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Pioneer to Sell a Portion of its Prize Stock for $18.6 Million
Dallas, Texas, March 28, 2000 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) today announced that it will convert its 4,018,161 shares of Prize Energy Corp. (“Prize”) (AMEX:PRZ) Series A convertible preferred stock to Prize common stock on a one-for-one basis. Pioneer has agreed to sell back to Prize 1,380,446 common shares for $18.6 million effective March 31, 2000. Pioneer expects to record a first quarter gain of approximately $8.3 million on the sale of these shares. The preferred stock and other cash consideration were paid to Pioneer in connection with the sale of certain properties to Prize during 1999.
Pioneer's remaining 2,637,715 common shares of Prize will represent ownership in Prize of 19.9 percent with a market value of $45.5 million based on the closing market price of Prize stock on March 27, 2000.
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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