TAQA Ups Its Canadian Assets with the Purchase of Pioneer Canada

The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market, announced today that its wholly-owned subsidiary TAQA North Ltd. (TAQA North) has closed its acquisition of Pioneer Natural Resources Canada Inc. (Pioneer Canada).

TAQA North agreed to purchase Calgary-based Pioneer Canada from Pioneer International Resources Company on August 22 of this year for U.S. $540 million, subject to adjustments. Pioneer Canada is a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin. The acquisition provides TAQA North with an additional 59 million barrels of (gross) proven and probable oil and gas reserves, more than 10,000 barrels of oil equivalent per day in production, as well as expertise in coal bed methane exploration and production.

"The closing of this arrangement is an important milestone for TAQA as it continues its rapid international expansion," said TAQA CEO Peter Barker-Homek. "The Pioneer Canada assets are a great addition to TAQA North's existing operations in Canada, and the acquisition provides additional scale and talent to help us capitalize on new and diverse development opportunities."

TAQA North (formerly Northrock Resources Ltd.) is a Calgary-based oil and gas exploration company with operations in Northern Alberta and British Columbia,West Central and Southern Alberta, Southwest Saskatchewan, Southeast Saskatchewan, and the Northwest Territories. TAQA North was acquired by TAQA in August 2007 from Pogo Producing Company.

In September 2007, TAQA North signed a C $5 billion purchase agreement with PrimeWest Energy Trust, a Calgary-based conventional oil and gas royalty trust that actively acquires, develops, produces and sells natural gas, crude oil and natural gas liquids. That transaction is expected to close by January 31, 2008.


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