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<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>


<META NAME="doccomm" CONTENT="HOU03:988293.1">


<META NAME="Original File" CONTENT="\\BBHOUP03\SYS\DOCS\TFLOREY\SEC\YMW701_.DOC">


<META NAME="Converted State" CONTENT="True">


<META NAME="Converted Date" CONTENT="11-Jan-2001">


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<META NAME="PaperType" CONTENT="Letter (Draft)">


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<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="CENTER">UNITED STATES</P>


<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>


</B><P ALIGN="CENTER">Washington, D.C.  20549</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<B><P ALIGN="CENTER">FORM 8-K</P>


</B><P ALIGN="JUSTIFY"></P>


<B><P ALIGN="CENTER">CURRENT REPORT</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of</P>


<P ALIGN="CENTER">the Securities Exchange Act of 1934</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="CENTER">Date of Report (date of earliest event reported): <B>November 1, 2005</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<B><FONT SIZE=5><P ALIGN="CENTER">PIONEER DRILLING COMPANY</P>


</B></FONT><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=673>


<TR><TD WIDTH="29%" VALIGN="TOP" HEIGHT=68>


<B><P ALIGN="CENTER">Texas</P>


</B><P ALIGN="CENTER">(State or other jurisdiction&#9;of incorporation)</P>


<P ALIGN="JUSTIFY"></TD>


<TD WIDTH="42%" VALIGN="TOP" HEIGHT=68>


<B><P ALIGN="CENTER">1-8182</P>


</B><P ALIGN="CENTER">(Commission File Number)</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=68>


<B><P ALIGN="CENTER">74-2088619</P>


</B><P ALIGN="CENTER">(I.R.S. Employer</P>


<P ALIGN="CENTER">Identification No.)</P>


<P ALIGN="JUSTIFY"></TD>


</TR>


</TABLE>





<P ALIGN="JUSTIFY">&nbsp;</P>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=594>


<TR><TD WIDTH="56%" VALIGN="TOP" HEIGHT=78><DIR>





<P ALIGN="JUSTIFY">&#9;<B>1250 N.E. Loop 410, Suite 1000</P>


</B><P ALIGN="JUSTIFY">&#9;<B>San Antonio, Texas</P>


</B><P ALIGN="JUSTIFY">&#9;(Address of principal executive offices)</P>


<P ALIGN="JUSTIFY"></DIR>


</TD>


<TD WIDTH="44%" VALIGN="TOP" HEIGHT=78>


<P>&nbsp;</P><DIR>


<DIR>


<DIR>


<DIR>


<DIR>





<B><P ALIGN="JUSTIFY">78209</P></DIR>





</B><P ALIGN="JUSTIFY">(Zip Code)</P>


<P ALIGN="JUSTIFY"></DIR>


</DIR>


</DIR>


</DIR>


</TD>


</TR>


</TABLE>





<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="CENTER">Registrant's telephone number, including area code:  <B>(210) 828-7689</P>


</B><P ALIGN="CENTER">_________________________________________</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>





<UL>


<LI>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</LI>


<LI>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</LI>


<LI>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</LI></UL>





<P> (17 CFR 240.14d-2(b))</P>





<UL>


<LI>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</LI></UL>





<P ALIGN="JUSTIFY">&#9;(17 CFR 240.13e-4(c))</P>


<P ALIGN="JUSTIFY">&#9;_________________________________________</P>


<B><P ALIGN="JUSTIFY">Item 1.01. Entry into a Material Definitive Agreement</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;On November 1, 2005, the Board of Directors of Pioneer Drilling Company adopted a new fee schedule effective October 1, 2005 for compensation of directors for retainers, board meeting fees, committee retainers and committee meeting fees and annual common stock grants as follows:</P>


<P ALIGN="JUSTIFY"></P>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=564>


<TR><TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<U><FONT SIZE=2><P ALIGN="CENTER">Quarterly</U></FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<U><FONT SIZE=2><P ALIGN="CENTER">Annually</U></FONT></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>


<FONT SIZE=2><P>Board Member Fees:</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=2><P>   Chairman's quarterly retainer</FONT></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $ 11,250 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $ 45,000 </FONT></TD>


</TR>


<TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=2><P>   Member's quarterly retainer</FONT></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   7,500 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $ 30,000 </FONT></TD>


</TR>


<TR><TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P>   Meeting fee</FONT></TD>


<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,500 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>


<FONT SIZE=2><P>   Subcommittee meeting</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,500 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>


<FONT SIZE=2><P>   Telephonic meeting fees</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,000 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>


<FONT SIZE=2><P>Audit Committee Fees:</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=2><P>   Chairman's quarterly retainer</FONT></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   2,500 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $ 10,000 </FONT></TD>


</TR>


<TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=2><P>   Member's quarterly retainer</FONT></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,250 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   5,000 </FONT></TD>


</TR>


<TR><TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P>   Meeting fee</FONT></TD>


<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,250 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>


