Pioneer Increases Interest in Cook Inlet Discovery

Cook Inlet
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Pioneer Natural Resources' Alaska subsidiary has exercised its option under an agreement with ConocoPhillips Alaska to acquire an additional 40 percent working interest, for a total working interest of 50 percent of the Cosmopolitan Unit located offshore in the Cook Inlet. Pioneer was also elected operator of the Cosmopolitan Unit.

By increasing its interest and becoming operator in the Cosmopolitan Unit, Pioneer is expanding its inventory of attractive oil projects. Prior to Pioneer's involvement, three wells and a sidetrack were drilled in the Unit, establishing a significant oil column. Pioneer and its co-owners acquired and interpreted a new 3-D seismic survey over the Unit and are evaluating options for further appraisal work to refine the estimate of recoverable reserves.

The 25,000-acre unit is located approximately 120 miles southwest of Anchorage and approximately two miles from the shoreline of the Kenai Peninsula.

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