DALLAS, December 26 /CNW/ - Pioneer Natural Resources Company (NYSE: PXD)
("Pioneer") announced today that during December the Company closed three
previously announced acquisitions, expanding its substantial position in the
Spraberry and Raton fields and gaining additional acreage in the Barnett
Shale, a new focus area for Pioneer.
Pioneer invested $295 million to expand its Raton and Spraberry field
holdings, gaining additional production and acreage at an attractive cost with
significant upside to expand proved reserves and production through additional
step-out and infill drilling.
The Company invested $150 million in the Barnett Shale play, a
significant step toward achieving its goal to build a core position in the
Combined, these three acquisitions add more than 1,000 drilling locations
and approximately 140 million barrels oil equivalent of resource potential.
Approximately one third of this resource potential is estimated to be proved
Pioneer Natural Resources Company is a large independent oil and gas
exploration and production company, headquartered in Dallas, Texas, with
operations in the United States, South Africa and Tunisia. For more
information, visit Pioneer's website at www.pxd.com.
Except for historical information contained herein, the statements in
this News Release about Pioneer Natural Resources Company are forward-looking
statements that are made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements and the
business prospects of Pioneer Natural Resources Company are subject to a
number of risks and uncertainties that may cause Pioneer's actual results in
future periods to differ materially from the forward-looking statements. These
risks and uncertainties include, among other things, Pioneer's ability to
implement its business plans or complete its development projects as
scheduled, uncertainties about estimates of reserves, and quality of technical
data. These and other risks are described in Pioneer's 10-K and 10-Q Reports
and other filings with the Securities and Exchange Commission.
Cautionary Note to U.S. Investors -- The SEC permits oil and gas
companies, in their filings with the SEC, to disclose only proved reserves
that a company has demonstrated by actual production or conclusive formation
tests to be economically and legally producible under existing economic and
operating conditions. Pioneer uses certain terms in this release, such as
"resource potential," "estimated reserves," or other descriptions of volumes
of reserves potentially recoverable through additional drilling or recovery
techniques that the SEC's guidelines prohibit Pioneer from including in
filings with the SEC. These estimates are by their nature more speculative
than estimates of proved reserves and accordingly are subject to substantially
greater risk of being recovered by Pioneer.
For further information:
For further information: Pioneer Natural Resources Company Investors:
Frank Hopkins or Scott Rice, 972-444-9001 or Media and Public Affairs: Susan