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Pioneer Announces Nominees to the Board of Directors and Revised Date of Annual Meeting

DALLAS--(BUSINESS WIRE)--Apr. 22, 2009-- Pioneer Natural Resources Company (NYSE:PXD) today announced proposed changes to its Board of Directors in accordance with an agreement with Southeastern Asset Management, Inc., Pioneer’s largest shareholder.

Under the agreement, four of the Company’s present Board members are retiring and three new directors recommended by Southeastern will be nominated for election at the 2009 Annual Meeting. Effective with the election of the three new directors, Dr. James R. Baroffio, Linda K. Lawson, Mark S. Sexton and Robert A. Solberg will be retiring from service on Pioneer’s Board.

Scott D. Sheffield, Pioneer’s Chairman and CEO, stated, “We appreciate Jim, Linda, Mark and Bob for their dedicated Board service and commitment to Pioneer’s success. On behalf of the entire Board, I thank each of them for their valued contributions and extend our very best wishes for the future.”

Thomas D. Arthur, Andrew F. Cates and Scott J. Reiman have been nominated by Pioneer’s Board to stand for election at the 2009 Annual Meeting and, if elected, will serve for a term of three years.

Mr. Arthur received his undergraduate degree from the University of North Carolina at Chapel Hill in 1966, and a Master of Business Administration from East Carolina University in 1971. From 1966 to 1969, he served in the U.S. Army as an infantry lieutenant. From 1971 until 1974, Mr. Arthur was Vice President of a Florida based investment banking firm. He joined Havatampa Corporation in Tampa, Florida in 1974 as Chief Financial Officer, and then later served as Chief Operating Officer. In 1978, the cigar manufacturing business of Havatampa Corporation was purchased by Havatampa Incorporated, of which Mr. Arthur was President, Chief Executive Officer and majority shareholder until its sale in 1997. Since 1998, he has been engaged in private investments. He serves on the boards of numerous community organizations.

Mr. Cates earned a Bachelor of Business Administration in Finance at the University of Texas at Austin. Mr. Cates founded RVC USA, LP, a developer and operator of outdoor resorts, and he owns and operates its corporate general partner. He is also the Managing Member of Value Acquisition Fund, an acquisition, development, and asset management company founded by him in 2004. Mr. Cates has acquired and asset managed commercial real estate throughout the southeastern United States within various entities. In 1993, Mr. Cates began his real estate career in Dallas, Texas, where he worked as an Analyst at Trammell Crow Company Capital Markets Group, and in 1995, he became an Associate for Crow Family Holdings. Mr. Cates currently serves on numerous civic and charitable boards.

Mr. Reiman graduated from the University of Denver in 1987 with a Bachelor of Science in Business Administration in Finance. Mr. Reiman is the founder of Hexagon Investments, a private investment company, and has served as President since 1992. Mr. Reiman has been a member of the Board of Trustees at the University of Denver since 1999 and chairs its Investment Committee. Mr. Reiman also serves on many other civic boards and is currently a member of the Mayor's Financial Management Task Force for the City of Denver.

The Company has rescheduled its 2009 Annual Meeting of Stockholders for June 17, 2009. Shareholders of record on April 22, 2009 will be entitled to vote at the meeting.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, with operations in the United States, South Africa and Tunisia. For more information, visit Pioneer’s website at www.pxd.com.

Source: Pioneer Natural Resources Company

Pioneer Natural Resources
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