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NEWS BULLETIN

August 15, 2006 --- Vol. 12, No. 50August 2006

Pioneer says Cronus discovery uneconomic

Pioneer Natural Resources has determined that the oil accumulation that it discovered in its Cronus No. 1 well, drilled in March on Alaska’s North Slope, is uneconomic.

“We don’t intend to move forward on that from a commercial perspective,” Susan Spratlen, Pioneer’s vice president, corporate communications and public affairs, told Petroleum News today.

In May Pioneer announced that the Cronus well had found oil in “in the Torok and a thin, oil-bearing sand in the Jurassic-aged Kuparuk C.”

Pioneer’s second quarter 2006 results described the North Slope drilling at both Cronus and Antigua as “unsuccessful” — Pioneer had a 32 percent working interest in the Antigua No. 1 well that ConocoPhillips drilled in April. According to Alaska Oil and Gas Conservation Commission data ConocoPhillips plugged and abandoned the Antigua well.

Editor’s note: See full story in the Aug. 20 issue of Petroleum News, which will be available online at noon Alaska-time Friday, Aug. 18, at www.PetroleumNews.com

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