Pioneer Drilling Announces Closing of $250 Million Offering of 9.875% Senior Notes Due 2018

Pioneer Drilling Company (NYSE Amex:PDC) today announced that it has closed its previously announced private offering of $250 million of 9.875% Senior Unsecured Notes due 2018.  Certain of Pioneer’s existing and future domestic subsidiaries fully and unconditionally guaranteed the notes.  Pioneer intends to use the net proceeds of the offering to repay a portion of the amount outstanding under its senior secured revolving credit facility.

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The notes were offered and sold inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. [Read the full article]

NGAS Resources, Inc. (Nasdaq:NGAS – News) today reported fourth quarter 2009 total revenue of $14.8 million compared to $21.8 million for the comparable quarter in 2008. For the full year, total revenue was $57.8 million compared to $84.4 million for 2008. The results for the fourth quarter and full year reflect reduced drilling activity, lower commodity prices and the impact from the sale of gas gathering assets during third quarter 2009.

In the fourth quarter, the Company reported a net loss of $3.2 million compared to net income of $306,639 in the same period of 2008. The loss per share in the quarter was $0.11, compared to earnings per share of $0.01. For the full year, NGAS reported a loss per share of $0.27, compared to earnings per share of $0.11. Non-cash interest charges of $1.1 million in the quarter and $3.9 million for the year negatively impacted 2009 results. [Read the full article]

Gastar Exploration Ltd. (NYSE Amex: GST) announced today that it will now release its fourth quarter 2009 results on Monday, March 15, after the market closes.  The release is being delayed to provide additional time to determine the proper accounting treatment regarding foreign exchange transactions.  In conjunction with the release, Gastar has rescheduled its conference call, which will now be broadcast live over the Internet at 11:00 a.m. Eastern Time on Tuesday, March 16.  

Live via phone by dialing 480-629-9722 and asking for the Gastar call at least 10 minutes prior to the start time, or live over the Internet by logging on to the web at the address below.

For those who cannot listen to the live call, a telephonic replay will be available through March 23 and may be accessed by calling 303-590-3030, using pass code 4203583#.  Also, an archive of the webcast will be available shortly after the call at www.gastar.com. [Read the full article]
Kodiak Oil & Gas Corp. (NYSE Amex: KOG), an oil and gas exploration and production company with assets in the Williston Basin of North Dakota and Montana and in the Green River Basin of southwest Wyoming and Colorado, today announced its fourth quarter and full year 2009 financial and operational results.  The Company also today provided an interim operations update and reported estimated quantities of proved reserves as of December 31, 2009. [Read the full article]

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