Pioneer Announces Redemption of Notes

Pioneer Natural Resources Company said that it will redeem for cash all of its outstanding 4.75% Senior Convertible Notes due 2021. The redemption date of the notes will be December 20, 2006. The redemption price for the notes will be 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of redemption.

The notes were originally issued on December 18, 2001, by Evergreen Resources, Inc. and, as of November 14, 2006, there is approximately $27 million of aggregate principal amount outstanding.

On and after the redemption date, the notes will no longer be deemed outstanding, interest will cease to accrue thereon, and all rights of the holder of the notes will cease, except for the right to receive the redemption price, without interest thereon.

The notice of redemption will be mailed to registered holders of the notes on or about November 28, 2006. Notes are to be surrendered to U.S. Bancorp, as trustee and paying agent, in exchange for payment of the redemption price. Questions relating to, and requests for additional copies of, the notice of redemption should be directed to U.S. Bank Corporate Trust Services at 5555 San Felipe Street, 11th Floor, Mail Code: EX-TX-WSFH, Houston, Texas 77056, telephone 713-235-9208.

In lieu of the redemption, holders may continue to convert their notes until the close of business on Monday, December 18, 2006. Each $25.00 principal amount of notes outstanding is convertible into $19.98 in cash and 0.58175 of a share of the company's common stock.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, with operations in the United States, Canada and Africa.