8-K

UNITED STATES

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): May 21, 2009

PIONEER DRILLING COMPANY

(Exact name of registrant as specified in its charter)

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

1250 N.E. Loop 410, Suite 1000, San Antonio, Texas	78209
(Address of principal executive offices)	(Zip Code)

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

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

From time to time, senior management of Pioneer Drilling Company (the “Company”) meets with groups of investors and business analysts. The slides attached to this report have been prepared in connection with management’s participation in such meetings and participation in UBS’s 2009 Oil and Gas Conference on May 21, 2009 in Austin, Texas. The slides provide an update on the Company’s operations and expectations for 2009 and are included in Exhibit 99.1 to this report and are incorporated herein by reference. The slides are available on the Company’s website at www.pioneerdrlg.com.

Safe Harbor Statement

Statements contained in Exhibit 99.1 to this report that state the Company’s or its management’s expectations and assumptions about future events are forward-looking statements intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company’s actual results could differ materially from those projected or assumed in such forward-looking statements. Factors that could affect those results include, among others, those mentioned in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2008 and quarterly report on Form 10-Q for the quarter ended March 31, 2009, which has been filed with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits.
	99.1	Slides for Company presentations to be used from time to time.

SIGNATURES

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

PIONEER DRILLING COMPANY
By:	/s/    Lorne E. Phillips
	Lorne E. Phillips
	Chief Financial Officer

Dated: May 21, 2009

EX-99.1

Company Presentation

May 2009

(NYSE 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-K for the fiscal year ended December 31, 2008 and quarterly report on Form

10Q for the quarter ended March 31, 2009.  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

-

71 high-quality drilling rigs capable of drilling

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

Production Services

-

74 workover

rigs, 61 wireline

units,   

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

Ticker Symbol

NYSE AMEX US: PDC

Market Cap (5/18/09)

$323 million

Stock Price (5/18/09)

$6.42

Average daily trading volume approximately 384,000 shares

Public float approximately 50 million shares

Employees

1,500

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 Colombia

–

Exploring other expansion opportunities in Latin America

Production Services offers market diversification, strong

margins

Focused on buying/building assets at the right time at the right

price

5

Strategic Growth Initiatives

Disciplined program of acquisitions

and new-builds

–

Acquired 39 rigs through 9 strategic acquisitions

–

Built 31 rigs, with the newest 2000-horsepower rig

to be delivered later in May 2009.

International Expansion

–

September 2007–

Launched land drilling operations

in Latin America.

Oilfield Services Diversification

–

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

(1)

Revenue percentages are based on revenues of $428.2 million and $170.1 million for Drilling Services and Production Services,

respectively, for the trailing twelve months ended March 31, 2009.

(2)

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

$147.7 million and $60.0 million for Drilling Services and Production Services, respectively, for the trailing twelve months March 31,

2009.

Drilling

Services

72%

Production

Services

28%

Drilling

Services

71%

Production

Services

29%

7

Drilling Services Division

8

Drilling Services Operating Locations

UT

MT

CO

KS

ND

LA

OK

TX

East Texas Division

22 Rigs

South Texas Division

17 Rigs

North Texas Division

8 Rigs

Utah Division

6 Rigs

North Dakota Division

7 Rigs

International –

Colombia

5 Rigs

Cold Stacked Rigs

6 Rigs

Division Rig Counts

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

–

44% of fleet comprised of new-build rigs or acquired rigs since 2001

–

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 63% of active U.S. drilling rigs to

enhance safety and efficiency

Topdrives

on 11 drilling rigs, 2 spares and 2 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 acquisitions and new-builds

Acquired 39 rigs at average of $2.4 million per rig

Built 31 rigs at average cost of $9.8 million per rig

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

66%

91%

82%

79%

88%

96%

95%

95%

89%

89%

52%

8

16

20

24

35

50

56

65

69

70

71

0%

25%

50%

75%

100%

-

10

20

30

40

50

60

70

80

Average Utilization

Rig Count at Period End

11

Strong Utilization Through the Cycles

One

of

strongest

drilling

rig

utilization

rates

in

the

industry

–

in

top

2

over last 8 years

Averaged 88% utilization through cycles since 1Q 2001

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%

Q1 '01

Q3 '01

Q1 '02

Q3 '02

Q1 '03

Q3 '03

Q1 '04

Q3 '04

Q1 '06

Q3 '06

Q1 '07

Q3 '07

Q1 '08

Q3 '08

Q1 '09

Pioneer

Helmerich

& Payne

Grey Wolf

Patterson-UTI

Nabors

Bronco

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

–

3 rigs operating under drilling contracts and

actively marketing 2 rigs located in Colombia

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 5/8/09, the U.S. land rig count was 868

rigs, a decline of 55% from the August 2008 peak of 1,938

rigs*.  The more recent diminishing rate of decline in the U.S.

land rig count suggests a bottom in the industry cycle is near.

