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Pioneer responsibly produces oil and gas resources to help meet the world's energy demands as it provides opportunities for growth and enrichment to employees, business partners and the communities in which the Company operates. Pioneer is the largest operator in the Raton Basin in southeastern Colorado, where its long-lived coal bed methane (CBM) production provides a strong foundation for growth generated by new drilling. Expertise in the Raton Basin is being leveraged in other CBM projects in the Uinta, Piceance and Sand Wash basins in Colorado and Utah. In the Texas Panhandle and extending north into Kansas, Pioneer's long-lived West Panhandle and Hugoton gas fields offer dependable production and cash flow and contribute to Pioneer's solid U.S. base. Pioneer is the largest producer in the Spraberry field, which covers more than 11,000 square miles. With bolt-on acquisitions and a multi-year inventory of well locations, this cornerstone asset provides substantial opportunity to deliver predictable production growth. Pioneer is the most active driller in the Edwards trend, where full-scale development and exploration programs are underway, supported by an extensive inventory of 3-D seismic data. This emerging growth asset is expected to deliver significant additions to production and reserves over the next few years. As a result of repeated sucess, Pioneer has built a strong position in the Ghadames Basin of southern Tunisia. Oil production has grown steadily and will rise significantly when production from Pioneer's operated Jenein Nord block is initiated and oil sales begin in early 2008. Pioneer has had significant drilling success on the block, announcing seven new discoveries in 2007. Pioneer has participated in two major developments offshore South Africa. The Sable oil field has been producing since 2003, and gas and condensate production from the South Coast Gas project was initiated in September 2007. The gas project will get a significant production boost when Sable gas that is currently being reinjected to support oil production is tied into the gas pipeline system. In the Cook Inlet offshore southern Alaska, Pioneer is conducting an extensive test on a horizontal appraisal well recently drilled in the Cosmopolitan field. On the North Slope, Pioneer has made record-setting progress on its Oooguruk oil project. When production is initiated in 2008, Pioneer will become the first independent to operate a producing field in a location previously dominated by major oil companies. Pioneer entered the Fort Worth Barnett Shale play in 2007, building a land position of approximately 80,000 gross acres in Parker and Wise counties. The Company has approximately 100 BCF of proved reserves, more than 500 BCF of additional net resource potential and more than 450 drilling locations in the Barnett Shale.

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