Pritchard Capital Partners

“Energize 2009”

Conference

January 2009

(AMEX: PDC)

www.pioneerdrlg.com

Exhibit 99.1

2

Forward-looking Statements

This

presentation

contains

various

forward-looking

statements

and

information

that

are

based

on

management’s

current

expectations

and

assumptions

about

future

events.

Forward-looking

statements

are

generally

accompanied

by

words

such

as

“estimate,”

“project,”

“predict,”

“expect,”

“anticipate,”

“plan,”

“intend,”

“seek,”

“will,”

“should,”

“goal,”

and

other

words

that

convey

the

uncertainty

of

future

events

and

outcomes.

Forward-looking

information

includes

,

among

other

matters,

statements

regarding

the

Company’s

anticipated

growth,

quality

of

assets,

rig

utilization

rate,

capital

spending

by

oil

and

gas

companies,

production

rates,

the

Company's

growth

strategy,

and

the

Company's

international

operations.

Although

the

Company

believes

that

the

expectations

and

assumptions

reflected

in

such

forward-looking

statements

are

reasonable,

it

can

give

no

assurance

that

such

expectations

and

assumptions

will

prove

to

have

been

correct.

Such

statements

are

subject

to

certain

risks,

uncertainties

and

assumptions,

including,

among

others:

general

and

regional

economic

conditions

and

industry

trends;

the

continued

strength

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;

changes

in

governmental

regulations,

including

those

relating

to

the

environment;

the

political,

economic

and

other

uncertainties

encountered

in

the

Company's

international

operations

and

other

risks,

contingencies

and

uncertainties,

most

of

which

are

difficult

to

predict

and

many

of

which

are

beyond

our

control.

Should

one

or

more

of

these

risks,

contingencies

or

uncertainties

materialize,

or

should

underlying

assumptions

prove

incorrect,

actual

results

may

vary

materially

from

those

expected.

Many

of

these

factors

have

been

discussed

in

more

detail

in

the

Company's

annual

report

on

Form

10-KT

for

the

fiscal

year

ended

December

31,

2007

and

quarterly

reports

on

Form

10Q

for

the

quarters

ended

March

31,

2008,

June

30,

2008

and

September

30,

2008.

Unpredictable

or

unknown

factors

that

the

Company

has

not

discussed

in

this

presentation

or

in

its

filings

with

the

Securities

and

Exchange

Commission

could

also

have

material

adverse

effects

on

actual

results

of

matters

that

are

the

subject

of

the

forward-

looking

statements.

All

forward-looking

statements

speak

only

as

the

date

on

which

they

are

made

and

the

Company

undertakes

no

duty

to

update

or

revise

any

forward-looking

statements.

We

advise

our

shareholders

to

use

caution

and

common

sense

when

considering

our

forward

looking

statements.

3

Pioneer Overview

Businesses

Land driller and production services company

Drilling Services

-

70 high-quality drilling rigs capable of drilling

6,000-18,000 feet / operations in Lower 48 & Colombia

Production Services

-

74 workover

rigs, 59 wireline

units,

fishing & rental tools worth $15 million / operations in Lower 48

Ticker Symbol

AMEX: PDC

Market Cap (1/8/09)

$327 million

Stock Price (1/8/09)

$6.55

Average daily trading volume approximately 600,000 shares

Public float approximately 50 million shares

Employees

2,100

Headquarters

San Antonio, Texas

4

Balanced Business Mix, Focus on Returns

Modern, high-quality drilling and well services fleet provides a

competitive advantage in up and down markets

–

Over 80% of drilling rig fleet is new or upgraded since 2001

–

Newest, most premium workover

rig fleet in the U.S.

Geographic diversification

–

Broad reach in the U.S.

–

Concentrated international operations in Latin America

Production Services offers market diversification, strong margins

Focused

on

buying/building

assets

at

the

right

time

at

the

right

price

Well capitalized to take advantage of industry consolidation

opportunities

5

Strategic Growth Initiatives

Disciplined program of well-timed

acquisitions and new-builds

–

Acquired 42 rigs through 10 strategic acquisitions

–

Built 27 rigs, with the newest 1,500-horsepower rig to be

delivered in March 2009.

Expanded Internationally

–

September 2007–

Launched land drilling operations in

Latin America. Currently operating five rigs in Colombia.

Diversified into Oilfield Services

–

March 2008

–

Formed Production Services Division

through the $340 million acquisition of WEDGE

Companies and Competition Wireline.

6

Revenue

(1)

EBITDA

(2)

Contribution by Division

Production

Services

29%

Drilling

Services

71%

Drilling

Services

68%

Production

Services

32%

(1)

Revenue percentages are based on revenues of $124.3 million and $49.9 million for Drilling Services and Production Services,

respectively, for the quarter ended September 30, 2008.

(2)

Earnings before interest, taxes, depreciation and amortization (EBITDA) percentages are based on EBITDA of $44.2 million and

$20.5 million for Drilling Services and Production Services, respectively, for the quarter ended September 30, 2008.

