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0001362310-08-005016.txt : 200809050001362310-08-005016.hdr.sgml : 2008090520080905134338ACCESSION NUMBER:0001362310-08-005016CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:26CONFORMED PERIOD OF REPORT:20080904ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20080905DATE AS OF CHANGE:20080905

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:PIONEER DRILLING COCENTRAL INDEX KEY:0000320575STANDARD INDUSTRIAL CLASSIFICATION:DRILLING OIL & GAS WELLS [1381]IRS NUMBER:742088619STATE OF INCORPORATION:TXFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-08182FILM NUMBER:081058258

BUSINESS ADDRESS:STREET 1:1250 N.E. LOOP 410STREET 2:SUITE 1000CITY:SAN ANTONIOSTATE:TXZIP:78209BUSINESS PHONE:5128287689

MAIL ADDRESS:STREET 1:1250 N.E. LOOP 410STREET 2:SUITE 1000CITY:SAN ANTONIOSTATE:TXZIP:78209

FORMER COMPANY:FORMER CONFORMED NAME:SOUTH TEXAS DRILLING & EXPLORATION INCDATE OF NAME CHANGE:19920703

FORMER COMPANY:FORMER CONFORMED NAME:SOUTH TEXAS DRILLING CODATE OF NAME CHANGE:19810715

8-K1c75124e8vk.htmFORM 8-K

Filed by Bowne Pure Compliance

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 4, 2008

PIONEER DRILLING COMPANY
(Exact name of registrant as specified in its charter)

Texas 1-8182 74-2088619

(State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

1250 N.E. Loop 410, Suite 1000, San Antonio, Texas
78209

(Address of Principal Executive Offices) (Zip Code)

Registrants telephone number, including area code: (210) 828-7689

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrantunder any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

1

Item7.01 RegulationFD Disclosure.

From time to time, senior management of Pioneer Drilling Company (the Company) meets with groups of investorsand business analysts. The slides attached to this report have been prepared in connection with managementsparticipation in such meetings and participation in the Lehman Brothers CEO Energy/Power Conference on September4,2008. The slides are included in Exhibit99.1 to this report and are incorporated herein by reference. The slides areavailable on the Companys website at www.pioneerdrlg.com.

Safe Harbor Statement

Statements contained in Exhibit99.1 to this report that state the Companys or its managements expectations andassumptions about future events are forward-looking statements intended to be covered by the safe harbor provisions ofthe Private Securities Litigation Reform Act of 1995. It is important to note that the Companys actual results coulddiffer materially from those projected or assumed in such forward-looking statements. Factors that could affect thoseresults include, among others, those mentioned in the Companys annual report on Form 10-KT for the fiscal year endedDecember31, 2007 and the quarterly report on Form10Q for the quarter ended March31, 2008, which have been filed withthe Securities and Exchange Commission.

Item9.01 Financial Statements and Exhibits.

(d)Exhibits.

99.1 Slides for Company presentations to be used from time to time.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly causedthis report to be signed on its behalf by the undersigned hereunto duly authorized.

PIONEER DRILLING COMPANY

By: /s/ William D. Hibbetts
William D. Hibbetts
Interim Chief Financial Officer

Dated: September5, 2008

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EXHIBIT INDEX

99.1 Slides for Company presentations to be used from time to time.

4

EX-99.12c75124exv99w1.htmEXHIBIT 99.1

Filed by Bowne Pure Compliance

Exhibit 99.1

Company Presentation

September 2008

(AMEX: PDC)

