Pioneer Drilling Announces Offering of 6,000,000 Shares of Common Stock

Pioneer Drilling Company PDC today announced that it is publicly offering 6,000,000 shares of its common stock pursuant to the Company's effective shelf registration statement filed with the U.S. Securities and Exchange Commission. Goldman, Sachs & Co. and Jefferies & Company, Inc. will serve as joint bookrunners for this offering. The Company has granted the underwriters an option to purchase 900,000 additional shares of common stock at the public offering price, less underwriting discount and commission, within 30 days. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The Company intends to use the net proceeds from the offering to fund a portion of the purchase price in connection with the construction of new-build AC drilling rigs and for general corporate purposes, which may include capital expenditures, working capital, acquisitions or the repayment of indebtedness. The Company may invest funds not required immediately for such purposes in marketable securities and short-term investments.