7

Drilling Services Division

******************************

******************************

******************************

******************************

******************************

***************************

8

Drilling Services Operating Locations

UT

MT

CO

KS

ND

LA

OK

TX

Colombia

East Texas Division

22 Rigs

South Texas Division

17 Rigs

North Texas Division

10 Rigs

Utah Division

6 Rigs

North Dakota Division

6 Rigs

International –

Colombia

5 Rigs

Cold Stacked Rigs

4 Rigs

Rig Divisions

9

Efficient, High-Quality Assets

One of the youngest fleets in the industry

–

Over 80% of fleet was either built new or has been upgraded and refurbished

within the last six years

–

39% are less than eight years old

–

Requires less maintenance expense and provides competitive advantage in

difficult market

Designed for efficiency and effectiveness, with modern mud

pumping and cleaning systems

Iron roughnecks installed on 61% of active U.S. drilling rigs to

enhance safety and efficiency

Topdrives

on 10 drilling rigs -

4 more pending delivery

–

Increased drilling speeds in both vertical and horizontal wells

10

Focused on Growth and

Return on Investment

Maintained high utilization rate while growing fleet

Emphasis on growth at the right price

Disciplined program of well-timed acquisitions and new-builds

Acquired 42 rigs at average of $2.9 million per rig

Built 27 rigs at average cost of $8.9 million per rig

*  Fiscal year end was changed from March 31 to December 31 effective on December 31, 2007

11

Strong Utilization Through the Cycles

One of strongest drilling rig utilization rates in the industry –

in top 2

over last 9 years

Averaged 89% utilization through cycles since 2Q 2000

Drillers with the newest, highest quality equipment win customers in

down cycles

Source:  Domestic utilization rates based on calendar years and obtained from Form 10-K, Form 10-Q reports and press releases.

0%

20%

40%

60%

80%

100%

Q2 '00

Q4 '00

Q2 '01

Q4 '01

Q2 '02

Q4 '02

Q2 '03

Q4 '03

Q2 '04

Q4 '05

Q2 '06

Q4 '06

Q2 '07

Q4 '07

Q2 '08

Pioneer

Helmerich & Payne

Grey Wolf

Patterson-UTI

Nabors

12

International Expansion

Why Colombia?

–

Provides geographic diversification

–

Strong E&P spending expected to continue

–

Stable government encourages foreign investment

–

In 2008, drilling margins were 20% to 25% above US

average drilling margins

Current status of Colombian operations

–

Operating 4 rigs at 100% utilization

–

One rig on standby dayrate

through mid-February

–

Anticipate significant dayrate

reductions in near future

and uncertainty with respect to rig utilization

Pioneer Rig 301, National 110UE, diesel-electric,

1,500-HP rig operating outside the city of Neiva,

Colombia.

13

Challenging Year Ahead

Oversupply of natural gas in U.S. putting downward pressure on price

expectations for 2009.

Lower natural gas price expectations, plus depressed stock prices, tight credit

markets and global recession, have caused operators to significantly reduce

2009 capital budgets.

For the week ending 1/2/09, the U.S. land rig count declined 531

rigs (24%) to

1,665 rigs, from the 9/26/08 peak of 2,196 rigs*.  We anticipate

the rig count

could drop by another 400-600 rigs by Q209.

We anticipate that Pioneer’s rig utilization will average 65-75% for 2009 and

that average drilling margins per day will decline to $5,500-$6,500 per day.

Pioneer recently cold stacked  4 of 6 rigs operating in Western Oklahoma and

transferred operations of remaining 2 rigs to North Texas.

*    Source: Simmons & Co. International

14

Production Services Division

*

*

*

*

*

15

Advantages of Production Services

Complementary services --

well services, wireline, fishing and rental tools

–

Less cyclical cash flow and earnings stream

–

New platforms for growth both domestic and in international market

–

Somewhat counter cyclical to land drilling business

Premium assets with an average age of 1.5 years for workover

rigs and 3

years for wireline

units

Attractive margins –

approximately 45% to 50% in 2008

Overlapping market presence creates cross-selling opportunities

Helps optimize Pioneer’s capital structure

Seasoned management team, each with over 25 years of industry

experience and proven track record of managing growth

Transformation of Pioneer from a pure-play U.S. land driller

into a multi-national energy services provider

16

Production Services New-build Program

New-build orientation

–

99% of well service equipment is 550-600

horsepower rigs capable of working at

depths of 20,000

feet

–

Custom-designed wireline

units and

proprietary open hole wireline

tools

New equipment strategy has led to gains in

market share

–

Customers prefer new equipment

–

Young fleet attracts the best operating

personnel

–

Minimal downtime and expenses

–

Increases efficiency and safety

Pioneer workover

rig, a new National 5C, 550 HP

working outside the city of Bryan, Texas.

17

Production Services New-build Program (Cont.)

