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Pioneer Announces Continued Success in the Deepwater Gulf of Mexico

DALLAS--(BUSINESS WIRE)--July 18, 2002--Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD)(TSX:PXD.) today announced a discovery on the deepwater Triton prospect and plans for the remainder of 2002 related to its deepwater Gulf of Mexico program.

On the Triton prospect, a Devils Tower satellite in Mississippi Canyon 772, a discovery well was drilled encountering 80 feet of net pay in two intervals. Both intervals are stratigraphically equivalent to Devils Tower field pay intervals but are structurally separated. The Company believes that the Triton discovery is commercially viable for a three-mile subsea tieback to the spar being constructed for the Devils Tower development. Up to three wells are envisioned in order to exploit recovery potential which is estimated at 10 to 40 million barrels oil equivalent. Pioneer has 25% working interest in both Devils Tower and Triton and the operator, Dominion Exploration and Production, Inc., a subsidiary of Dominion (NYSE:D), holds 75%.

Devils Tower development drilling is complete with eight deepwater producing wells ready for completion from the spar. Fabrication of the spar is approximately 50% complete and is being built with the capacity to handle 60,000 barrels of oil per day and the associated gas. First production is expected during the second quarter of 2003.

First production from the deepwater Canyon Express project is expected within 75 days with peak rates expected to increase Pioneer's daily production by 15% to 20%. The Canyon Station platform is in place, four of six Pioneer wells have been completed and the last of the pipeline is currently being laid. Pioneer owns 23.5% of Canyon Express.

Development of Pioneer's deepwater Falcon field is progressing on schedule. Pioneer has contracted for a rig to drill five wells in the Falcon corridor beginning in August, including two Falcon field development wells and three exploration wells. Pioneer has identified multiple prospects on the 24 blocks it has leased in the Falcon area, all having potential to be tied back subsea to the Falcon Nest platform. Pioneer is operator of the field with 75% working interest.

Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada, Argentina, South Africa, Gabon and Tunisia. Pioneer's headquarters are in Dallas. For more information, visit Pioneer's website at

Except for historical information contained herein, the statements in this News Release 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, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, foreign currency valuation changes, foreign government tax and regulation changes, litigation, the costs and results of drilling and operations, Pioneer's ability to replace reserves, implement its business plans, or complete its development projects as scheduled, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.


CONTACT: Pioneer Natural Resources Company, Dallas
Susan Spratlen, 972/444-9001

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