Pioneer to spend $50 million in 2005 to develop core division in Alaska
  by: OilOnline
  Wednesday, January 26, 2005

Apex Resources Group Inc. has reported that Pioneer Natural Resources' plan to spend $50 million to develop a core division in Alaska's North Slope - providing Pioneer the third largest net acreage position.

Pioneer signed an exploration agreement with ConocoPhillips and Anadarko Petroleum that expands Pioneer's position in the National Petroleum Reserve-Alaska Northeast Planning Area by 452,000 acres. Pioneer's interest in the new spread is 20% and the Company also received rights to extensive seismic and geologic data. Another agreement with the two afore-stated companies in 2004 gave Pioneer 20% interest in 167,000 acres in the Northeast Planning Area and adjacent waters. Pioneer also acquired 20-30% interest in 808,000 acres at lease sale.

A Pioneer operated group targets first oil in 2008 from the 53,000 acre Oooguruk Unit where it drilled three discovery wells in 2003. The Company will drill two wells in the winter of 2005-2006 on 6,000 acres of the super giant Prudhoe Bay field to commercialize several oil discoveries in the Prudhoe Bay infrastructure.