EXHIBIT 99.1
NEWS RELEASE
Investor Relations Contacts:
Susan Spratlen or Chris Paulsen (972) 444-9001
Pioneer Board of Directors Appoints New Board Member
Dallas, Texas, September 24, 2004 -- Pioneer Natural Resources Company
(NYSE:PXD) today announced that Jim A. Watson has been appointed to its Board of
Directors, effective immediately. With several members of the board reaching
mandatory retirement age over the next two years, Pioneer's board is seeking to
add new members in advance of the retirements, keeping a balance of technical,
legal and financial expertise and allowing time for new members to gain
knowledge of the Company to facilitate a smooth transition. Mr. Watson will
serve as an independent director under the board's appointment until he stands
for election at Pioneer's annual shareholder meeting to be held in 2005, and he
will be a member of the audit committee of the board.
Mr. Watson comes to Pioneer with extensive experience in energy law. He is
Senior Counsel at Carrington, Coleman, Sloman & Blumenthal, L.L.P. in Dallas,
Texas, having been admitted to practice law in Texas in 1964. His prior
experience includes eight years as Partner with Vinson & Elkins and 20 years
with Johnson & Wortley, principally representing the energy industry. He earned
his Bachelor's degree in Business Administration from the University of Texas
and graduated from the University of Texas Law School, with honors.
Mr. Watson was listed in the corporate law section of The Best Lawyers in
America, 2003-2004. He also enjoys teaching and has served as an adjunct
professor at the law school of his alma mater and has taught undergraduate
history at Southern Methodist University in Dallas.
"We are honored that Jim has agreed to join our board of directors," stated
Scott Sheffield. "We believe that effective corporate governance demands that
board members bring relevant experience and knowledge to the table and that the
board be balanced with members from each of several critical disciplines. With
his experience and knowledge of energy law, Jim is a perfect fit and will
provide an important perspective as we pursue opportunities around the world."
Pioneer Natural Resources is a large independent oil and gas exploration and
production company with operations in the United States, Argentina, Canada,
Equatorial Guinea, Gabon, South Africa and Tunisia. Pioneer's headquarters are
in Dallas. For more information, visit Pioneer's website at www.pioneernrc.com .
Pioneer has filed with the SEC a registration statement containing the joint
proxy statement-prospectus to be used by Pioneer to solicit approval of its
stockholders to issue additional stock in the merger and to be used by Evergreen
to solicit the approval of its stockholders for the proposed merger. Pioneer has
also filed other documents concerning the proposed merger. You are urged to read
the registration statement and the joint proxy statement-prospectus regarding
the proposed merger because they contain important information. You can obtain a
free copy of the joint proxy statement-prospectus including the registration
statement, as well as other filings containing information about Pioneer at the
SEC's Internet Site (http://www.sec.gov). Copies of the joint proxy
statement-prospectus can also be obtained without charge, by directing a request
to: Pioneer Natural Resources Company, Susan Spratlen, 5205 N. O'Connor Blvd.,
Suite 900, Irving, Texas 75039, or via telephone at 972-969-3583.
Pioneer and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the stockholders of Pioneer in
connection with the proposed merger. Evergreen and its directors and executive
officers may be deemed to be participants in the solicitation of proxies from
the stockholders of Evergreen in connection with the proposed merger. Additional
information regarding the interests of those participants may be obtained by
reading the joint proxy statement-prospectus regarding the proposed merger.
This filing contains forward-looking statements that are made pursuant to the
Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995,
particularly those statements regarding the effects of the proposed merger and
those preceded by, followed by or that otherwise include the words "believes,"
"expects," "anticipates," "intends," "estimates," or similar expressions.
Forward-looking statements relating to expectations about future results or
events are based upon information available to Pioneer and Evergreen as of
today's date, and neither Pioneer nor Evergreen assumes any obligations to
update any of these statements. The forward-looking statements are not
guarantees of the future performance of Pioneer, Evergreen or the combined
company, and actual results may vary materially from the results and
expectations discussed. For instance, although Pioneer and Evergreen have signed
an agreement for a subsidiary of Pioneer to merge with Evergreen, there is no
assurance that they will complete the proposed merger. The merger agreement will
terminate if the companies do not receive necessary approval of the stockholders
of Pioneer and Evergreen or government approvals or fail to satisfy conditions
to closing. Additional risks and uncertainties related to the proposed merger
include, but are not limited to, conditions in the financial markets relevant to
the proposed merger, the successful integration of Evergreen into Pioneer's
business, and each company's ability to compete in the highly competitive oil
and gas exploration and production industry. The revenues, earnings and business
prospects of Pioneer and the combined company and their ability to achieve
planned business objectives will be subject to a number of risks and
uncertainties. These risks and uncertainties include, among other things,
volatility of oil and gas prices, product supply and demand, competition,
government regulation or action, foreign currency valuation changes, foreign
government tax and regulation changes, litigation, the costs and results of
drilling and operations, Pioneer's ability to replace reserves, implement its
business plans, or complete its development projects as scheduled, access to and
cost of capital, uncertainties about estimates of reserves, quality of technical
data, environmental and weather risks, acts of war or terrorism. These and other
risks are identified from time to time in Pioneer's SEC reports and public
announcements.