www.pioneerdrlg.com

Disclaimer

This presentation contains various forward-looking statements and information that are based on management'scurrent expectations and assumptions about future events. Forward-looking statements are generally accompaniedby words such as "estimate," "project," "predict," "expect," "anticipate," "plan," "intend," "seek," "will," "should,""goal," and other words that convey the uncertainty of future events and outcomes. Forward-looking informationincludes, among other matters, statements regarding the Company's anticipated growth, quality of assets, rigutilization rate, capital spending by oil and gas companies, production rates, the Company's growth strategy, andthe Company's international operations. Although the Company believes that the expectations and assumptionsreflected in such forward-looking statements are reasonable, it can give no assurance that such expectations andassumptions will prove to have been correct. Such statements are subject to certain risks, uncertainties andassumptions, including, among others: general and regional economic conditions and industry trends; thecontinued strength of the contract land drilling industry in the geographic areas where the Company operates;decisions about onshore exploration and development projects to be made by oil and gas companies; the highlycompetitive nature of the contract land drilling business; the Company's future financial performance, includingavailability, terms and deployment of capital; the continued availability of qualified personnel; changes ingovernmental regulations, including those relating to the environment; the political, economic and otheruncertainties encountered in the Company's international operations and other risks, contingencies anduncertainties, most of which are difficult to predict and many of which are beyond our control. Should one or moreof these risks, contingencies or uncertainties materialize, or should underlying assumptions prove incorrect, actualresults may vary materially from those expected. Many of these factors have been discussed in more detail in theCompany's annual report on Form 10-KT for the fiscal year ended December 31, 2007 and quarterly report on Form10Q for the quarter ended March 31, 2008. Unpredictable or unknown factors that the Company has not discussed inthis presentation or in its filings with the Securities and Exchange Commission could also have material adverseeffects on actual results of matters that are the subject of the forward-looking statements. All forward-lookingstatements speak only as the date on which they are made and the Company undertakes no duty to update or reviseany forward-looking statements. We advise our shareholders to use caution and common sense when consideringour forward looking statements.

Company Overview

San Antonio, Texas based land driller and oilfield services company

Trades on AMEX (symbol: PDC)

Market capitalization: Approximately $850 million

Average daily trading volume: Approximately 650,000 shares

Public float: Approximately 50 million shares

Drilling Services Division - our historical core business consisting of 69 drilling rigscapable of drilling from 6,000 to 18,000 feet:

(1) 4 rigs are operating in Colombia and 1 new rig iscurrently being marketed for further expansion.

Production Services Division - created in connection with our recent acquisitionson March 1, 2008 of well services, wireline services and fishing and rental toolsbusinesses:

Revenue (1)

EBITDA (2)

Contributions by Division

Revenue percentages are based on revenues of $109.3 million and $43.3 million for Drilling Services and Production Services,respectively, for the quarter ended June 30, 2008.

Earnings before interest, taxes, depreciation and amortization (EBITDA) percentages are based on EBITDA of $36.8 million and$16.5 million for Drilling Services and Production Services, respectively, for the quarter ended June 30, 2008.

Our Strategic Growth Plan

Focus on quality, not quantity ...

Focused, strategic growth

Contract land drilling

Production services (Well services, Wireline, Fishing andRental Tools)

Premium equipment orientation

Over 80% of drilling rig fleet is new or upgraded since2001

Most premium workover rig fleet in the U.S.

Geographic diversification

Broad reach in the U.S.

Concentrated international operations

Recent Accomplishments

International Expansion (Sept 2007) - Initiated our international expansion intoColombia. Currently operating 4 drilling rigs and marketing 1 drilling rig for furtherinternational expansion.

Oilfield Services Expansion:

(March 2008) Pioneer's Production Services Division was formed after our $340 millionacquisitions of the production services businesses from WEDGE Companies and CompetitionWireline.

(August 2008) Continued expansion of the Production Services Division with a $7.8 millionacquisition of Paltec, Inc. which operates 3 wireline units in the Barnett Shale in North Texas.

New Credit Facility (Feb 2008) - Secured a $400 million, 5 year credit facility to financethe WEDGE acquisition and for future growth.

Drilling Rig New-builds (July and Aug 2008) - Pioneer secured long-term drillingcontracts for 2 new-build 1500 HP drilling rigs that are expected to work in the BakkenShale in North Dakota.

Drilling Services Division

High Quality Asset Base

One of the youngest fleets in the industry

Over 80% of fleet was either built new or has been upgraded and refurbishedwithin the last six years

37% are less than six years old

Designed for efficiency and effectiveness

93% have two independently powered triplex mud pumps

90% have modern mud-cleaning systems

40% are premium electric

Iron roughnecks installed on 60% of drilling rigs

Topdrives on 7 drilling rigs, 4 more pending delivery

Consistent Growth

Consistent growth through well timed acquisitions and new-build program

Acquired 42 rigs at average of $2.9 million per rig

Built 26 rigs at average cost of $8.2 million per rig

(*) changed March 31 ending fiscal year to calendar year in 2007

Rigs Utilized Through the Cycle

Averaged 89% utilization through the cycles since 2Q 2000

Approximately 32% of fleet currently on term contracts

Source: Domestic utilization rates based on calendar years and obtained from Form 10-K, Form 10-Q reports and press releases.

International Expansion

Why Colombia?

