Pioneer Prices Offering of $450MM of Senior Notes

Pioneer Natural Resources has priced an offering of $450 million of 7.5% Senior Notes that will mature January 15, 2020 (the "2020 Notes") pursuant to a shelf registration statement that was previously filed with the Securities and Exchange Commission. The price to the public for the 2020 Notes is 99.142% of the principal amount. Net proceeds of approximately $439 million from the offering will be used to repay a portion of Pioneer's outstanding bank debt and to pay certain related fees and expenses.

Interest on the 2020 Notes will be payable on January 15 and July 15 of each year. The first interest payment will be due on January 15, 2010, and will consist only of interest from closing to that date. The offering is expected to close on November 13, 2009, subject to customary closing conditions.


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