As of 5:00 p.m., New York City time, on Wednesday, May 10, 2006 (the "Early Tender Date"), Pioneer had received tenders for $296.2 million in principal amount of the Notes (the "Tendered Notes") representing 84.6% of the outstanding principal amount of the Notes. Pioneer will accept tenders of all of the Tendered Notes.
Settlement for the early tender price of $1,018.04 for each $1,000 principal amount of Tendered Notes (the "Early Tender Price"), including an early tender payment of $20, will be on Thursday, May 11, 2006 (the "Early Settlement Date"). Settlement will also include payment of accrued and unpaid interest on the Tendered Notes to, but not including, the Early Settlement Date.
The Tender Offer expires at 12:00 midnight, New York City time, on Wednesday, May 24, 2006 (the "Expiration Date"). Holders who validly tender their Notes after the Early Tender Date but before the Expiration Date will be entitled to receive only the tender price, which is the Early Tender Price less the early tender payment of $20, plus accrued and unpaid interest on Notes accepted in the Tender Offer to, but not including, the final settlement date.
The terms of the Tender Offer are described in Pioneer's Offer to Purchase dated April 27, 2006. Pioneer has engaged D.F. King & Co., Inc., to act as information agent in connection with the Tender Offer. Requests for copies of the Offer to Purchase and questions regarding the Tender Offer may be directed to D.F. King & Co., Inc. at 1(800)758-5378 (US toll-free) or 1(212)269-5550 (collect). Pioneer has engaged Deutsche Bank Securities Inc. to act as dealer manager in connection with the Tender Offer. Questions regarding the Tender Offer may be directed to Deutsche Bank Securities Inc., Liability Management Group at 1(866)627-0391 (US toll-free) or 1(212)250-2955 (collect).
This announcement is not an offer to purchase or a solicitation of an offer to purchase. The Tender Offer will be made solely by the Offer to Purchase dated April 27, 2006. Neither the Offer to Purchase nor any related document has been filed with the United States Securities and Exchange Commission, nor has any such document been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of this Offer to Purchase or any related documents, and it is unlawful and may be a criminal offense to make any representation to the contrary.
The Tender Offer is not being made to, nor will Pioneer accept tenders of the Notes from holders in any jurisdiction in which the Tender Offer or the acceptance thereof would not be in compliance with the securities or blue sky laws of such jurisdiction.
Pioneer is a large independent oil and gas exploration and production company. Pioneer's headquarters are in Dallas, Texas.
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