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To: Arnie who wrote (8009)	12/18/1997 6:53:00 AM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Windsor Energy Announces the Successful Completion of Well Number 24 TSE SYMBOL: WNS DECEMBER 17, 1997 CALGARY, ALBERTA--Thomas E. Hogan, President of Windsor Energy Corporation (TSE:WNS) announced today that well number 24 at Rincon Island had come on stream with an initial production of 425 barrels of oil and 350 mcf of gas. "We believe that we will meet or exceed all our production objectives for 1997", Mr. Hogan said. "We also, most importantly have achieved our cost priority of getting our lifting cost under U.S. $3.50 per barrel." Windsor, which announced record third quarter profits of $4.2 million, has drilling programs under way in Louisiana and Texas in addition to California. Initial results from those two states will be announced next week. Windsor is a Calgary, Alberta and Dallas, Texas based international exploration and production company traded on the Toronto Stock Exchange (TSE:WNS).

To: Arnie who wrote (8009)	12/18/1997 6:55:00 AM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Schlumberger Limited Sedco Forex And Texaco Sign Contract For New-Generation, Deepwater Semisubmersible NYSE SYMBOL: SLB DECEMBER 17, 1997 NEW YORK, NEW YORK--Schlumberger Limited announced today that its Sedco Forex business unit has signed a drilling contract covering five years with Texaco Inc. for a new-generation Sedco Express(a) deepwater semisubmersible, starting in the Gulf of Mexico in the fourth quarter of 1999. The innovative features of this new rig will greatly reduce the time required to construct wells and ensure environmentally safer operations. The Sedco Express rig is a fully integrated drilling unit incorporating well construction services such as wireline logging, cementing, drilling fluids, and measurements-while-drilling and logging-while-drilling services, all managed from a single well construction center. It has a water depth capability of 7500 feet. The rig's three 2200-horsepower, 7500 psi integrated mud and cement pumps together with its versatile mud system reduce overall mud costs and significantly increase penetration rates. The rig's layout and drilling processes are designed to minimize health, safety and environmental risk. Sedco Forex engineers are implementing zero-discharge, fail-safe containment systems and noise- and vibration-abatement technology that provide a more comfortable and healthy working environment for crews. Double-skinned columns and pontoons, modularized deck components and automated pipe-handling systems reduce hazards and improve efficiency. Significant improvements in the rig's drilling performance will be made possible by minimizing non-productive time, thereby improving the overall well construction time. An unobstructed deck area allows the rig to store all the tubulars needed for deepwater drilling. A 200-foot derrick with dual pipe-handling/racking machines and makeup stations cuts pipe-handling time significantly. Sedco Forex is a leader in land and offshore contract drilling services, with an extensive fleet of semisubmersibles, jackup rigs, tenders, swamp barges, multipurpose service vessels and land rigs. Sedco Forex currently operates 27 semisubmersibles, four of which are dynamically positioned and eight equipped to operate in water depths of 3000 feet or more. Schlumberger is a worldwide leader in technical services with 60,000 employees and operations in over 100 countries. In 1996, revenue was $8.96 billion. (a) Mark of Schlumberger

To: Arnie who wrote (8009)	12/18/1997 6:59:00 AM
From: Herb Duncan	Respond to of 15196

PROPERTY DISPOSITION / Pioneer Finalizes Property Divestitures NYSE SYMBOL: PXD DECEMBER 17, 1997 DALLAS--Pioneer Natural Resources Company (NYSE-PXD) closed on over $103 million of properties purchased by Titan Resources, L.P. of Midland, Texas and Sheridan Energy, Inc. of Houston. The all cash transactions were consummated on Dec. 15 with Sheridan for $49 million and Dec. 16 with Titan for $54 million. "This divestiture is part of our corporate strategy to reallocate a larger percentage of our assets into properties with higher production growth potential," said Scott Sheffield, Pioneer's President and CEO. "In order to achieve aggressive growth rates, we are committed to managing our portfolio of properties to divest of marginal and non-core assets." The divestiture represents less than 1% of Pioneer's daily production. Proceeds will be used to fund Pioneer's previously announced transaction with American Cometra in the East Texas Basin. Pioneer was formed in August of this year through the merger of Parker and Parsley Petroleum Company and MESA Inc. With the acquisition of Chauvco Resources, also expected this week, Pioneer will be the second largest independent oil and gas production company in the U.S., with reserves of approximately 4.6 trillion cubic feet of gas equivalents.

To: Arnie who wrote (8009)	12/18/1997 7:04:00 AM
From: Herb Duncan	Respond to of 15196

CORP / Pioneer Announces Results of Tender Offer NYSE SYMBOL: PXD DECEMBER 17, 1997 DALLAS, TEXAS--Pioneer Natural Resources Company ("Pioneer") today announced the results of the offer initiated on November 14, 1997 by its wholly-owned subsidiary, Pioneer Natural Resources USA, Inc. ("Pioneer USA"), to purchase for cash any and all of its 10 5/8 percent Senior Subordinated Notes Due 2006 and its 11 5/8 percent Senior Subordinated Discount Notes Due 2006. Approximately $319.2 million, or 98 percent, of the outstanding $325.0 million aggregate principal amount of the 10 5/8 percent Notes and approximately $241.5 million, or 91 percent, of the outstanding $264.0 million aggregate principal amount of the 11 5/8 percent Notes were tendered by holders of the Notes. On Thursday, December 18, 1997, Pioneer USA will pay holders an aggregate of approximately $574.3 million, or $1,171.40 and $829.90 per $1,000 face amount tendered of the 10 5/8 percent Notes and the 11 5/8 percent Notes, respectively. Pioneer USA will also pay approximately $15.7 million in accrued interest to the holders of the 10 5/8 percent Notes through the payment date of the tender offer. Pioneer USA intends to pay for the purchase price of the Notes tendered in the offer with borrowings under its bank credit facility. The holders of the requisite percentage of each outstanding issue of Notes have approved amendments to the respective indentures governing the Notes which will eliminate or modify most of the restrictive covenants contained in the indentures. Such amendments will become effective on December 18, 1997 upon completion of the tender.