Diversification into oil producing areas

Strong E&P spending trend expected to continue

Stable government encouraging foreign investment

Current status of Colombian operations

Operating 4 rigs at 100% utilization

Marketing a 1500HP diesel electric rig for furtherinternational expansion

Pioneer Rig 301, National 110UE, diesel-electric,1500 HP rig operating outside the city of Neiva,Colombia.

Production Services Division

Advantages of Production Services

Complementary services - well services, wireline, fishing and rental tools

Less cyclical cash flow and earnings stream

New platforms for growth both domestic and in international market

Somewhat counter cyclical to land drilling business

Premium assets with an average age of 1.2 years for workover rigs and 2.8 yearsfor wireline units

Overlapping market presence which creates cross-selling opportunities

A seasoned management team, each with over 25 years of industry experience,and a proven track record of managing growth

Helps optimize Pioneer's capital structure

Production Services Newbuild Program

Newbuild orientation

98% of well service equipment is 550^horsepower rigs capable of working atdepths of 20,000 feet

Custom designed wireline units and proprietary open hole wireline tools

New equipment strategy has led to gains in market share

Customers prefer new equipment

Young fleet attracts the best operating personnel

Minimal downtime and expenses

Increases efficiency and safety

Production Services Newbuild Program (Continued)

Planned capex additions will result in 75 workover rigs and 55 wireline units bythe end of 2008 ...

Fishing & Rental Services Gross

Equipment And Tools Value

(At Calendar Year-end)

$0.0

$2.8

$11.7

$12.9

$14.9

2004

2005

2006

2007E

2008P

$0.0

$3.0

$6.0

$9.0

$12.0

$15.0

$18.0

Dollar Amounts In Millions

Wireline Units And Workover Rigs

(At Calendar Year-end)

0

12

24

45

55

6

20

27

55

75

2004

2005

2006

2007

2008P

0

10

20

30

40

50

60

70

80

90

Units/Rigs

Wireline Units

Workover Rigs

Information for the years 2004 to 2007 represents workover rig and wireline unit counts and fishing and rental tool inventory values when the ProductionServices business was owned by WEDGE group.

Production Services Locations

Geographic footprint that compliments Drilling Services Division ...

Well Services (66workover rigs)

Wireline Services(54 wireline units)

Fishing andRental ToolsServices ($14 millionequipment)

Quality Management Team

Experienced Management Team

Wm. Stacy Locke - President and Chief Executive Officer

Joined Pioneer as President in 1995

B.A. in Geology and MBA in Finance

Seven years experience in investment banking

Six years experience as exploration geologist

F.C. "Red" West - President of Drilling Service Division

45 years experience in the drilling services industry

Supervised the drilling of over 7,000 wells

Joe Eustace - President of Production Services Division

Joined WEDGE in 2004 as President of WEDGE Oil and GasServices

Served as Group Vice President for Key Energy Services from1998 - 2004

Served as VP of Operations for Dawson Production Services from1982 until acquired by Key Energy Services in 1998

Experienced Management Team (continued)

Left to Right: Donald Lacombe, Senior VicePresident of Drilling Services Division - Marketingand Red West, Executive Vice President andPresident of Drilling Services Division.

Left to Right: Joe Freeman, Vice President of WellServices, Mark Gjorvig, Vice President of WirelineServices, Joe Eustace, Executive Vice President ofProduction Services, Randy Watson, Vice Presidentof Fishing and Rental Services.

Drilling Services Division

Production Services Division

Financial Overview

Historical Financial Performance

Revenue 2003 - 2008

EBITDA(3) 2003 - 2008

FY 2003 - FY 2007 data based on Company fiscal years ended March 31. Due to the change in fiscal year end from March 31 toDecember 31, FY Dec 2007 information represents the nine month fiscal year ended December 31, 2007.

YTD Jun 2008 data represents the six months ended June 30, 2008.

See page 23 for EBITDA reconciliation.

9 Mo.s

6 Mo.s

9 Mo.s

6 Mo.s

- ------------------------ 12 Mo.s -----------------------

- -------------------------- 12 Mo.s -------------------------

Capital Expenditure Summary

(1) Due to change in fiscal year end from March 31 to December 31 that was effective December 31, 2007, Pioneer hada nine month fiscal year ended December 31, 2007.

($ in thousands)

Reconciliation of EBITDA to Net Income

($ in Millions)

(1) Due to change in fiscal year end from March 31 to December 31 that was effective December 31, 2007, Pioneer hada nine month fiscal year ended December 31, 2007.

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