Pioneer, ConocoPhillips & Anadarko Team Up on North Slope

Pioneer Natural Resources has agreed to a joint exploration program in the National Petroleum Reserve-Alaska ("NPR-A") located on the North Slope with ConocoPhillips and Anadarko Petroleum Corporation.

At the federal lease sale yesterday in Anchorage, Pioneer was the apparent high co-bidder on 63 tracts covering approximately 717,000 acres in the NPR-A Northwest Planning Area. Pioneer will participate with a 20% to 30% working interest in the acreage operated by ConocoPhillips.

Pioneer also acquired a 20% interest in 167,000 total acres in the adjacent NPR-A Northeast Planning Area and in federal offshore blocks, including seismic and geologic data.

Scott D. Sheffield, Pioneer's Chairman and CEO stated, "The joint venture agreement and entry into NPR-A complement our growing business in Alaska and will add a high-impact, frontier exploration component to our portfolio. The addition of NPR-A lands balances our international exploration portfolio with quality prospects in North America."

Pioneer's Executive Vice President of Exploration, Chris Cheatwood, said, "Alaska is an important component of our exploration strategy, and we are pleased to participate in this joint venture. ConocoPhillips and Anadarko are excellent partners for Pioneer given their collective success and experience on the North Slope and specifically in NPR-A."