September 16, 2005 08:30 ET

Pioneer Announces Early Tender Results for Debt Tender Offer

DALLAS--(CCNMatthews - Sep 16, 2005) -

Pioneer Natural Resources Company (NYSE:PXD) today announced early tender results for its previously announced offer to purchase (the "Tender Offer") its 5.875% Senior Notes due 2012 (CUSIP No. 299900 AD 2)(the "Notes"). The Tender Offer also includes a solicitation of consents to proposed amendments to the indenture governing the Notes.

As of 5:00 p.m., New York City time, on Thursday, September 15, 2005 (the "Consent Date"), Pioneer had received tenders for $188,375,000 in principal amount of the Notes (the "Tendered Notes") representing 96.9% of the outstanding principal amount of the Notes. Pioneer will accept tenders of all of the Tendered Notes.

As a result, Pioneer has received sufficient tenders of the Notes to execute the proposed amendments. Settlement for the total early payment of $1,061.15 for each $1,000 principal amount of Tendered Notes (the "Total Early Payment"), including a consent payment of $30, will be on Tuesday, September 20, 2005 (the "Early Settlement Date"). Settlement will also include payment of accrued and unpaid interest on the Tendered Notes to, but not including, the Early Settlement Date. Pioneer will execute the proposed amendments prior to the Early Settlement Date.

The Tender Offer expires at 12:00 midnight, New York City time, on Thursday, September 29, 2005 (the "Expiration Date"). Holders who validly tender their Notes and give their consent to the proposed amendments after the Consent Date but before the Expiration Date will be entitled to receive only the tender price, which is the Total Early Payment less the consent payment of $30, plus accrued and unpaid interest on Notes accepted in the Tender Offer to, but not including, the final settlement date.

On September 15, 2005, the Company paid the semiannual interest payment on the Notes to holders of record of the Notes on September 1, 2005.

The terms of the Tender Offer are described in Pioneer's Offer to Purchase and Consent Solicitation Statement dated September 1, 2005. Pioneer has engaged D.F. King & Co., Inc., to act as information agent in connection with the Tender Offer. Requests for copies of the Offer to Purchase and Consent Solicitation Statement and questions regarding the Tender Offer may be directed to D.F. King & Co., Inc. at 1-800-859-8509. Pioneer has engaged Goldman, Sachs & Co. to act as dealer managers in connection with the Tender Offer and as solicitation agent for the consent solicitation. Questions regarding the Tender Offer and the consent solicitation may be directed to Goldman, Sachs & Co. at 1-800-828-3182.

This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any securities. The Tender Offer will be made solely by the Offer to Purchase and Consent Solicitation Statement dated September 1, 2005.

Neither the Offer to Purchase and Consent Solicitation Statement nor any related document has been filed with the Securities and Exchange Commission, nor has any such document been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer to Purchase and Consent Solicitation Statement or any related documents, and it is unlawful and may be a criminal offense to make any representation to the contrary.

The Tender Offer is not being made to, nor will Pioneer accept tenders of the Notes from holders in any jurisdiction in which the Tender Offer or the acceptance thereof would not be in compliance with the securities or blue sky laws of such jurisdiction.

Pioneer is a large independent oil and gas exploration and production company. Pioneer's headquarters are in Dallas, Texas. For more information, visit Pioneer's website at

Contact Information

  • Pioneer Natural Resources Company, Dallas
    Frank Hopkins or Chris Paulsen, 972-444-9001
    Media and Public Affairs:
    Susan Spratlen, 972-444-9001