JANUARY 26, 2004 – SAN ANTONIO, TEXAS – Pioneer Drilling Company (AMEX: PDC) will release fiscal third quarter results for the three months ended December 31, 2003, on Thursday, February 5, 2004 at 6:00 a.m. eastern time. In conjunction with the release, Pioneer Drilling has scheduled a conference call, which will be broadcast live over the Internet, on Thursday, February 5, 2004 at 11:00 a.m. eastern time (10:00 a.m. central).

What: Pioneer Drilling’s Fiscal Third Quarter 2004 Conference Call

When: Thursday, February 5, 2004 - 11:00 a.m. eastern time

How: Live via phone - By dialing (303) 262-2125 and asking for the Pioneer Drilling call 10 minutes prior to the start time. Or live over the Internet by logging on to the web address below.

Where: http://www.pioneerdrlg.com

For those who cannot listen to the live call, a replay will be available through February 12, 2004, and may be accessed by calling (303) 590-3000 using pass code 568538. Also, an archive of the webcast will be available shortly after the call on www.pioneerdrlg.com. For more information, please contact Karen Roan at DRG&E at 713-529-6600 or email kcroan@drg-e.com.

Pioneer Drilling Company provides land contract drilling services to independent and major oil and gas operators drilling wells in north, east and south Texas. The Company’s fleet consists of 28 land drilling rigs that drill in depth ranges between 8,000-18,000 feet. Pioneer Drilling has also agreed to acquire a seven rig drilling fleet consisting of mechanical 700 to 1200 horsepower rigs, capable of drilling to depths of 10,000 to 14,000 feet. The transaction is expected to close in early March 2004, subject to financing satisfactory to the Company, thereby increasing the Company’s fleet size to 35 drilling rigs.

CONTACT:

Ken Dennard / ksdennard@drg-e.com
Wm. Stacy Locke, President & CEO Lisa Elliott / lelliott@drg-e.com
Pioneer Drilling Company DRG &E
(210) 828-7689 (713) 529-6600