Pioneer to Redeem 5.875% Senior Notes Due 2012

Pioneer will redeem for cash all of its outstanding 5.875% Senior Notes due 2012 originally issued as 5.875% Senior Subordinated Notes due 2012 by Evergreen Resources, Inc. The redemption date of the Notes will be March 15, 2010. 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 March 10, 2004 by Evergreen Resources, Inc., and approximately $6.1 million of aggregate principal amount remain outstanding.