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Pioneer Announces Success on First Operated Bossier Well
Dallas, Texas, March 29, 2000 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) today announced success with its first operated well in the East Texas Bossier play, the McSwane No. 2, in Freestone County. Initial production from the well was approximately 4 million cubic feet per day, just above the average initial production for wells drilled in the trend over the last two years. This success sets up several additional locations. Pioneer has also participated in seven Bossier wells drilled by another operator with similar success and is participating in two outside operated wells that are currently drilling.
Pioneer plans to drill 12 to 15 operated wells and participate in eight to nine outside operated wells in the Bossier play in 2000. The Company will add a second rig to its program in April and expects to add a third rig in June. Pioneer holds approximately 30,000 gross acres in the play with a 60% average working interest and expects that a multi-year drilling program can be sustained on existing acreage.
Scott D. Sheffield, Chairman and CEO, stated, “We are very pleased with the results of this well and are excited about our Bossier program which could significantly impact production and reserves in 2000 and thereafter. The East Texas Bossier has the potential to become Pioneer's fifth core area.”
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
Important Legal Information ©2000 Pioneer Natural Resources Company
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