EX-25.1 6 exhibit251formt-1.htm EXHIBIT 25.1 Exhibit 25.1 (Form T-1)

Exhibit 25.1
_____________________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________

FORM T-1

STATEMENT OF ELIGIBILITY UNDER
THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
_______________________________________________________
__ Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)    

WELLS FARGO BANK, NATIONAL ASSOCIATION
(Exact name of Trustee as specified in its charter)

    
A National Banking Association
(Jurisdiction of incorporation or
organization if not a U.S. national bank)
94-1347393
I.R.S. Employer Identification No.
 
 
101 North Phillips Avenue
Sioux Falls, South Dakota
57104
(Address of principal executive offices)
(Zip Code)

Wells Fargo & Company
Law Department, Trust Section
MAC N9305-175
Sixth Street and Marquette Avenue, 17th Floor
Minneapolis, Minnesota 55479
612-667-4608
(Name, address and telephone number of agent for service)

Pioneer Drilling Company
(Exact name of obligor as specified in its charter)

Texas
74-2088619
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 

1250 N.E. Loop 410, Suite 1000
San Antonio, Texas
78209
(Address of Principal Executive Offices)
(Zip Code)
    
9.875% Senior Notes Due 2018
(Title of the Indenture Securities)




Exact Name of Guarantor
as Specified in its Charter(1)
State or Other
Jurisdiction of
Incorporation or
Formation
IRS Employer
Identification Number
Pioneer Drilling Services, Ltd.
Texas
74-2982497
Pioneer Production Services, Inc.
Delaware
26-2031361
Pioneer Global Holdings, Inc.
Delaware
37-1544707
Pioneer Well Services, LLC
Delaware
05-0607572
Pioneer Wireline Services Holdings, Inc.
Delaware
87-0796455
Pioneer Wireline Services, LLC
Delaware
43-2092205
Pioneer Fishing & Rental Services, LLC
Delaware
04-3814399

(1) The address for each guarantor is 1250 N.E. Loop 410, Suite 1000, San Antonio, Texas 78209.


FORM T-1

Item 1. General Information. Furnish the following information as to the trustee.

(a)
Name and address of each examining or supervising authority to which it is subject.

Comptroller of the Currency
Treasury Department
Washington, D.C.

Federal Deposit Insurance Corporation
Washington, D.C.

Federal Reserve Bank of San Francisco
San Francisco, California 94120

(b)    Whether it is authorized to exercise corporate trust powers.

The trustee is authorized to exercise corporate trust powers.

Item 2. Affiliations with Obligor. If the obligor is an affiliate of the trustee, describe each such affiliation.

None with respect to the trustee.

No responses are included for Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.

Item 15. Foreign Trustee.    Not applicable.

Item 16. List of Exhibits.    List below all exhibits filed as a part of this Statement of Eligibility.





Exhibit 1.
A copy of the Articles of Association of the trustee now in effect.*

Exhibit 2.
A copy of the Comptroller of the Currency Certificate of Corporate Existence and Fiduciary Powers for Wells Fargo Bank, National Association, dated February 4, 2004.**

Exhibit 3.
See Exhibit 2

Exhibit 4.
Copy of By-laws of the trustee as now in effect.***

Exhibit 5.
Not applicable.

Exhibit 6.
The consent of the trustee required by Section 321(b) of the Act.

Exhibit 7.
A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.

Exhibit 8.
Not applicable.

Exhibit 9.
Not applicable.
________________
*
Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as Exhibit 25 to the Form S-4 dated December 30, 2005 of Hornbeck Offshore Services LLC file number 333-130784-06.
**
Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as Exhibit 25 to the Form T-3 dated March 3, 2004 of Trans-Lux Corporation file number 022-28721.
***
Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as Exhibit 25 to the Form S-4 dated May 26, 2005 of Penn National Gaming Inc. file number 333-125274.





SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Dallas and State of Texas on the 18 day of May 2012.


WELLS FARGO BANK, NATIONAL ASSOCIATION

______________________________
John C. Stohlmann
Vice President



EXHIBIT 6

May 18, 2012

Securities and Exchange Commission
Washington, D.C. 20549

Gentlemen:

In accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the undersigned made by Federal, State, Territorial, or District authorities authorized to make such examination may be furnished by such authorities to the Securities and Exchange Commission upon its request thereof.

Very truly yours,

WELLS FARGO BANK, NATIONAL ASSOCIATION

___________________________
John C. Stohlmann
Vice President




Exhibit 7
Consolidated Report of Condition of

Wells Fargo Bank National Association
of 101 North Phillips Avenue, Sioux Falls, SD 57104
And Foreign and Domestic Subsidiaries,
at the close of business March 31, 2012, filed in accordance with 12 U.S.C. §161 for National Banks.
 
 
Dollar Amounts
in Millions
ASSETS
 
 
Cash and balances due from depository institutions:
 
 
Noninterest-bearing balances and currency and coin
 
$
17,216

Interest-bearing balances
 
49,902

Securities:
 
 
Held-to-maturity securities
 

Available-for-sale securities
 
204,705

Federal funds sold and securities purchased under agreements to resell:
 
 
Federal funds sold in domestic offices
 
834

Securities purchased under agreements to resell
 
24,346

Loans and lease financing receivables:
 
 
Loans and leases held for sale
 
28,995

Loans and leases, net of unearned income
710,355

 
LESS: Allowance for loan and lease losses
15,934

 
Loans and leases, net of unearned income and allowance
 
694,421

Trading Assets
 
50,280

Premises and fixed assets (including capitalized leases)
 
7,788

Other real estate owned
 
4,449

Investments in unconsolidated subsidiaries and associated companies
 
579

Direct and indirect investments in real estate ventures
 
106

Intangible assets
 
 
Goodwill
 
21,276

Other intangible assets
 
23,076

Other assets
 
53,844

 
 
 
Total assets
 
$
1,181,817

 
 
 
LIABILITIES
 
 
Deposits:
 
 
In domestic offices
 
$
852,986

Noninterest-bearing
223,944

 
Interest-bearing
629,042

 
In foreign offices, Edge and Agreement subsidiaries, and IBFs
 
66,906

Noninterest-bearing
2,118

 
Interest-bearing
64,788

 
Federal funds purchased and securities sold under agreements to repurchase:
 
 
Federal funds purchased in domestic offices
 
10,453

Securities sold under agreements to repurchase
 
11,665





    
 
 
Dollar Amounts
in Millions
 
 
 
Trading liabilities
 
20,434

Other borrowed money
 
 
(includes mortgage indebtedness and obligations under capitalized leases)
 
38,145

Subordinated notes and debentures
 
18,384

Other liabilities
 
37,006

 
 
 
Total liabilities
 
$
1,055,979

 
 
 
 
 
 
EQUITY CAPITAL
 
 
Perpetual preferred stock and related surplus
 

Common stock
 
519

Surplus (exclude all surplus related to preferred stock)
 
99,458

Retained earnings
 
19,264

Accumulated other comprehensive income
 
5,478

Other equity capital components
 

 
 
 
Total bank equity capital
 
124,719

Noncontrolling (minority) interests in consolidated subsidiaries
 
1,119

 
 
 
Total equity capital
 
125,838

 
 
 
Total liabilities, and equity capital
 
$
1,181,817

            

I, Timothy J. Sloan, EVP & CFO of the above-named bank do hereby declare that this Report of Condition has been prepared
in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge
and belief.


Timothy J. Sloan
EVP & CFO

We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us
and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate
Federal regulatory authority and is true and correct.


John Stumpf                Directors
Avid Modjtabai
Michael Loughlin