Fishing & Rental Services Gross

Equipment And Tools Value

(At Calendar Year-end)

$0.0

$2.8

$11.7

$12.9

$14.8

2004

2005

2006

2007E

2008

$0.0

$3.0

$6.0

$9.0

$12.0

$15.0

$18.0

Dollar Amounts In Millions

Wireline

Units And Workover

Rigs

(At Calendar Year-end)

0

12

24

45

59

6

20

27

55

74

2004

2005

2006

2007

2008

0

10

20

30

40

50

60

70

80

90

Units/Rigs

Wireline

Units

Workover

Rigs

Information for the years 2004 to 2007 represents

workover

rig

and wireline

unit counts and fishing and rental tool

inventory

values

when the Production

Services business was owned by WEDGE group.

18

Production Services Locations

Geographic footprint that compliments Drilling Services Division

•

Well Services

(74 workover

rigs)

•

Wireline

Services

(59

wireline

units)

•

Fishing and Rental

Tools Services

($15 million equipment)

19

Management

*

*

*

*

*

20

Experienced Management Team

Wm. Stacy Locke -

President and Chief Executive Officer

Joined Pioneer as President in 1995

B.A. in Geology and MBA in Finance

Seven years experience in investment banking

Six years experience as exploration geologist

F.C. “Red”

West -

Executive Vice President and President of Drilling

Service Division

45 years experience in the drilling services industry

Supervised the drilling of over 7,000 wells

Joe Eustace –

Executive Vice President and President of Production

Services Division

Joined WEDGE in 2004 as President of WEDGE Oil and Gas Services

Served

as

Group

Vice

President

for

Key

Energy

Services

from

1998

–

2004

Served as VP of Operations for Dawson Production Services from 1982

until acquired by Key Energy Services in 1998

21

Experienced Management Team (Cont.)

Left to Right: Donald Lacombe, Senior Vice

President

of

Drilling

Services

Division

–

Marketing

and Red West, President of the Drilling Services

Division.

Left to Right: Joe Freeman, Vice President of Well

Services, Mark Gjorvig, Vice President of Wireline

Services, Joe Eustace, President of the Production

Services Division, Randy Watson, Vice President of

Fishing and Rental Services.

Drilling Services Division

Production Services Division

22

Financial Overview

*

*

*

*

*

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

FY 2003

FY 2004

FY 2005

FY 2006

FY 2007

FY Dec

2007 (1)

YTD Sep

2008 (2)

23

Historical Financial Performance

Revenue 2003 -

2008

EBITDA

(3)

2003 -

2008

(1)

FY 2003 -

FY 2007 data based on Company fiscal years ended March 31.  Due

to the change in fiscal year end from March 31 to

December 31, FY Dec 2007 information represents the nine month fiscal year ended December 31, 2007.

(2)

YTD Sep 2008 data represents the nine months ended September 30,

2008.

(3)

See page 25 for EBITDA reconciliation.

$-

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

FY 2003

FY 2004

FY 2005

FY 2006

FY 2007

FY Dec

2007 (1)

YTD Sep

2008 (2)

--

9 Months --

--

9 Months --

-----------------

12 Months-----------

-----------------

12 Months-----------

24

Significant Financial Flexibility

Capital           

Expenditures

Nine months

ended      

Sept. 30, 2008

Projected 

FY 2008

Projected 

FY 2009

Routine

$16.0

$32.3

Discretionary

84.8

121.0

      Total

$100.8

$153.3

<  $75.0

(In Millions)

(In Millions)

Capitalization

At Sept. 30, 2008

Cash

$17.3

Debt:

    Senior secured credit facility $400 million

$275.5

    Subordinated notes payable and other

7.2

      Total debt

$282.7

    Current portion

$4.5

    Long-term portion

278.2

      Total debt

$282.7

Availability under secured credit facility

$116.2

Total capitalization (Total debt + shareholder equity)

$813.0

Debt to total capitalization ratio

35%

25

Reconciliation of EBITDA to Net Income

Nine Months

Nine Months

and FY Ended

Ended

3/31/04

3/31/05

3/31/06

3/31/07

12/31/07 (1)

9/30/2008

EBITDA

16.6

42.1

111.4

180.7

106.8

154.3

Depreciation & Amortization

(16.2)

(23.1)

(33.4)

(52.9)

(48.9)

(61.9)

Bad Debt Expense

-

(0.2)

-

(0.8)

(2.6)

-

Net Interest

(2.6)

(1.7)

1.9

3.8

2.4

(8.6)

Income Tax (Expense) Benefit

0.4

(6.4)

(29.3)

(46.6)

(18.1)

(28.6)

Net Income (Loss)

(1.7)

10.8

50.6

84.2

39.6

55.2

($ in Millions)

(1)    Due to change in fiscal year end from March 31 to December 31 that was effective December 31,

2007, Pioneer had a nine month fiscal year ended December 31, 2007.

26