Pioneer Teams Up with Kosmos Energy in West Africa

Pioneer Natural Resources has entered into an agreement with Kosmos Energy, LLC to jointly explore in West Africa. The two companies will jointly explore in an area along the west coast of Africa extending from Morocco in the north through Angola in the south, excluding Gabon where Pioneer is currently active.

Kosmos is comprised of a team of West Africa explorationists with an impressive track record led by former executives of Triton Energy and Gulf Canada. The team has demonstrated technical and operational expertise in West Africa, most notably in the discovery and development of the Ceiba Field in Equatorial Guinea.

Scott Sheffield, Pioneer's Chairman and CEO, stated, "Teaming up with Jim Musselman, Brian Maxted and the Kosmos team gives Pioneer an opportunity to expand into other areas in West Africa and build on our successful Olowi block discoveries in Gabon. Their proven West Africa track record combined with our deepwater development expertise is a strong combination to deliver success in this prospective hydrocarbon province."

Jim Musselman, Kosmos Chairman and CEO, stated, "We are pleased to have entered into this venture with Pioneer in West Africa and look forward to working with Scott Sheffield and his team. They bring a track record of substantial success in North American oil and gas exploration and production and have quickly emerged as an important player in deepwater and international fairways."