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Gold/Mining/Energy : PIONEER NATURAL RES. (PXD) -- Ignore unavailable to you. Want to Upgrade?

To: GlobalMarine who wrote (137)	2/5/1998 10:27:00 PM
From: George Mc Geary	Respond to of 233

Thursday February 5, 10:09 am Eastern Time Company Press Release Pioneer Natural Resources Enters Into Exclusive Technical Cooperation Agreement with the Republic of South Africa DALLAS--(BUSINESS WIRE)--Feb. 5, 1998--Pioneer Natural Resources Company (''Pioneer'') (NYSE:PXD - news) announced today the signing of a Technical Cooperation Agreement with the Republic of South Africa. The agreement gives Pioneer the exclusive right to study and negotiate a petroleum contract on an offshore area termed Block 10, 11A, 12A, 13B and 14B. The Block covers over five million acres along the southern coast of South Africa, generally in water depths less than 650 feet. It is located between Block 9, which produces quantities of oil from Oribi Field (up to 25,000 barrels per day) and gas from F-A Field (about 190 million cubic feet per day), and Pioneer's study block 13A/14A offshore Port Elizabeth. In addition, Pioneer concluded in November of last year, a Technical Cooperation Agreement on Block 7 which is located adjacent to and west of Block 9, and covers an area of about three million acres, the most prospective portion of which is in water depths of less than 500 feet. Pioneer President and CEO Scott Sheffield stated, ''The technical parameters which are responsible for oil and gas production and have led to a significant number of unappraised discoveries in Block 9, also appear to be present in Pioneer's three areas of technical cooperation. We are delighted to be evaluating in detail the hydrocarbon potential of the areas and look forward to concluding one or more petroleum contracts by mid year. We believe that South Africa has superior exploration potential coupled with an attractive business climate. We look forward to a long-term collaboration with the people and government of South Africa.'' Headquartered in Dallas, Pioneer is one of the largest independent (non-integrated) exploration and production oil and gas companies in North America, with major operations in the United States, Canada and Argentina. Safe Harbor for forward-looking statements: Except for historical information contained herein, the statements in this News Release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, and the business prospects of Pioneer Natural Resources Company, are subject to a number of risks and uncertainties which may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, litigation, the costs and results of drilling and operation, the Company's ability to replace reserves or implement its business plans, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. Source: biz.yahoo.com