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Pioneer Announces Offering of $400 Million of Convertible Senior Notes

DALLAS--(BUSINESS WIRE)--Jan. 14, 2008--Pioneer Natural Resources Company (NYSE:PXD) today announced that it is commencing a public offering of $400 million of a new issue of convertible senior notes. The notes will be convertible, under certain circumstances, using a net share settlement process, into a combination of cash and Pioneer common stock. In general, upon conversion of a note, the holder of such note will receive cash equal to the principal amount of the note and common stock for the note's conversion value in excess of the principal amount of the note. The Company intends to grant the underwriters of the proposed offering an option to purchase up to an additional $60 million aggregate principal amount of notes solely to cover over-allotments.

Pioneer plans to use the net proceeds to repay a portion of its outstanding bank debt.

The convertible notes are being offered pursuant to an automatically effective registration statement filed today with the Securities and Exchange Commission.

Credit Suisse Securities (USA) LLC and UBS Securities LLC will act as Joint Book-Running Managers for the offering. Copies of the preliminary prospectus and records relating to the offering may be obtained from the offices of Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, 1-800-221-1037 or UBS Securities LLC, Prospectus Department, 299 Park Avenue, 29th Floor, New York, NY 10071, 212-821-3000. An electronic copy of the prospectus will be available on the website of the Securities and Exchange Commission at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or country.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States, South Africa and Tunisia. For more information, visit Pioneer's website at www.pxd.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 that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. Pioneer undertakes no duty to publicly update these statements except as required by law.

CONTACT: Pioneer Natural Resources Company
Investors:
Frank Hopkins, James Meier or Scott Rice, 972-444-9001
or
Media and Public Affairs:
Susan Spratlen, 972-444-9001

SOURCE: Pioneer Natural Resources Company

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