Pioneer Drilling CFO Schuldt Resigns

Pioneer Drilling CFO Schuldt Resigns

Friday, August 22nd 2008

Pioneer Drilling Company, Inc. announced that its Chief Financial Officer, Joyce M. Schuldt, has resigned from the Company, effective August 28. Schuldt joined Pioneer Drilling in July 2007.

In addition, Pioneer Director C. Robert Bunch has resigned from the Company’s Board of Directors, effective immediately. Bunch joined the Board in May 2004 and on May 2, 2008, Dean A. Burkhardt replaced Mr. Bunch as Chairman of the Board of Directors of the Company and will continue to serve in that capacity.

William D. Hibbetts has been appointed interim Chief Financial Officer. Hibbetts previously served as Pioneer’s Chief Financial Officer from December 2003 until July 2007, when he was reassigned to the position of Senior Vice President and Controller for the Drilling Services Division.

Pioneer Drilling Company provides land contract drilling services to independent and major oil and gas operators in Texas, Louisiana, Oklahoma, Kansas, the Rocky Mountain region and internationally in Colombia through its Pioneer Drilling Services Division. The Company also provides workover rig, wireline and fishing and rental services to producers in the U.S. Gulf Coast, Mid-Continent and Rocky Mountain regions through its Pioneer Production Services Division. Its fleet consists of 69 land drilling rigs that drill at depths of 6,000 and 18,000 feet, 66 workover rigs (61 – 550 horsepower rigs, four 600 horsepower rigs and one 400 horsepower rig), 51 wireline units, and fishing and rental tools.

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