SAN ANTONIO, July 30, 2012 /PRNewswire/ -- Pioneer
Drilling Company (NYSE: PDC) announced that its name has changed to
Pioneer Energy Services Corp. The Company's common stock will
continue to trade on the New York Stock Exchange but will trade
under the new ticker symbol "PES." Pioneer's website is now
www.pioneeres.com.
"Over the last five years, we have transformed Pioneer from a
pure play domestic land contract driller to a diversified energy
services provider with operations across the United States and in Colombia," said Wm. Stacy Locke, President and CEO of Pioneer Energy
Services.
"Today, approximately 50% of our revenues and operating margin
are derived from our Production Services Segment. We operate 102
well servicing rigs, 117 wireline units, 11 coiled tubing units and
an array of fishing and rental tools in addition to our 66 drilling
rigs. Our core services are heavily concentrated in the Bakken,
Eagle Ford, Permian and along the Gulf Coast, both onshore and
offshore.
"This new name reflects who Pioneer is today," Locke said.
In connection with the name change, the Company's common stock
was assigned the new CUSIP number 723664 108. The Company's
outstanding common stock certificates are not affected by the name
change; they continue to be valid and do not need to be
exchanged.
About Pioneer
Pioneer Energy Services provides contract land drilling services
to independent and major oil and gas operators in Texas, Louisiana, the Mid-Continent, Rocky Mountain
and Appalachian regions and internationally in Colombia through its Drilling Services
Segment. Pioneer Energy Services also provides well servicing,
wireline, coiled tubing and fishing and rental services to
producers in the U.S. Gulf Coast, offshore Gulf of Mexico, Mid-Continent and Rocky
Mountain regions through its Production Services Segment. For more
information, visit our website at www.pioneeres.com
Contacts:
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Lorne E.
Phillips, CFO
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Pioneer Energy Services Corp.
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(210) 828-7689
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Lisa
Elliott / lelliott@drg-l.com
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Anne
Pearson / apearson@drg-l.com
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DRG&L / (713) 529-6600
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SOURCE Pioneer Energy Services