Pioneer Announces First Production from Triton and Goldfinger Fields in Deepwater Gulf of Mexico.DALLAS -- Pioneer Natural Resources Company (NYSE NYSE See: New York Stock Exchange :PXD PXD Powder X-ray Diffraction PXD Post Exercise Discussion PXD Physical Device Driver PXD Pixel Data ) announced today that production has been initiated from the Triton and Goldfinger fields, satellite discoveries developed as subsea tie-backs to facilities at the Devils Tower field in the deepwater Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Production from the Devils Tower facilities was shut in for Hurricanes Katrina and Rita and resumed at pre-hurricane levels in early November. Daily production from the facilities has since doubled and is currently averaging approximately 40,000 barrels oil equivalent per day (BOEPD BOEPD Barrels of Oil Equivalent Per Day ). By the end of December, production is expected to reach 50,000 BOEPD as production is optimized via multi-zone completions in the Triton wells. Pioneer holds a 25% working interest in the three fields which are included in the Company's deepwater Gulf of Mexico divestiture package. Pioneer has also filed hurricane-related claims under the business interruption insurance Noun 1. business interruption insurance - insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril it maintains covering forecasted production from the Devils Tower complex. Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States, Argentina, Canada and Africa. For more information, visit Pioneer's website at www.pioneernrc.com. Except for historical information contained herein, the statements in this News Release are forward-looking statements that are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties, which may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, government regulation or action, availability of equipment, the ability of third parties to implement their business plans or complete their development projects as scheduled, quality of technical data, and environmental and weather risks. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. |
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