drilling Company announced it has priced a private offering of $250 million of senior unsecured notes due 2018, which will bear interest at a rate of 9.875% per annum. The notes were priced at a discount to provide estimated net proceeds to Pioneer, after fees and expenses, of $234.8 million. Certain of Pioneer's existing and future domestic subsidiaries will fully and unconditionally guarantee the notes. Pioneer intends to use the net proceeds of the offering to repay a portion of the amount outstanding under its senior secured revolving credit facility. Pioneer expects to close the sale of the notes March 11, 2010, subject to the satisfaction of customary closing conditions.

The notes are being offered inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.