DECEMBER 8, 2003 – SAN ANTONIO, TEXAS – Pioneer Drilling Company (AMEX: PDC) today announced that its board of directors has named William Stacy Locke, age 48, chief executive officer effective immediately. Locke has served as an officer and director since May 1995. He has been president and chief financial officer since August 2000. He previously served as president and chief operating officer from November 1998 to August 2000 and as president and chief executive officer from May 1995 to November 1998.

Locke succeeds Michael E. Little, who today resigned as Pioneer’s chief executive officer to become the president and chief executive officer of Houston based WEDGE Group Incorporated, an affiliate of WEDGE Energy Services L.L.C. (“WEDGE”), the company’s largest shareholder. Little will remain actively involved with Pioneer as Chairman of Pioneer’s Board of Directors.

“We are very excited to continue executing our growth strategies with Mike as
chairman.” stated Locke. “His continued involvement and leadership, combined with his interests and new responsibilities at WEDGE Group, are perfectly aligned with the interests of all our shareholders.”

CONTACTS:
Bill Hibbetts, Senior VP & CFO
Pioneer Drilling Company
210-828-7689

Ken Dennard / ksdennard@drg-e.com
Lisa Elliott / lelliott@drg-e.com
DRG&E / 713-529-6600

Little added, “I am very confident handing the chief executive reins back over to Stacy Locke. Stacy’s experience and leadership have been critical to building the company from 8 rigs to 28 rigs over the past several years and he will continue being very focused on increasing shareholder value. Pioneer is a very important investment for WEDGE and with a management team including Stacy, Red West, Bill Hibbets and Don Lacombe, we are confident Pioneer will continue to thrive.”

Additionally, the board announced the promotion of William D. Hibbetts to the
additional position of chief financial officer, adding to his role as secretary and chief accounting officer. Hibbetts has served as a director since June 1984 and as chief accounting officer since December 2000. He served as chief accounting officer of Southwest Venture Management Company from July 1988 to May 1999. He previously served as an officer of the company from January 1982 to May 1986.

WEDGE’s Ownership Overview
Since February 2000, WEDGE has made total investments of $47 million into Pioneer Drilling. WEDGE currently owns 7.24 million shares of common stock, or approximately 33%, as well as $28 million principal amount of 6.75% Convertible Subordinated Debentures that are convertible into 6.5 million shares of common stock at a price of $4.31 of per share. On a fully diluted basis assuming the conversion of the convertible debentures, WEDGE would own approximately 48% of the company’s common shares.

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. 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.

Forward-looking information includes statements regarding the Company’s anticipated growth, demand from the Company’s customers, capital spending by oil and gas companies and the Company’s expectations regarding its new rigs and the U. S. land drilling sector. 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, including, among other matters: general and regional economic conditions and industry trends; the continued strength or weakness 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 highly competitive nature of the contract land drilling business; the Company’s future financial performance, including availability, terms and deployment of capital; the continued availability of qualified personnel; and changes in governmental regulations, including those relating to the environment. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. These risks, as well as others, 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-Q’s.