Pioneer recently cold stacked 6 rigs that were operating in

Western Oklahoma.

*    Source: Baker Hughes

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 in domestic and internation

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

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.

0

12

24

45

59

61

6

20

27

55

74

74

0

10

20

30

40

50

60

70

80

2004

2005

2006

2007

2008

1Q 2009

17

Production Services New-build Program (Cont.)

Fishing & Rental Services Gross

Equipment and Tools Value

Wireline

Units And

Workover

Rigs

45

59

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.

$-

$2.8

$11.7

$12.9

$14.8

$14.8

$-

$2

$4

$6

$8

$10

$12

$14

$16

2004

2005

2006

2007

2008

1Q 2009

Dollar amounts in millions

18

Production Services Locations

Geographic footprint that compliments Drilling Services Division

•

Well Services

(74 workover

rigs)

•

Wireline

Services

(

)

•

Fishing and Rental

Tools Services

($15 million equipment)

UT

MT

CO

KS

ND

LA

OK

TX

61

wireline

units

19

Management

20

Experienced Management Team

Wm.

Stacy

Locke

-

President

and

Chief

Executive

Officer

Joined Pioneer as President in 1995

Seven years experience in investment banking, six years experience as exploration geologist

B.A.

in

Geology

from

the

University

of

California

Santa

Barbara,

MBA

in

Finance

from

Southern

Methodist

University

Lorne

E.

Phillips

–

Executive

Vice

President

and

Chief

Financial

Officer

Joined

Pioneer

in

February

2009,

after

ten

years

experience

with

Cameron

International

Corporation,

most

recently

as Vice President and Treasurer

International and multi-business unit experience, investment banking experience

B.A. from Rice University, MBA from Harvard Graduate School of Business

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

Carlos R. Pena –

Vice President, General Counsel, Secretary and Compliance Officer

Joined Pioneer in October 2008 and practicing law since 1992

Experience providing both outside corporate and securities counsel and in-house M&A counsel

B.A. from Princeton, law degree from the University of Texas at Austin

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

23

Historical Financial Performance

Revenue

2004

-

2009

EBITDA

(2)

2004 -

2009

(1)

FY

2004

-

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)

See page 25 for EBITDA reconciliation.

24

Capitalization

Capital Expenditures

Actuals     

FY 2008

Actuals     

1Q 2009

Budget    

FY 2009

Routine

22.6

$              

6.5

$                

23.9

$          

Discretionary

125.5

10.6

41.3

FY 2009 Budget

148.1

17.1

65.2

FY 2008 Budget carryover

to be incurred in FY 2009

-

9.6

19.3

148.1

$            

26.7

$              

84.5

$          

(In Millions)

(In Millions)

Capitalization

At Mar 31, 2009

Cash

30.0

$                    

Debt:

    Senior secured credit facility $400 million

257.5

$                 

    Subordinated notes payable and other

5.8

      Total debt

263.3

$                 

Total shareholders' equity

414.6

$                 

Total capitalization

677.9

$                 

Debt to total capitalization ratio

39%

25

Reconciliation of EBITDA to Net Income

($ 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.

Nine Months

Fiscal Yr

Qtr

and FY Ended

Ended

Ended

3/31/04

3/31/05

3/31/06

3/31/07

12/31/07 (1)

12/31/08

03/31/09

EBITDA

16.6

41.8

111.4

179.9

104.2

214.8

27.8

Depreciation & Amortization

(16.2)

(23.1)

(33.4)

(52.9)

(48.9)

(88.1)

(25.5)

Net Interest

(2.6)

(1.7)

1.9

3.8

2.4

(11.8)

(1.9)

Impairment charges

-

-

-

-

-

(171.5)

-

Income Tax (Expense) Benefit

0.4

(6.4)

(29.3)

(46.6)

(18.1)

(6.1)

0.2

Net Income (Loss)

(1.7)

10.8

50.6

84.2

39.6

(62.7)

0.6

Fiscal Year Ended

26