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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (7957)	12/17/1997 3:32:00 AM
From: Kerm Yerman	Read Replies (4) of 15196

CORP. / Pioneer Natural Resources Announces Exchange Ratio for Chauvco Resources Acquisition DALLAS--(BUSINESS WIRE)--Dec. 16, 1997--Pioneer Natural Resources Company (NYSE/PXD) announced today that the share exchange ratio for its acquisition of Chauvco Resources Ltd. (''Chauvco'') has been determined pursuant to the terms of the Combination Agreement dated September 3, 1997 between Pioneer and Chauvco. Upon consummation of the transaction, Pioneer will issue 0.493827 equivalent shares of its common stock for each Chauvco share outstanding, resulting in the issuance of up to an aggregate of 25,356,180 equivalent shares of Pioneer common stock. The special meeting of Pioneer shareholders to approve the transaction will be held at 10:00 a.m., December 18, in Dallas. Upon closing, Pioneer will become the second largest independent oil and gas exploration and production company in the U.S., based on total proved reserves.

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