Pioneer Natural Resources

March 17, 2005 17:06 ET

Pioneer is Apparent High Bidder on 13 Gulf of Mexico Blocks


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PIONEER NATURAL RESOURCES

NYSE SYMBOL: PXD

MARCH 17, 2005 - 17:06 ET

Pioneer is Apparent High Bidder on 13 Gulf of Mexico
Blocks

DALLAS--(CCNMatthews - Mar 17, 2005) -

Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD) today provided
a summary of their results in OCS Lease Sale 194 covering tracts offered
in the Gulf of Mexico by the Minerals Management Service. Pioneer was
the apparent high bidder on 13 blocks, all in the deepwater. The
Company's net investment on the apparent high bids will be approximately
$7.5 million.

Pioneer focused its bids on acreage covering prospects and leads in the
Mississippi Canyon area. Pioneer is very active in this area, with
production from the Canyon Express system and the Devils Tower facility
as well as participation in the Thunder Hawk appraisal well which is
currently drilling. Five of the blocks on which apparent high bids were
made are in the Thunder Hawk area.

Chris Cheatwood, Executive Vice President, Worldwide Exploration
commented, "We are extremely pleased with the leases Pioneer will
acquire from this lease sale. These blocks are located in our core areas
of interest. Pioneer remains focused on exploration in the deepwater
Gulf of Mexico, an area where the Company has added significant value
over the years."

Pioneer is a large independent oil and gas exploration and production
company with operations in the United States, Canada, Argentina,
Equatorial Guinea, South Africa and Tunisia. Pioneer's headquarters are
in Dallas. For more information, visit Pioneer's website at
www.pioneernrc.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 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, product supply and demand, competition, government regulation or
action, international operations and associated international political
and economic instability, litigation, the costs and results of drilling
and operations, Pioneer's ability to replace reserves, implement its
business plans, or complete its development projects as scheduled,
access to and cost of capital, uncertainties about estimates of
reserves, quality of technical data, environmental and weather risks,
acts of war or terrorism. These and other risks are described in
Pioneer's 10-K and 10-Q Reports and other filings with the Securities
and Exchange Commission.

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Contact Information

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