Pioneer's Argentine properties are concentrated in two prolific oil and gas producing provinces, the Neuquen and Austral basins, covering approximately two million acres. The Neuquen basin, located about 925 miles southwest of Buenos Aires and to the east of the Andes Mountains, is relatively undeveloped and offers significant opportunity for exploitation and development. Pioneer operates most of its production from this area and processes most of its gas at the Company's Loma Negra gas processing plant. Exploration efforts focus on drilling lower-risk oil wells and deeper gas prospects.

Pioneer's Austral basin assets are located in Tierra del Fuego, an island in the extreme portion of Argentina, approximately 1,500 miles south of Buenos Aires. These assets offer stable production and considerable oil and gas exploration opportunities.

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