Pioneer Announces Public Offering Pricing

Pioneer Natural Resources Company today announced the pricing of the public offering of 10,000,000 shares of its common stock at $21.50 per share. All shares are being sold by Pioneer. Pioneer expects the issuance of the shares to occur on April 22, 2002. Pioneer also has granted the underwriters an option to purchase up to 1,500,000 additional shares of common stock to cover over-allotments, if any.

As previously announced April 9, 2002, the estimated $205.3 million of net proceeds from the sale of these shares will be principally used to fund the acquisition of additional interests in the Falcon field and associated assets in the deepwater Gulf of Mexico and for the acquisition of additional working interests and a gathering system in the West Panhandle gas field. Pending these uses of the net proceeds, Pioneer will pay down its bank line of credit.

The lead managers of the offering are Credit Suisse First Boston, Banc of America Securities LLC, JPMorgan and Lehman Brothers. The co-managers are Deutsche Bank Securities, Wachovia Securities, Friedman Billings Ramsey, Howard Weil, Johnson Rice & Company, L.L.C., Petrie Parkman & Co. and Raymond James. A copy of the prospectus supplement and prospectus relating to the offering may be obtained from the Prospectus Department of Credit Suisse First Boston, Eleven Madison Avenue, New York, NY 10010.

The shares will be sold by means of a prospectus relating to a shelf registration statement that was previously filed and declared effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy shares of Pioneer common stock. The prospectus shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada, Argentina, South Africa, Gabon and Tunisia. Pioneer's headquarters are in Dallas.


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