Pierce was the president and chairman of Ranger Oil, a petroleum exploration and production company based in Calgary.

During World War I, Richard served at the rank of Captain with the 106th Regiment (Winnipeg Light Infantry) as a rifle instructor.

He had learnt to fly when he was 15, and during World War II he served in the Royal Air Force as a pilot in 45 Group, RAF Ferry Command.

During 1943 and 1944 Pierce lectured in navigation and meteorology for the McGill University Air Training Corps (UATC).

In April 1950 Pierce was one of the founders of Ranger Oil Company Limited in Lusk, Wyoming.

[4] Around 1953 Pierce moved to Calgary and in 1954 became the vice president of West Maygill Gas and Oil Limited.

In October 1956 West Maygill purchased controlling stock of Ranger from American Leduc Petroleums Limited of New York.

[6] In the early 1970s Pierce partnered with British Petroleum in a North Sea exploration project.