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Pioneer Announces Drilling Success in Argentina
Dallas, Texas, February 24, 2000 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) today announced exploratory and developmental drilling success in its international core area in Argentina.
Pioneer's first well drilled on new Neuquen Basin acreage acquired late last year was a discovery. The well was drilled on a new structure defined by 3-D seismic and is flowing 450 barrels of oil per day (BOPD) at a depth of approximately 1,500 meters. The well, Borde Colorado 1006, is in the Al Sur de la Dorsal block (100% working interest) acquired in November 1999 and was drilled adjacent to two producing fields. This discovery sets up three to four additional wells to be drilled this year. In total, Pioneer plans to drill 14 wells this year on its newly acquired blocks.
In the Al Norte de la Dorsal area, Pioneer's 2000 drilling program includes about 50 new wells. Two wells completed thus far in the Huincul block (100% working interest) have significantly exceeded expectations. The H-139 well tested at 320 BOPD and .4 million cubic feet per day (MMCFPD), or 380 barrels of oil equivalent per day (BOEPD). The H-140 tested at 1.2 MMCFPD and 140 BOPD, or 340 BOEPD.
The Company is also continuing to shoot and process new 3-D seismic data on both its original Dorsal area blocks and on its newly acquired acreage further expanding its inventory of drilling locations for future exploration and development.
Pioneer is a large independent exploration and production oil and gas company in North America, with major operations in the United States, Canada, Argentina and South Africa. Pioneer's headquarters are in Dallas.
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 which may cause the Company'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, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves or implement its business plans, 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 the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.
Investor Relations Contact: Susan Spratlen 972-444-9001
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