Investors

Printer Friendly Version  View printer-friendly version
<< Back
Pioneer Announces First Production from Harrier Field in Deepwater Gulf of Mexico

DALLAS--(BUSINESS WIRE)--Jan. 12, 2004--Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD) today announced that its Harrier field in the western deepwater Gulf of Mexico began producing January 8, 2004. The discovery well was developed as a single-well subsea tie-back to the Company's Falcon field facilities and is producing approximately 120 million cubic feet of gas and 300 barrels of condensate per day. The field was discovered less than one year ago, and the 11-month development establishes a new record for deepwater Gulf of Mexico operations. Pioneer operates the Harrier and Falcon fields with a 100% working interest.

Harrier is located 100 miles east of Corpus Christi in 4,100 feet of water in East Breaks block 759. Harrier is producing into a 47-mile flowline through the Falcon manifold back to the Falcon Nest platform on the Gulf of Mexico shelf. The Falcon Nest platform is owned and operated by GulfTerra Energy Partners, L.P.

Scott D. Sheffield, Pioneer's Chairman and CEO, stated, "Having completed the development of the Falcon field ahead of schedule in early 2003, the Harrier development team proposed an aggressive schedule for achieving first production and has again exceeded our expectations. They have raised the bar for efficiency in deepwater development coming in on budget for the 11-month program. The development team will now concentrate on completing the tie in of our two other Falcon corridor satellite discoveries, Tomahawk and Raptor, expected during the third quarter."

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 www.pioneernrc.com.

Except for historical information contained herein, the statements in this Document 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, environmental and weather risks, acts of war or terrorism. 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
             Susan Spratlen, 972-444-9001
    SOURCE: Pioneer Natural Resources Company

Copyright West LLC. Minimum 15 minutes delayed.

Copyright © 2012 MarketWatch, Inc. All rights reserved. Please see our Terms of Use. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. All quotes are in local exchange time. Intraday data provided by Comstock, a division of Interactive Data Corp. and subject to terms of use. Historical, current end-of-day data, and splits data provided by FT Interactive Data.