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Pioneer Announces Joint Exploration Agreement With Kosmos Energy in West Africa
DALLAS--(BUSINESS WIRE)--Feb. 11, 2004--Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD) today announced that it has entered into an agreement with Kosmos Energy, LLC ("Kosmos") to jointly explore in West Africa. The two companies will jointly explore in an area along the west coast of Africa extending from Morocco in the north through Angola in the south, excluding Gabon where Pioneer is currently active.
Kosmos is comprised of a team of West Africa explorationists with an impressive track record led by former executives of Triton Energy and Gulf Canada. The team has demonstrated technical and operational expertise in West Africa, most notably in the discovery and development of the Ceiba Field in Equatorial Guinea.
Scott Sheffield, Pioneer's Chairman and CEO, stated, "Teaming up with Jim Musselman, Brian Maxted and the Kosmos team gives Pioneer an opportunity to expand into other areas in West Africa and build on our successful Olowi block discoveries in Gabon. Their proven West Africa track record combined with our deepwater development expertise is a strong combination to deliver success in this prospective hydrocarbon province."
Jim Musselman, Kosmos Chairman and CEO, stated, "We are pleased to have entered into this venture with Pioneer in West Africa and look forward to working with Scott Sheffield and his team. They bring a track record of substantial success in North American oil and gas exploration and production and have quickly emerged as an important player in deepwater and international fairways."
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.
Kosmos Energy, LLC is a privately held international oil exploration and production company with a focus in West Africa. Kosmos is led by a seasoned management and technical team with extensive international and West Africa experience, and a proven record of finding and developing significant oil reserves. With the financial backing of international private equity investors Warburg Pincus and Blackstone Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple high-impact upstream projects. For additional information, please call (214) 363-0700 or visit www.kosmosenergy.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, Dallas Investor Relations Contact Susan Spratlen, 972-444-9001 SOURCE: Pioneer Natural Resources Company
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