Pioneer Drilling Announces Underwriters' Exercise of Option to Purchase 900K Additional Shares

Pioneer Drilling Company PDC today announced that in connection with its underwritten public offering of 6,000,000 shares of common stock at the public offering price of $14.50 per share, the underwriters exercised their option in full to purchase 900,000 additional shares of common stock on July 15, 2011. Accordingly, the Company intends to sell an aggregate of 6,900,000 shares of its common stock in connection with the offering. The net proceeds to the Company from the offering are expected to be approximately $94.3 million, after deducting underwriting discounts and commissions and other estimated offering expenses.