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Pioneer Announces Deepwater Gulf of Mexico Discovery
DALLAS--(BUSINESS WIRE)--Oct. 13, 2005--Pioneer Natural Resources Company (NYSE:PXD) today announced a discovery on its Clipper prospect in the Green Canyon 299 Block in the deepwater Gulf of Mexico. Pioneer operates the block with a 55% working interest. The block is included in Pioneer's deepwater Gulf of Mexico divestment program which includes existing production from Canyon Express, Devils Tower and the Falcon Corridor, discoveries under development at Ozona Deep and Thunder Hawk, and ninety exploration blocks.
Pioneer plans to open the divestment data room during the week of October 17. The Company is being advised by Randall & Dewey on its deepwater Gulf of Mexico sale and the sale is expected to close around year end 2005.
In June, Pioneer announced that after completing the Clipper well, it planned to drill the subsalt Paladin prospect in the Garden Banks area of the deepwater Gulf of Mexico. As a result of delays caused by Hurricanes Katrina and Rita and the planned divestiture of its deepwater Gulf of Mexico assets, the Company is requesting a suspension of operations extension with the Minerals Management Service and deferring drilling this well.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States, Argentina, Canada and Africa. For more information, visit Pioneer's website at www.pioneernrc.com.
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 are subject to a number of risks and uncertainties which 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, government regulation or action, third party approvals, international operations and associated international political and economic instability, litigation, the costs and results of drilling and operations, availability of drilling equipment, Pioneer's ability to 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, Dallas Frank Hopkins or Chris Paulsen, 972-444-9001 Investors or Susan Spratlen, 972-444-9001 Media and Public Affairs SOURCE: Pioneer Natural Resources Company
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