-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RBckWAmmmG0JhzMUj1eceYkypqiY7GX2Xfi4YHji4jXTbhE8Lol5m35ztRdJI/6m
 Y5LeUEAY1B/MzwfOGnK/7g==

<SEC-DOCUMENT>0001179110-04-000672.txt : 20040107
<SEC-HEADER>0001179110-04-000672.hdr.sgml : 20040107
<ACCEPTANCE-DATETIME>20040107160328
ACCESSION NUMBER:		0001179110-04-000672
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040105
FILED AS OF DATE:		20040107

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HIBBETTS WILLIAM D
		CENTRAL INDEX KEY:			0001185171

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08182
		FILM NUMBER:		04513267

	MAIL ADDRESS:	
		STREET 1:		13007 BLANCHE COKER
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78216

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIONEER DRILLING CO
		CENTRAL INDEX KEY:			0000320575
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				742088619
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		9310 BROADWAY BLDG I
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78217
		BUSINESS PHONE:		5128287689

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTH TEXAS DRILLING & EXPLORATION INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTH TEXAS DRILLING CO
		DATE OF NAME CHANGE:	19810715
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2004-01-05</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000320575</issuerCik>
        <issuerName>PIONEER DRILLING CO</issuerName>
        <issuerTradingSymbol>PDC</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001185171</rptOwnerCik>
            <rptOwnerName>HIBBETTS WILLIAM D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>9310 BROADWAY, BLDG 1</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78217</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>CFO</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable></nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Stock Option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>4.77</value>
</conversionOrExercisePrice>
<transactionDate><value>2004-01-05</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>75000</value>
</transactionShares>
<transactionPricePerShare><value>4.77</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><footnoteId id="F1"></footnoteId>
</exerciseDate>
<expirationDate><value>2014-01-04</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>75000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>135000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">Exercisable in equal installments over 5 years beginning 01/05/2005</footnote>
</footnotes>
<ownerSignature><signatureName>William D. Hibbetts</signatureName>
<signatureDate>2004-01-07</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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