8-K

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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): August 4, 2004

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

Texas
(State or other jurisdiction
of incorporation) 1-8182
(Commission File Number) 74-2088619
(I.R.S. Employer
Identification No.)

9310 Broadway, Building I
San Antonio, Texas
(Address of principal executive offices)
78217
(Zip Code)

Registrant's telephone number, including area code: (210) 828-7689

Item 7. Financial Statements and Exhibits

(c)	Exhibits
99.1	Press release issued by Pioneer Drilling Company, dated August 4, 2004.

Item 12. Results of Operations and Financial Condition

        On August 4, 2004, we issued a press release with respect to our results of operations for the first quarter of our fiscal year ending March 31, 2005. A copy of that press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.

        The information furnished pursuant to this Item 12, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

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SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PIONEER DRILLING COMPANY
By:	/s/  WILLIAM D. HIBBETTS William D. Hibbetts Senior Vice President and Chief Financial Officer

Date: August 4, 2004

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EXHIBIT INDEX

No.	Description
99.1	Press release issued by Pioneer Drilling Company, dated August 4, 2004.

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Item 7. Financial Statements and Exhibits
Item 12. Results of Operations and Financial Condition

SIGNATURE
EXHIBIT INDEX

EX-99.1

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Exhibit 99.1

	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

FOR IMMEDIATE RELEASE

PIONEER DRILLING REPORTS
FISCAL FIRST QUARTER RESULTS
First quarter revenues were up 70 percent
First quarter net income was $0.01 per diluted share

        AUGUST 4, 2004—SAN ANTONIO, TEXAS—Pioneer Drilling Company (AMEX: PDC) today reported results for the three months ended June 30, 2004.

        Revenues for the first quarter of fiscal 2005 were $40.7 million, compared to revenues of $23.9 million in the first quarter of 2004. Net earnings in the first quarter of 2005 were $217,000, or $0.01 per diluted share, versus a net loss of $1.1 million, or $0.05 loss per share, during the first quarter of 2004.

        There were 2,997 revenue days during the first quarter of fiscal 2005, compared to 1,958 revenue days for the first quarter of fiscal 2004. Average rig utilization for the first quarter was 93 percent, up from 87 percent in the corresponding period last year.

        Wm. Stacy Locke, Pioneer's President and Chief Executive Officer, stated, "We experienced a solid quarter, while battling weather in all three of our markets in Texas and lower than anticipated earnings contribution from turnkey operations. Overall, operating income per revenue day from turnkey projects remained positive and, in fact, was higher than operating income per revenue day from daywork projects. However, turnkey operations were not as profitable in the fiscal first quarter as we had experienced throughout fiscal 2004. We are pleased with this utilization rate of 93%, a level we haven't seen since 2001 when we had less than 20 land rigs in our fleet. Now that our fleet has grown to 36 rigs and our customer demand is quite strong, we expect to benefit from the operating leverage of these additional rigs as utilization is high and dayrates appear to be continuing to increase."

        Pioneer Drilling's management team will be holding a conference call on Thursday, August 5, 2004, at 9:30 a.m., Eastern time. To participate in the call, dial (303) 262-2143 at least ten minutes before the conference call begins and ask for the Pioneer Drilling conference call. A replay of the call will be available approximately two hours after the call ends and will be accessible until August 12, 2004. To access the replay, dial (303) 590-3000 and enter the pass code 11004875#.

        Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by accessing Pioneer Drilling's Web site at http://www.pioneerdrlg.com. To listen to the live call on the Web, please visit Pioneer Drilling's Web site at least fifteen minutes early to register, download and install any necessary audio software. 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.

        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. Forward-looking information includes statements regarding the expected benefits from the operating leverage of Pioneer Drilling's additional rigs and the continuing increases in dayrates. Although the management of Pioneer Drilling believes that the expectations reflected in such forward-looking statements are reasonable, Pioneer Drilling can give no assurance that those expectations will prove to have been correct. Such statements are subject to various risks, uncertainties and assumptions, including, among other matters, risks and uncertainties relating to turnkey drilling contracts in progress. Should one or more of those 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, 2004.

- Tables to Follow -

PIONEER DRILLING COMPANY AND SUBSIDIARIES
Statements of Operations

			Three Months Ended
			6/30/04			6/30/03
			(Unaudited)
Revenues:
	Contract drilling		$	40,718,811		$	23,850,083
Costs and Expenses:
	Contract drilling			33,854,370			20,366,406
	Depreciation and amortization			5,048,317			3,624,181
	General and administrative			770,141			648,248
	Total operating costs			39,672,828			24,638,835
Operating income (loss)				1,045,983			(788,752	)
Other income (expense):
	Interest expense			(718,232	)		(733,655	)
	Interest income			23,837			47,690
	Other			3,389			8,947
	Total other			(691,006	)		(677,018	)
Income (loss) before taxes				354,977			(1,465,770	)
Income tax benefit (expense)				(138,449	)		409,469
Net earnings (loss)			$	216,528		$	(1,056,301	)
Earnings (loss) per share:
	Basic		$	0.01		$	(0.05	)
	Diluted		$	0.01		$	(0.05	)
Weighted average number of shares outstanding:
		Basic		27,300,126			21,707,935
		Diluted		28,273,561			21,707,935
Operating statistics:
	Average number of rigs			35.3			24.6
	Utilization rate			93	%		87	%
	Revenue days			2,997			1,958
	Drilling revenue/revenue day		$	13,587		$	12,181
	Drilling cost/revenue day		$	11,296		$	10,402
	Capital expenditures:
		Rig additions	$	2,614,051		$	5,416,693
		Other	$	5,801,471		$	1,512,857
			$	8,415,522		$	6,929,550

PIONEER DRILLING COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets

			6/30/2004		3/31/2004
			(Unaudited)
Assets
Current assets:
	Cash and cash equivalents		$	5,919,748	$	6,365,759
	Receivables, net			12,571,346		10,901,991
	Contract drilling in progress			10,461,223		9,130,794
	Current deferred income taxes			271,844		285,384
	Prepaid expenses			972,149		1,336,337
		Total current assets		30,196,310		28,020,265
Net property, plant and equipment				118,543,601		115,341,612
Other assets				354,819		369,278
Total assets			$	149,094,730	$	143,731,155
Liabilities and Equity
Current liabilities:
	Notes payable		$	223,967	$	558,070
	Current long-term debt			3,860,183		3,865,236
	Accounts payable			17,773,694		13,270,989
	Accrued expenses			6,087,083		4,297,952
		Total current liabilities		27,944,927		21,992,247
Long-term debt				43,931,131		44,891,674
Deferred taxes				6,165,825		6,010,916
		Total liabilities		78,041,883		72,894,837
Total shareholders' equity				71,052,847		70,836,318
			$	149,094,730	$	143,731,155

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Exhibit 99.1

PIONEER DRILLING COMPANY AND SUBSIDIARIES Statements of Operations
PIONEER DRILLING COMPANY AND SUBSIDIARIES Condensed Consolidated Balance Sheets