Pioneer Announces Sale of Canadian Operations for $540 Million

    DALLAS, August 23 /CNW/ - Pioneer Natural Resources Company (NYSE:  PXD)
announced today that it has entered into a share purchase agreement for the
sale of all of Pioneer's common stock in its Canadian subsidiary, Pioneer
Natural Resources Canada Inc., to Abu Dhabi National Energy Company PJSC for
cash proceeds of $540 million, subject to normal closing adjustments. The
transaction is expected to close during the fourth quarter of 2007 and is
subject to regulatory approval and other customary closing conditions.

    Pioneer expects to utilize the proceeds from the divestiture for general
corporate purposes, including share repurchases, debt reduction and possibly
additional bolt-on acquisitions in existing operating areas. The transaction
is not expected to have a significant impact on fourth quarter after-tax

    "We thank all of our Canadian employees for the value they have created
for our shareholders since we acquired these assets ten years ago. The sale of
these assets now will allow us to effectively redeploy capital and enhance our
financial flexibility," said Scott D. Sheffield, Chairman and CEO.

    Pioneer was advised by TD Securities, Inc.

    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

    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, government regulation or
action and Pioneer's ability to implement its business plans (including its
plan to repurchase shares). These and other risks are described in Pioneer's
10-K and 10-Q Reports and other filings with the Securities and Exchange

For further information:

For further information: Pioneer Natural Resources Company Investors
Contacts: Frank Hopkins, 972-444-9001 or Scott Rice, 972-444-9001 or Media and
Public Affairs Contact: Susan Spratlen, 972-444-9001

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