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Exhibit 4.1    
  

$1M 

 
 

FIRST AMENDMENT TO
  FIRST AMENDED AND RESTATED LOAN AGREEMENT    
  

        THIS FIRST AMENDMENT TO FIRST AMENDED AND RESTATED LOAN AGREEMENT (the "First Amendment") is entered into as of
the 3ed day of July, 2002, 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") and joined in by PIONEER DRILLING COMPANY, a Texas corporation, formerly known as South Texas
Drilling & Exploration, Inc. ("Pioneer"). 

R E C I T A L S 

        A.    On
March 19, 2002, Borrower and Lender entered into that certain Loan Agreement (the "Agreement") concerning the
terms, conditions and covenants of certain Credit Facilities. 

        B.    Borrower
has requested and Lender has agreed to consent to Borrower's sale of certain subordinated debentures. 

        C.    All
capitalized terms not otherwise defined in this First Amendment shall have the same meanings as are set forth in the Agreement. 

        NOW,
THEREFORE, for and in consideration of the mutual covenants and promises herein contained, Lender and Borrower agree as follows: 

AGREEMENTS 

        1.    Section 8,
subsection (e) is deleted in its entirety and the following is substituted in its place: 

        (e)  Indebtedness.    Create, incur or assume any indebtedness for borrowed money or issue or assume any other note,
debenture, bond or other evidences of indebtedness, or guarantee any such indebtedness or such evidences of indebtedness of others, other than (i) borrowings from Lender, (ii) borrowings
from lenders other than Lender, except that during the term of the Loan, Borrower shall be permitted to incur or have outstanding indebtedness to other lenders provided that the aggregate principal
balance of all such debt outstanding at any time shall not exceed $5,000,000.00 (exclusive of the subordinated debt in the total amount of $28,000,000.00 described in that certain Subordination
Agreement dated as of July 3, 2002 (the "Convertible Subordinated Debentures") and (iii) the Convertible Subordinated Debentures. 

        2.    Except
as specifically modified or amended herein, all terms, provisions and requirements of the Agreement shall remain as written, and as amended from time to time.
Borrower hereby reaffirms all covenants, conditions, representations and warranties contained in the Agreement, as amended by this First Amendment. 

 

        IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed as of the date first above written. 

	 BORROWER:	 	LENDER:
	

PIONEER DRILLING SERVICES, LTD., a Texas limited partnership formerly known as Pioneer Drilling Co., Ltd., a Texas limited partnership	
 	
THE FROST NATIONAL BANK

a national banking association
	

By:	
 	

PDC Mgmt. Co., a Texas corporation, General Partner	
 	

By:	
 	

	 	 	 	 	 	 	Name:	 	

	 	 	 	 	 	 	Title:	 	

	

 	
 	

By:	
 	

	
 	

 	
 	

 
	 	 	Name:	 	
	 	 	 	 
	 	 	Title:	 	
	 	 	 	 
	

AGREED TO:	
 	

 	
 	

 
	
PIONEER DRILLING COMPANY, a Texas corporation, formerly known as South Texas Drilling & Exploration, Inc., a Texas corporation (executing for purposes of joining in certain
specific provisions, as noted above)	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 
	Name:	 	
	 	 	 	 
	Title:	 	
	 	 	 	 

2

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Exhibit 4.1

FIRST AMENDMENT TO FIRST AMENDED AND RESTATED LOAN AGREEMENTQuickLinks
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Exhibit 4.2    
  

$6MM 

 
 

SECOND AMENDMENT TO LOAN AGREEMENT    
  

        THIS SECOND AMENDMENT TO LOAN AGREEMENT (the "Second Amendment") is entered into as of the 3ed day of July, 2002,
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") and joined in by PIONEER DRILLING COMPANY, a Texas corporation, formerly known as South Texas
Drilling & Exploration, Inc. ("Pioneer"). 

R E C I T A L S 

        A.    March 30,
2001, Borrower and Lender entered into that certain Loan Agreement (as amended from time to time, the
"Agreement") concerning the terms, conditions and covenants of certain Credit Facilities. 

        B.    On
October 9, 2001, Borrower and Lender amended the Agreement by execution of that certain First Amendment to Loan Agreement. 

        C.    Borrower
has requested and Lender has agreed to consent to Borrower's sale of certain subordinated debentures. 

        D.    All
capitalized terms not otherwise defined in this Second Amendment shall have the same meanings as are set forth in the Agreement. 

        NOW,
THEREFORE, for and in consideration of the mutual covenants and promises herein contained, Lender and Borrower agree as follows: 

AGREEMENTS 

        1.    Section 8,
subsection (e) is deleted in its entirety and the following is substituted in its place: 

        (e)  Indebtedness.    Create, incur or assume any indebtedness for borrowed money or issue or assume any other note,
debenture, bond or other evidences of indebtedness, or guarantee any such indebtedness or such evidences of indebtedness of others, other than (i) borrowings from Lender, (ii) borrowings
from lenders other than Lender, except that during the term of the Loan, Borrower shall be permitted to incur or have outstanding indebtedness to other lenders provided that the aggregate principal
balance of all such debt outstanding at any time shall not exceed $5,000,000.00 (exclusive of the subordinated debt in the total amount of $28,000,000.00 described in that certain Subordination
Agreement dated as of July 3, 2002 (the "Convertible Subordinated Debentures") and (iii) the Convertible Subordinated Debentures. 

