Pioneer Drilling Co. - 2011-07-05

The company has entered into an amendment and restatement of its existing credit agreement. The amended and restated credit agreement provides the company with a $250 million, five-year, senior secured revolving credit facility.

The amended and restated credit agreement, among other things:

• extends the maturity date of the credit agreement from August 31, 2012, to June 30, 2016;
• increases the aggregate amount of commitments under the credit agreement from $225 million to $250 million;
• improves the pricing terms for borrowings and the commitment fee; and
• provides the company with increased flexibility under the financial covenants.