PIONEER NATURAL RESOURCES COMPANY
NYSE : PXD

PIONEER NATURAL RESOURCES COMPANY

September 28, 2005 17:23 ET

Pioneer Announces Make-Whole Premium Relating to Redemption Of Notes

DALLAS--(CCNMatthews - Sep 28, 2005) -

Pioneer Natural Resources Company (NYSE:PXD) today announced that it has established the make-whole premium for each $1,000 principal amount outstanding of its 9-5/8% Senior Notes due 2010 (the "9-5/8 Notes") and 7.50% Senior Notes due 2012 (the "7.50 Notes, and together with the 9-5/8 Notes, the "Notes") which Pioneer previously announced it would redeem (the "Redemption"). The redemption date will be October 3, 2005 (the "Redemption Date").

The redemption price for each $1,000 principal amount of the 9-5/8 Notes will be $1,205.54, which includes a make-whole premium of $205.54. The redemption price for each $1,000 principal amount of the 7.50 Notes will be $1,162.64, which includes a make-whole premium of $162.64. Pioneer will also pay accrued and unpaid interest on the Notes redeemed to, but not including, the Redemption Date.

The make-whole premium for the Notes was calculated by Credit Suisse First Boston, LLC in accordance with the terms of the indenture governing the Notes. The terms of the Redemption are described in the notice of redemption mailed to registered holders of Notes on or about September 1, 2005. Notes are to be surrendered to The Bank of New York, as trustee and paying agent, in exchange for the payment of the redemption price. Questions relating to, and requests for additional copies of, the notice of redemption should be directed to The Bank of New York at 600 N. Pearl Street, Suite 420, Dallas, Texas 75201, Attn: John Stohlmann, 214-880-8238.

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 www.pioneernrc.com.

Contact Information

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