Pioneer Energy Services (PESXQ) 8-K Pioneer Drilling Announces $250 Million Senior Notes Offering

Exhibit 99.2

GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION

Not all of our subsidiaries will guarantee the notes. We expect that, as of the issue date of the notes, the subsidiaries that are guarantors of our senior secured revolving credit facility will also be guarantors of the notes. We also expect that, as of the issue date of the notes, the subsidiaries that will not guarantee the notes will be the following subsidiaries that generally operate our non-U.S. business, which is concentrated in Colombia as of the date of this offering memorandum:

• Pioneer Services Holdings, LLC

• Pioneer Latina Group SDAD, Ltda.

• Pioneer de Colombia SDAD, Ltda. (Panama)

• Pioneer de Colombia SDAD, Ltda. (Colombia)

• Proveedora Internacional de Taladros S.A.S.

• PDC Holdings de Mexico, S. de R.L. de C.V.

• PDC Logistics de Mexico, S. de R.L. de C.V.

• PDC Drilling Mexicana, S. de R.L. de C.V.

The non-guarantor subsidiaries will not have any payment obligations under the notes, the guarantees or the indenture. In the event of a bankruptcy, liquidation or reorganization of any non-guarantor subsidiary, such non-guarantor subsidiary will pay the holders of its debt and other liabilities, including its trade creditors, before it will be able to distribute any of its assets to us. As of December 31, 2009, these non-guarantor subsidiaries had total assets representing approximately 13% of our consolidated total assets and held approximately $9.7 million of cash and cash equivalents. For the year ended December 31, 2009, these non-guarantor subsidiaries had revenues of approximately $56.6 million and income from operations of approximately $6.2 million. In the future, any non-U.S. subsidiaries, immaterial subsidiaries and subsidiaries that we designate as unrestricted subsidiaries under the indenture will not guarantee the notes.

As a result of the guarantee arrangements, we are presenting the following condensed consolidated financial information of the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries.

Condensed Consolidating Balance Sheet

December 31, 2009	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	9,958		$	20,678	$	9,743		$	—		$	40,379
Receivables		—			76,490		4,977			—			81,467
Intercompany receivable (payable)		(66,076	)		66,297		(221	)		—			—
Deferred income taxes		—			3,909		1,651			—			5,560
Inventory		—			1,791		3,744			—			5,535
Prepaid expenses and other current assets		874			3,358		1,967			—			6,199
Total current assets		(55,244	)		172,523		21,861			—			139,140
Net property and equipment		1,898			550,730		85,143			(749	)		637,022
Investment in subsidiaries		712,983			104,256		—			(817,239	)		—
Deferred income taxes		980			11		2,339			(3,330	)		—
Intangible assets, net of amortization		863			24,530		—			—			25,393
Other long-term assets		18,957			1,611		493			—			21,061
Total assets	$	680,437		$	853,661	$	109,836		$	(821,318	)	$	822,616

December 31, 2009	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	286		$	12,277	$	2,761	$	—		$	15,324
Current portion of long-term debt		2,100			1,941		—		—			4,041
Prepaid drilling contracts		—			324		84		—			408
Accrued expenses		226			26,070		2,735		—			29,031
Total current liabilities		2,612			40,612		5,580		—			48,804
Long-term debt, less current portion		255,628			2,445		—		—			258,073
Other long-term liabilities		—			6,457		—		—			6,457
Deferred income taxes		—			91,164		—		(3,330	)		87,834
Total liabilities		258,240			140,678		5,580		(3,330	)		401,168
Total shareholders’ equity		422,197			712,983		104,256		(817,988	)		421,448
Total liabilities and shareholders’ equity	$	680,437		$	853,661	$	109,836	$	(821,318	)	$	822,616
Condensed Consolidating Balance Sheet
December 31, 2008	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	858		$	13,896	$	12,067	$	—		$	26,821
Receivables		—			94,139		6,631		(1,347	)		99,423
Intercompany receivable (payable)		(50,412	)		50,412		—		—			—
Deferred income taxes		—			6,232		38		—			6,270
Inventory		—			1,633		2,241		—			3,874
Prepaid expenses and other current assets		1,734			4,925		2,243		—			8,902
Total current assets		(47,820	)		171,237		23,220		(1,347	)		145,290
Net property and equipment		2,338			541,577		84,396		(749	)		627,562
Investment in subsidiaries		713,075			101,703		—		(814,778	)		—
Deferred income taxes		719			—		—		(719	)		—
Intangible assets, net of amortization		1,086			28,883		—		—			29,969
Other long-term assets		19,302			2,356		—		—			21,658
Total assets	$	688,700		$	845,756	$	107,616	$	(817,593	)	$	824,479
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	392		$	19,047	$	2,391	$	—		$	21,830
Current portion of long-term debt		15,152			2,146		—		—			17,298
Prepaid drilling contracts		—			—		1,171		—			1,171
Accrued expenses		561			39,092		2,313		(1,347	)		40,619
Total current liabilities		16,105			60,285		5,875		(1,347	)		80,918
Long-term debt, less current portion		257,728			4,387		—		—			262,115
Other long-term liabilities		—			6,413		—		—			6,413
Deferred income taxes		—			61,596		38		(719	)		60,915
Total liabilities		273,833			132,681		5,913		(2,066	)		410,361
Total shareholders’ equity		414,867			713,075		101,703		(815,527	)		414,118
Total liabilities and shareholders’ equity	$	688,700		$	845,756	$	107,616	$	(817,593	)	$	824,479

