SAN ANTONIO, July 5, 2011 /PRNewswire/ -- Pioneer Drilling Company, Inc. (NYSE Amex: PDC) today announced that it has entered into an amendment and restatement of its existing credit agreement.  The amended and restated credit agreement provides the Company with a $250 million, five-year, senior secured revolving credit facility.

The amended and restated credit agreement, among other things:

• extends the maturity date of the credit agreement from August 31, 2012, to June 30, 2016;
• increases the aggregate amount of commitments under the credit agreement from $225 million to $250 million;
• improves the pricing terms for borrowings and the commitment fee; and
• provides the Company with increased flexibility under the financial covenants.

"We are pleased with the amended and restated credit facility. It provides the Company with favorable terms that enhances our financial flexibility to continue the growth of the Company and achieve our financial and operational objectives," said Stacy Locke, Pioneer's President and CEO.

About Pioneer

Pioneer Drilling Company provides contract land drilling services to independent and major oil and gas operators in Texas, Louisiana, Oklahoma, Kansas, the Rocky Mountain and Appalachian regions and internationally in Colombia through its Pioneer Drilling Services Division. The Company also provides well service rig, wireline and fishing and rental services to producers in the U.S. Gulf Coast, Mid-Continent, Rocky Mountain and Appalachian regions through its Pioneer Production Services Division.  Its fleet consists of 71 land drilling rigs that drill at depths ranging from 6,000 to 25,000 feet, 80 well service rigs (73 550-horsepower rigs, six 600-horsepower rigs and one 400-horsepower rig), 99 wireline units, and fishing and rental tools.

SOURCE Pioneer Drilling Company, Inc.