        2.    Except
as specifically modified or amended herein, all terms, provisions and requirements of the Agreement shall remain as written, and as amended from time to time.
Borrower hereby reaffirms all covenants, conditions, representations and warranties contained in the Agreement, as amended by this Second Amendment. 

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed as of the date first above written. 

	 BORROWER:	 	LENDER:
	

PIONEER DRILLING SERVICES, LTD., a Texas limited partnership formerly known as Pioneer Drilling Co., Ltd., a Texas limited partnership	
 	
THE FROST NATIONAL BANK

a national banking association
	

By:	
 	

PDC Mgmt. Co., a Texas corporation, General Partner	
 	

By:	
 	

	 	 	 	 	 	 	Name:	 	

	 	 	 	 	 	 	Title:	 	

	

 	
 	

By:	
 	

	
 	

 	
 	

 
	 	 	Name:	 	
	 	 	 	 
	 	 	Title:	 	
	 	 	 	 
	

AGREED TO:	
 	

 	
 	

 
	
PIONEER DRILLING COMPANY, a Texas corporation, formerly known as South Texas Drilling & Exploration, Inc., a Texas corporation (executing for purposes of joining in certain
specific provisions, as noted above)	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 
	Name:	 	
	 	 	 	 
	Title:	 	
	 	 	 	 

2

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Exhibit 4.2

SECOND AMENDMENT TO LOAN AGREEMENTQuickLinks
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Exhibit 4.3    
  

$7M 

 
 

FIRST AMENDMENT TO LOAN AGREEMENT    
  

        THIS FIRST AMENDMENT TO LOAN AGREEMENT (the "First Amendment") is entered into as of the 3ed day of July, 2002, 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") and joined in by PIONEER DRILLING COMPANY, a Texas corporation, formerly known as South Texas
Drilling & Exploration, Inc. ("Pioneer"). 

R E C I T A L S 

        A.    May 24,
2002, Borrower and Lender entered into that certain Loan Agreement (the "Agreement") concerning the terms,
conditions and covenants of certain Credit Facilities. 

        B.    Borrower
has requested and Lender has agreed to consent to Borrower's sale of certain subordinated debentures. 

        C.    All
capitalized terms not otherwise defined in this First Amendment shall have the same meanings as are set forth in the Agreement. 

        NOW,
THEREFORE, for and in consideration of the mutual covenants and promises herein contained, Lender and Borrower agree as follows: 

AGREEMENTS 

        1.    Section 8,
subsection (e) is deleted in its entirety and the following is substituted in its place: 

        (e)  Indebtedness.    Create, incur or assume any indebtedness for borrowed money or issue or assume any other note,
debenture, bond or other evidences of indebtedness, or guarantee any such indebtedness or such evidences of indebtedness of others, other than (i) borrowings from Lender, (ii) borrowings
from lenders other than Lender, except that during the term of the Loan, Borrower shall be permitted to incur or have outstanding indebtedness to other lenders provided that the aggregate principal
balance of all such debt outstanding at any time shall not exceed $5,000,000.00 (exclusive of the subordinated debt in the total amount of $28,000,000.00 described in that certain Subordination
Agreement as of July 3, 2002 (the "Convertible Subordinated Debentures") and (iii) the Convertible Subordinated Debentures. 

        2.    Except
as specifically modified or amended herein, all terms, provisions and requirements of the Agreement shall remain as written, and as amended from time to time.
Borrower hereby reaffirms all covenants, conditions, representations and warranties contained in the Agreement, as amended by this First Amendment. 

 

        IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed as of the date first above written. 

	 BORROWER:	 	LENDER:
	

PIONEER DRILLING SERVICES, LTD., a Texas limited partnership formerly known as Pioneer Drilling Co., Ltd., a Texas limited partnership	
 	
THE FROST NATIONAL BANK

a national banking association
	

By:	
 	

PDC Mgmt. Co., a Texas corporation, General Partner	
 	

By:	
 	

	 	 	 	 	 	 	Name:	 	

	 	 	 	 	 	 	Title:	 	

	

 	
 	

By:	
 	

	
 	

 	
 	

 
	 	 	Name:	 	
	 	 	 	 
	 	 	Title:	 	
	 	 	 	 
	

AGREED TO:	
 	

 	
 	

 
	
PIONEER DRILLING COMPANY, a Texas corporation, formerly known as South Texas Drilling & Exploration, Inc., a Texas corporation (executing for purposes of joining in certain
specific provisions, as noted above)	
 	

 	
 	

 
	

By:	
 	

	
 	

 	
 	

 
	Name:	 	
	 	 	 	 
	Title:	 	
	 	 	 	 

2

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Exhibit 4.3

FIRST AMENDMENT TO LOAN AGREEMENT

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