Printer Friendly Version  View printer-friendly version
<< Back
Pioneer Announces Successful Appraisal Well Offshore Gabon

DALLAS--(BUSINESS WIRE)--June 25, 2002--Pioneer Natural Resources Company ("Pioneer")(NYSE:PXD) (TSX:PXD) announced that it has drilled another successful well on its Olowi Block in offshore Gabon.

The Olowi Marin-2 well was drilled to a total depth of 1050 meters approximately four kilometers southeast of last year's Olowi Marin-1 discovery well. After being cored and logged, the same Lower Gamba reservoir found in the discovery well was tested and flowed at sustained rates of just over 2,000 barrels of oil per day with no water from a 15 meter perforation interval. Pioneer is operator of the 314,000-acre permit with a 100% working interest. The rig is being moved approximately nine kilometers north to drill the Gnadi Marin-1 well to test the same reservoir with results expected by the end of July.

"We are very encouraged with the results of the Olowi Marin-2 appraisal well and look forward to getting the results of the next well. We plan to gain enough information by year end to move forward with the first of what we hope will be many phases of development offshore Gabon," stated Scott D. Sheffield, Chairman and CEO.

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 Press 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
Susan Spratlen, 972/444-9001

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.