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Pioneer Drilling Company Q2 2010 Earnings Call Transcript

By the end of August, 35 of our 71 drilling rigs of 29% will have installed top drives and be working at 100% utilization. In addition 31 rigs will be operating under term contracts. 31 of the 46 active rigs today were operating at 65% utilization today so 31 of our 65 active rigs or 66% of the fleet are now protected with term contracts.

By the end of this month all rental top drives will have been released and 8 of the 35 rigs with top drives that have been upgraded are mechanical with average day rates in excess of 17,000 per day and 5 of those mechanical rigs are backed by term contracts as well.

When you termed our region and take a look at our progress, going first to the Marcellus we now have 7 rigs contracted in the Marcellus the seventh rig is finalizing preparations it will be mobilizing at the end of august all 7 of these rigs are our 60 series trailer mounted fast moving rigs they have been very well received up there operating at 100% utilization 100% of those rigs are under term contracts and by the time the seventh rig arrives there we will have 100% of the rigs with skidding systems which as we talked in prior calls is a great advantage both us and the operator that keeps more of these operating days on drilling at the day rate as opposed to more days and less cumbersome during particularly the winter months when you have weather situations so we are very pleased about that.

In Bakken we have got 8 rigs even our 2 shallow rigs are not utilized there so all 8 rigs most of the Bakken oriented rigs are our 50 series rigs which is the triple 750 hook load. We got one as a million down hook load mass rig. They are 100% utilized and they are 100% under term contracts so we are very pleased with the progress we have made there.

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