Condensed Consolidating Statement of Operations

Year Ended December 31, 2009	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	268,920		$	56,617		$	—		$	325,537
Costs and expenses:
Operating costs		—			174,579			41,091			(315	)		215,355
Depreciation and amortization		1,478			96,752			7,956			—			106,186
Selling, general and administrative		12,222			25,293			1,379			(1,416	)		37,478
Bad debt (recovery) expense		—			(1,642	)		—			—			(1,642	)
Total costs and expenses		13,700			294,982			50,426			(1,731	)		357,377
Income (loss) from operations		(13,700	)		(26,062	)		6,191			1,731			(31,840	)
Other income (expense):
Equity in earnings of subsidiaries		(1,987	)		9,245			—			(7,258	)		—
Interest expense		(8,585	)		(555	)		(5	)		—			(9,145	)
Interest income		1			111			105			—			217
Other		1,056			1,362			(91	)		(1,731	)		596
Total other income (expense)		(9,515	)		10,163			9			(8,989	)		(8,332	)
Income (loss) before income taxes		(23,215	)		(15,899	)		6,200			(7,258	)		(40,172	)
Income tax benefit (expense)		—			13,912			3,045			—			16,957
Net earnings (loss)	$	(23,215	)	$	(1,987	)	$	9,245		$	(7,258	)	$	(23,215	)

Condensed Consolidating Statement of Operations

Year Ended December 31, 2008	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	559,470		$	51,414		$	—		$	610,884
Costs and expenses:
Operating costs		—			313,319			37,254			(630	)		349,943
Depreciation and amortization		830			82,252			5,063			—			88,145
Selling, general and administrative		17,483			27,011			1,435			(1,095	)		44,834
Bad debt (recovery) expense		—			423			—			—			423
Impairment of goodwill		—			118,646			—			—			118,646
Impairment of intangible assets		—			52,847			—			—			52,847
Total costs and expenses		18,313			594,498			43,752			(1,725	)		654,838
Income (loss) from operations		(18,313	)		(35,028	)		7,662			1,725			(43,954	)
Other income (expense):
Equity in earnings of subsidiaries		(32,531	)		5,483			—			27,048			—
Interest expense		(12,523	)		(547	)		(2	)		—			(13,072	)
Interest income		5			1,143			108			—			1,256
Other		675			1,647			(1,451	)		(1,789	)		(918	)
Total other income (expense)		(44,374	)		7,726			(1,345	)		25,259			(12,734	)
Income (loss) before income taxes		(62,687	)		(27,302	)		6,317			26,984			(56,688	)
Income tax benefit (expense)		6			(5,229	)		(834	)		—			(6,057	)
Net earnings (loss)	$	(62,681	)	$	(32,531	)	$	5,483		$	26,984		$	(62,745	)

