Pioneer Drilling acquires Wolverine rig fleet for $28M

Ray Tyson

Pioneer Drilling signed an agreement to acquire seven drilling rigs and related equipment from North Dakota-based Wolverine Drilling for $28 million in cash, Pioneer said Nov. 11.

Wolverine’s fleet consists of 500 to 1000 horsepower rigs, capable of drilling to depths of 7,000 to 15,000 feet. Robert Blackford, Wolverine’s current president, will become Pioneer’s North Dakota division manager. The transaction is expected to close in early December, increasing Pioneer’s fleet size to 43 drilling rigs.

Wolverine has operated in the Rocky Mountains since 1994 and has a significant presence in the Williston Basin of North Dakota and Montana. Six of the seven rigs are currently working under contract. Three of the rigs are drilling in North Dakota, two in Montana and one in Colorado. The seventh rig is undergoing an upgrade and refurbishment and is scheduled to be operational by mid-December.

Pioneer provides land contract drilling services to independent and major oil and gas operators drilling wells in north, east and south Texas. The company’s fleet currently consists of 36 land drilling rigs that drill in depth ranges between 8,000 to 18,000 feet.