Pioneer expects to utilize the proceeds from the divestiture to reduce short-term debt.
Production from the Argentina assets was approximately 32,500 barrels of oil equivalent per day during 2005 and was expected to contribute a similar level in 2006. As of January 1, 2006, the properties' net proved reserves were estimated to be approximately 101 million barrels of oil equivalent.
"The sale of our Argentina assets is consistent with the strategic initiatives announced last September to deliver enhanced value to our shareholders," said Scott D. Sheffield, Chairman and CEO. "It will allow us to reallocate capital to high-return North America development opportunities."
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