Condensed Consolidating Statement of Operations

Nine Months Ended December 31, 2007	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	303,358		$	10,526		$	—		$	313,884
Costs and expenses:
Operating costs		—			184,811			6,563			—			191,374
Depreciation and amortization		274			47,301			1,277			—			48,852
Selling, general and administrative		8,139			6,900			747			—			15,786
Bad debt (recovery) expense		—			2,612			—			—			2,612
Total costs and expenses		8,413			241,624			8,587			—			258,624
Income (loss) from operations		(8,413	)		61,734			1,939			—			55,260
Other income (expense):
Equity in earnings of subsidiaries		48,737			2,505			—			(51,242	)		—
Interest expense		—			(15	)		(1	)		—			(16	)
Interest income		—			2,376			25			—			2,401
Other		—			757			58			(686	)		129
Total other income (expense)		48,737			5,623			82			(51,928	)		2,514
Income (loss) before income taxes		40,324			67,357			2,021			(51,928	)		57,774
Income tax benefit (expense)		7			(18,620	)		484			—			(18,129	)
Net earnings (loss)	$	40,331		$	48,737		$	2,505		$	(51,928	)	$	39,645

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2009	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
	(in thousands)
Cash flows from operating activities	$	3,204		$	114,826		$	5,283		$	—	$	123,313
Cash flows from investing activities:
Purchases of property and equipment		(404	)		(106,628	)		(7,680	)		—		(114,712	)
Proceeds from sale of property and equipment		—			694			73			—		767
Proceeds from insurance recoveries		—			36			—			—		36
		(404	)		(105,898	)		(7,607	)		—		(113,909	)
Cash flows from financing activities:
Payments of debt		(15,152	)		(2,146	)		—			—		(17,298	)
Debt issuance costs		(2,560	)		—			—			—		(2,560	)
Proceeds from common stock, net of offering costs of $454		24,043			—			—			—		24,043
Purchase of treasury stock		(31	)		—			—			—		(31	)
		6,300			(2,146	)		—			—		4,154
Net increase (decrease) in cash and cash equivalents		9,100			6,782			(2,324	)		—		13,558
Beginning cash and cash equivalents		858			13,896			12,067			—		26,821
Ending cash and cash equivalents	$	9,958		$	20,678		$	9,743		$	—	$	40,379

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2008	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
	(in thousands)
Cash flows from operating activities	$	98,393		$	71,444		$	16,554		$	—	$	186,391
Cash flows from investing activities:
Acquisition of production services business of WEDGE		(313,621	)		—			—			—		(313,621	)
Acquisition of production services business of Competition		(26,772	)		—			—			—		(26,772	)
Acquisition of other production services businesses		(9,301	)		—			—			—		(9,301	)
Purchases of property and equipment		(1,831	)		(133,598	)		(12,026	)		—		(147,455	)
Purchase of auction rate securities, net		(15,900	)		—			—			—		(15,900	)
Proceeds from sale of property and equipment		—			4,008			—			—		4,008
Proceeds from insurance recoveries		—			3,426			—			—		3,426
		(367,425	)		(126,164	)		(12,026	)		—		(505,615	)
Cash flows from financing activities:
Payments of debt		(87,305	)		(462	)		—			—		(87,767	)
Proceeds from issuance of debt		359,400			—			—			—		359,400
Debt issuance costs		(3,319	)		—			—			—		(3,319	)
Proceeds from exercise of options		784			—			—			—		784
Excess income tax effect of stock option exercises		244			—			—			—		244
		269,804			(462	)		—			—		269,342
Net increase (decrease) in cash and cash equivalents		772			(55,182	)		4,528			—		(49,882	)
Beginning cash and cash equivalents		86			69,078			7,539			—		76,703
Ending cash and cash equivalents	$	858		$	13,896		$	12,067		$	—	$	26,821

Condensed Consolidating Statement of Cash Flows

Nine Months Ended December 31, 2007	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
	(in thousands)
Cash flows from operating activities	$	190		$	69,403		$	45,862		$	—	$	115,455
Cash flows from investing activities:
Purchases of property and equipment		(279	)		(87,556	)		(38,323	)		—		(126,158	)
Proceeds from sale of property and equipment		—			2,300			—			—		2,300
		(279	)		(85,256	)		(38,323	)		—		(123,858	)
Cash flows from financing activities:
Proceeds from exercise of options		107			—			—			—		107
Excess income tax effect of stock option exercises		54			—			—			—		54
		161			—			—			—		161
Net increase (decrease) in cash and cash equivalents		72			(15,853	)		7,539			—		(8,242	)
Beginning cash and cash equivalents		14			84,931			—			—		84,945
Ending cash and cash equivalents	$	86		$	69,078		$	7,539		$	—	$	76,703