JUNE 21, 2004 – SAN ANTONIO, TEXAS – Pioneer Drilling Company (AMEX: PDC) today announced that it was rescheduling the announcement of its results for the three months and twelve months ended March 31, 2004 until Wednesday, June 23, 2004.

Wm. Stacy Locke, Pioneer’s President and Chief Executive Officer, explained, “We are in the final stages of resolving comments from the staff of the Securities and Exchange Commission relating to the shelf registration statement we filed to cover possible resales of shares of common stock by investors who acquired shares in our February 2004 private placement, and we have decided to postpone our earnings release to allow for some time for that process to be completed, which could be as early as this afternoon.”

In conjunction with its new schedule for the earnings release, Pioneer Drilling has rescheduled its related conference call, which will be broadcast live over the Internet, for Wednesday, June 23, 2004 at 11:00 a.m. Eastern time (10:00 a.m. central).

What: Pioneer Drilling's Fiscal Fourth Quarter 2004 Conference Call

Rescheduled for: Wednesday, June 23, 2004 -- 11:00 a.m. eastern time

How: Live via phone -- By dialing (303) 262-2141 and asking for 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 Web cast, an archive will be available shortly after the call. For more information, please contact Karen Roan at DRG&E at (713) 529-6600 or email kcroan@drg-e.com.

CONTACTS:
Wm. Stacy Locke, President & CEO
Pioneer Drilling Company
210-828-7689

Ken Dennard / ksdennard@drg-e.com

Lisa Elliott / lelliott@drg-e.com

DRG&E / 713-529-6600

Pioneer Drilling Company provides land contract drilling services to independent and major oil and gas operators drilling wells in North, East and South Texas and North Louisiana. Pioneer’s fleet consists of 36 land drilling rigs that drill in depth ranges between 8,000 and 18,000 feet. This press release contains various forward-looking statements and information that are based on management’s belief as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. These risks are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2003 and subsequent Form 10-Qs.