Pioneer Natural Resources Announces Successful Drilling Results in Tunisia

26.10.2010  |  Business Wire

Pioneer Natural Resources Company (NYSE:PXD) ('Pioneer? or 'the
Company?) today announced the successful drilling of three wells during
the second and third quarters of 2010 in the Company′s operated Cherouq
Concession and Anaguid Permit in southern Tunisia.

The El Badr-3 and the Cherouq-2 wells, located in the Cherouq
Concession, and the Mona-1 well, located in the Anaguid Exploration
Permit, were drilled in conjunction with Pioneer's joint venture partner
ETAP and tested at a combined initial gross production rate of
approximately 10 thousand barrels oil equivalent per day (MBOEPD) from
the Silurian sandstone intervals. The Mona well is a significant
Silurian discovery in the Anaguid Permit and opens up a number of new
exploration opportunities in this area. Production from all three wells
is expected to be flowing to sales by early next year.

Based on the successful results of these three wells, Pioneer has
elected to exercise options on its two existing drilling contracts and
will drill two additional appraisal wells this year. Pioneer anticipates
that after drilling and completing these two wells, the Company′s net
production from Tunisia will be in the range of 8 MBOEPD to 9 MBOEPD by
early 2011.

Scott Sheffield, Chairman and CEO, stated, 'We are very excited to have
successfully drilled three highly productive wells in our two operated
blocks in southern Tunisia. These successes are in large part a product
of new 3-D seismic reprocessing by our geoscientists over these two
blocks, which identified these three prospects and significant
additional resource potential. After the results of the two additional
appraisal wells are known, a forward plan for Tunisia will be announced.?

Pioneer has a 50% interest in the Cherouq Concession and will have a 30%
interest in the concession derived from the Anaguid Permit. ETAP will
have a 50% interest in both concessions. Medco will own the remaining
20% interest in the Anaguid Concession.

Pioneer Natural Resources Company is a large independent oil and gas
exploration and production company, headquartered in Dallas, Texas, with
operations primarily in the United States. 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 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, international operations and
associated international political and economic instability, the results
of drilling and operations, availability of equipment, services and
personnel required to complete the Company's operating activities,
access to and availability of transportation, processing and refining
facilities, Pioneer's ability to implement its business plans as
scheduled, uncertainties about estimates of reserves and resource
potential and the ability to add proved reserves in the future, the
assumptions underlying production forecasts, quality of technical data,
and 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. 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.