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Pioneer Replaces 357% of 2007 Production for $15.40 per Barrel Oil Equivalent

DALLAS--(BUSINESS WIRE)--Feb. 6, 2008--Pioneer Natural Resources Company (NYSE:PXD) today announced that as of December 31, 2007, its total proved oil and gas reserves were 964 million barrels oil equivalent (MMBOE). During 2007, the Company increased proved reserves by 148 MMBOE, replacing 357% of production at an average finding and development cost of $15.40 per barrel oil equivalent (BOE). The reserve additions were primarily attributable to successful drilling in Pioneer's core onshore areas (Spraberry, Raton, Edwards Trend and Tunisia) and recent acquisitions in the Spraberry, Raton and Barnett Shale fields.

Approximately 97% of Pioneer's proved reserves are in the United States, and 62% of reserves are proved developed. Approximately 51% of the Company's reserves are natural gas and 49% are oil and other liquids. Pioneer's reserves are long-lived with a reserves-to-production ratio of approximately 23 years.

Drillbit finding and development cost was $17.85 per BOE. Excluding the costs associated with the drilling of proved undeveloped reserves in the Spraberry and Raton fields, drillbit finding and development cost was approximately $12 per BOE.

Scott D. Sheffield, Pioneer's Chairman and CEO, stated, "Our finding and development cost for 2007 of $15.40 per BOE was essentially at the midpoint of our target range of $12 to $18 per BOE and significantly below last year's result, despite the upward pressure on drilling and development costs throughout the year. Our improved drillbit finding cost and strong reserve replacement results demonstrate the quality of our core assets and the much-appreciated commitment of our employees."

Netherland, Sewell and Associates, Inc. (NSA), an independent reserve engineering firm, audited the proved reserves of significant fields. NSA's audit covered properties representing approximately 86% of Pioneer's total proved reserves at year-end 2007.

Year-end proved reserves and costs incurred are detailed in the attached supplemental schedule.

Pioneer Natural Resources Company 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 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, the assumptions underlying production forecasts, uncertainties about estimates of reserves, and quality of technical data. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Pioneer undertakes no duty to publicly update these statements except as required by law.

"Finding and development cost per BOE" means total costs incurred divided by the summation of annual proved reserves, on a BOE basis, attributable to revisions of previous estimates, purchases of minerals-in-place and discoveries and extensions. Consistent with industry practice, future capital costs to develop proved undeveloped reserves are not included in costs incurred.

"Drillbit finding and development cost per BOE" means costs incurred excluding acquisitions divided by the summation of annual proved reserves, on a BOE basis, attributable to revisions of previous estimates, and discoveries and extensions. Consistent with industry practice, future capital costs to develop proved undeveloped reserves are not included in costs incurred.

"Reserve replacement," or the replacing of production, is the summation of annual proved reserves, on a BOE basis, attributable to revisions of previous estimates, purchases of minerals-in-place and discoveries and extensions divided by annual production of oil, NGLs and natural gas, on a BOE basis.


                  PIONEER NATURAL RESOURCES COMPANY
                  UNAUDITED SUPPLEMENTAL INFORMATION
                     Year Ended December 31, 2007

                         United
                         States      Canada    Africa         Total
                       ----------- ---------- ---------    -----------
Proved reserves:
   Oil (MBbls):
      Balance, January
       1, 2007            258,195      1,861     8,047        268,103
      Revisions of
       previous
       estimates           11,759       (110)      236         11,885
      Purchases of
       minerals-in-
       place                9,584          -         -          9,584
      Discoveries and
       extensions          18,647        283    24,477         43,407
      Production           (6,804)       (98)   (2,382)        (9,284)
      Sales of
       minerals-in-
       place                    -     (1,936)  (11,771)       (13,707)
                       ----------- ---------- ---------    -----------
      Balance,
       December 31,
       2007               291,381          -    18,607        309,988
   Natural Gas Liquids
    (MBbls):
      Balance, January
       1, 2007            148,530        338         -        148,868
      Revisions of
       previous
       estimates            3,812         29         -          3,841
      Purchases of
       minerals-in-
       place               10,094          -         -         10,094
      Discoveries and
       extensions           4,045         95         -          4,140
      Production           (6,771)      (136)        -         (6,907)
      Sales of
       minerals-in-
       place                    -       (326)        -           (326)
                       ----------- ---------- ---------    -----------
      Balance,
       December 31,
       2007               159,710          -         -        159,710
   Natural Gas (MMcf):
      Balance, January
       1, 2007          2,685,961    173,509    68,357      2,927,827
      Revisions of
       previous
       estimates           35,542    (18,778)   (5,048)        11,716
      Purchases of
       minerals-in-
       place              184,478          -         -        184,478
      Discoveries and
       extensions         131,277     62,263         4        193,544
      Production         (132,840)   (16,295)   (1,954)      (151,089)
      Sales of
       minerals-in-
       place               (1,363)  (200,699)        -       (202,062)
                       ----------- ---------- ---------    -----------
      Balance,
       December 31,
       2007             2,903,055          -    61,359      2,964,414
   Equivalent Barrels
    (MBOE):
      Balance, January
       1, 2007            854,385     31,117    19,440        904,942
      Revisions of
       previous
       estimates           21,495     (3,210)     (605)        17,680
      Purchases of
       minerals-in-
       place               50,424          -         -         50,424
      Discoveries and
       extensions          44,571     10,755    24,478         79,804
      Production (a)      (35,715)    (2,950)   (2,708)       (41,373)
      Sales of
       minerals-in-
       place                 (227)   (35,712)  (11,771)(b)    (47,710)
                       ----------- ---------- ---------    -----------
      Balance,
       December 31,
       2007               934,933          -    28,834        963,767
                       =========== ========== =========    ===========

Costs incurred for oil and gas
 producing activities ($000):

   Property
    acquisition costs:
      Proved           $  331,526  $      83  $      -     $  331,609
      Unproved            200,767      3,620       718        205,105
                       ----------- ---------- ---------    -----------
                          532,293      3,703       718        536,714
   Exploration costs      335,778     32,160   128,766        496,704
   Development costs    1,058,259     64,583   120,963      1,243,805

                       ----------- ---------- ---------    -----------
   Total costs
    incurred           $1,926,330  $ 100,446  $250,447     $2,277,223
                       =========== ========== =========    ===========

   Reserve replacement
    percentage (c)            326%       256%      882%           357%
                       =========== ========== =========    ===========

  Finding and
   development costs
   per BOE of proved
   reserves added (d)  $    16.54  $   13.31  $  10.49     $    15.40
                       =========== ========== =========    ===========

(a)Production includes 2,950 MBOE related to discontinued operations
    and 2,891 MBOE related to field fuel.

(b)Represents the reserves associated with the Tunisian government's
    election to participate in 50 percent of the Jenein Nord
    concession.

(c)The summation of annual proved reserves, on a BOE basis,
    attributable to revisions of previous estimates, purchases of
    minerals-in-place and discoveries and extensions divided by annual
    production of oil, NGLs and natural gas, on a BOE basis.

(d)Total costs incurred divided by the summation of annual proved
    reserves, on a BOE basis, attributable to revisions of previous
    estimates, purchases of minerals-in-place and discoveries and
    extensions. Consistent with industry practice, future capital
    costs to develop proved undeveloped reserves are not included in
    costs incurred.

CONTACT: Pioneer Natural Resources Company
Investors:
Frank Hopkins, 972-969-4065
James Meier, 972-969-3931
Scott Rice, 972-969-4017
or
Media and Public Affairs:
Susan Spratlen, 972-969-4018

SOURCE: Pioneer Natural Resources Company

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