<FONT SIZE=2><P>   Subcommittee meeting</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,250 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>


<FONT SIZE=2><P>   Telephonic meeting fees</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,000 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=2><P>Compensation Committee Fees:</FONT></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=2><P>   Chairman's quarterly retainer</FONT></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,250 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   5,000 </FONT></TD>


</TR>


<TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=2><P>   Member's quarterly retainer</FONT></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $     437 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,748 </FONT></TD>


</TR>


<TR><TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P>   Meeting fee</FONT></TD>


<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,250 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>


<FONT SIZE=2><P>   Telephonic meeting fees</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,000 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="83%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=17>


<FONT SIZE=2><P>Nominating and Corporate Governance Committee Fees: </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=2><P>   Chairman's quarterly retainer</FONT></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,250 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   5,000 </FONT></TD>


</TR>


<TR><TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=2><P>   Member's quarterly retainer</FONT></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $     437 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,748 </FONT></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>


<FONT SIZE=2><P>   Each meeting attended</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,250 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>


<FONT SIZE=2><P>   Telephonic meeting fees</FONT></TD>


<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=2><P> $   1,000 </FONT></TD>


<TD WIDTH="17%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


</TABLE>





<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">The annual grant of non-qualified stock options was increased to 10,000 shares, subject to shareholder approval. </P>


<B><P ALIGN="CENTER"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="CENTER">SIGNATURE</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=623>


<TR><TD WIDTH="27%" VALIGN="TOP" ROWSPAN=2 HEIGHT=16><P></P></TD>


<TD WIDTH="73%" VALIGN="TOP" HEIGHT=16>


<P>PIONEER DRILLING COMPANY</TD>


</TR>


<TR><TD WIDTH="73%" VALIGN="TOP" HEIGHT=130>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P>  By:<U>  /s/ William D. Hibbetts <I>&#9;<BR>


</I></U>   William D. Hibbetts<BR>


   Senior Vice President and Chief Financial Officer</TD>


</TR>


</TABLE>


</P>





<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">Date: November 7, 2005</P></BODY>


</HTML>
[{"type": "8-K", "sequence": "1", "filename": "rrd96520.htm", "description": "FORM 8-K", "secsgml_size_bytes": 15160}]
{"company-data": {"conformed-name": "PIONEER DRILLING CO", "cik": "0000320575", "assigned-sic": "1381", "irs-number": "742088619", "state-of-incorporation": "TX", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-08182", "film-number": "051184267"}, "business-address": {"street1": "9310 BROADWAY BLDG I", "city": "SAN ANTONIO", "state": "TX", "zip": "78217", "phone": "5128287689"}, "former-company": [{"former-conformed-name": "SOUTH TEXAS DRILLING & EXPLORATION INC", "date-changed": "19920703"}, {"former-conformed-name": "SOUTH TEXAS DRILLING CO", "date-changed": "19810715"}]}
SECURITIES AND EXCHANGE COMMISSION
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
November 1, 2005
PIONEER DRILLING COMPANY
(Exact name of registrant as specified in its charter)
Texas
(State or other jurisdiction	of incorporation)
1-8182
(Commission File Number)
74-2088619
(I.R.S. Employer
Identification No.)
1250 N.E. Loop 410, Suite 1000
San Antonio, Texas
(Address of principal executive offices)
78209
(Zip Code)
Registrant's telephone number, including area code:
(210) 828-7689
_________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
_________________________________________
Item 1.01. Entry into a Material Definitive Agreement
On November 1, 2005, the Board of Directors of Pioneer Drilling Company adopted a new fee schedule effective October 1, 2005 for compensation of directors for retainers, board meeting fees, committee retainers and committee meeting fees and annual common stock grants as follows:
Quarterly
Annually
Board Member Fees:
Chairman's quarterly retainer
$ 11,250
$ 45,000
Member's quarterly retainer
$   7,500
$ 30,000
Meeting fee
$   1,500
Subcommittee meeting
$   1,500
Telephonic meeting fees
$   1,000
Audit Committee Fees:
Chairman's quarterly retainer
$   2,500
$ 10,000
Member's quarterly retainer
$   1,250
$   5,000
Meeting fee
$   1,250
Subcommittee meeting
$   1,250
Telephonic meeting fees
$   1,000
Compensation Committee Fees:
Chairman's quarterly retainer
$   1,250
$   5,000
Member's quarterly retainer
$     437
$   1,748
Meeting fee
$   1,250
Telephonic meeting fees
$   1,000
Nominating and Corporate Governance Committee Fees:
Chairman's quarterly retainer
$   1,250
$   5,000
Member's quarterly retainer
$     437
$   1,748
Each meeting attended
$   1,250
Telephonic meeting fees
$   1,000
The annual grant of non-qualified stock options was increased to 10,000 shares, subject to shareholder approval.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PIONEER DRILLING COMPANY
By:
/s/ William D. Hibbetts
William D. Hibbetts
Senior Vice President and Chief Financial Officer
Date: November 7, 2005