PURCHASE AND SALE AGREEMENTPurchase and Sale Agreement • June 13th, 2002 • Pioneer Drilling Co • Drilling oil & gas wells • Texas
THIS AGREEMENT is made and entered into on the 30th day of April, 2001, by and between IDM EQUIPMENT, LTD., 11616 Galayda, Houston, Texas 77086 (the "Seller"), and PIONEER DRILLING CO., LTD., 9310 Broadway, Building 1, San Antonio, Texas 78217, (the "Purchaser").
FIRST AMENDED AND RESTATED LOAN AGREEMENTLoan Agreement • June 13th, 2002 • Pioneer Drilling Co • Drilling oil & gas wells • Texas
THIS FIRST AMENDED AND RESTATED LOAN AGREEMENT (the "Loan Agreement") will serve to set forth the terms of the financing transactions by and between PIONEER DRILLING SERVICES, LTD., a Texas limited partnership (formerly known as Pioneer Drilling Co., Ltd.) ("Borrower"), and THE FROST NATIONAL BANK, a national banking association ("Lender"). This Loan Agreement hereby amends and restates that certain Loan Agreement dated March 20, 2001, executed by and between Bank and Borrower.
PROMISSORY NOTE (Floating Rate)Promissory Note • June 13th, 2002 • Pioneer Drilling Co • Drilling oil & gas wells • Texas
For value received, PIONEER DRILLING SERVICES, LTD., a Texas limited partnership (formerly known as Pioneer Drilling Co., Ltd.), as principal ("Borrower"), promises to pay to the order of THE FROST NATIONAL BANK, a national banking association ("Lender") at P.O. Box 1600, San Antonio, Texas 78296, or at such other address as Lender shall from time to time specify in writing, the principal sum of SIX MILLION AND 00/100 DOLLARS ($6,000,000.00), or so much thereof as may be advanced pursuant to the terms of that certain Loan Agreement (herein so called) dated March 30, 2001, as amended, in legal and lawful money of the United States of America, with interest on the outstanding principal from the date advanced until paid at the rate set out below. Interest shall be computed on a per annum basis of a year of 360 days and for the actual number of days elapsed, unless such calculation would result in a rate greater than the highest rate permitted by applicable law, in which case interest shal
EQUIPMENT LEASEEquipment Lease • June 13th, 2002 • Pioneer Drilling Co • Drilling oil & gas wells • Texas
This lease ("Lease"), signed on the 19th day of March, 2002, is to be effective February 8, 2002 between INTERNATIONAL DRILLING SERVICES, INC., a Delaware corporation, duly authorized to conduct business in the State of Texas (hereinafter called "Lessor"), and Pioneer Drilling Services, Ltd., a Texas limited partnership (hereinafter called "Lessee"). Lessee's obligations under this Lease are guaranteed by the parent corporation of Lessee, Pioneer Drilling Company, a Texas corporation ("Pioneer").
ASSET PURCHASE AGREEMENTAsset Purchase Agreement • June 13th, 2002 • Pioneer Drilling Co • Drilling oil & gas wells • Texas
THIS ASSET PURCHASE AGREEMENT (the "Agreement"), is made this 28th day of May, 2002 (the "Effective Date"), by and between United Drilling Company, an Oklahoma corporation ("United"), U-D Holdings, L.P., at Texas limited partnership ("U-D") (United and U-D are collectively referred to herein as the "Sellers") and Pioneer Drilling Services, Ltd., a Texas limited partnership ("Purchaser"). The individuals listed on Exhibit A attached hereto (the "Principals") are made parties to this Agreement only with respect to the representation and warranty set forth in paragraph (d) of Section 6 below, and agree to be jointly and severally liable for any breach of paragraph (d) of Section 6 below.
