Pioneer Natural Resources Company is raising its target for compound average annual production growth per share to 14+% through 2011, without additional share repurchases, up from 12+% previously.

Pioneer also announced that its estimate of the total net resource held in its oil and gas assets has been increased by approximately 1.1 billion barrels oil equivalent (BOE) to 2.8 billion BOE, including year-end 2007 proved reserves of 964 million BOE and net resource potential of approximately 1.9 billion BOE. The additional production growth and increase to net resource potential reflect the expected impact of new initiatives to recover incremental reserves in the Spraberry field in the Permian Basin in West Texas and a new gas discovery in the Pierre Shale in the Raton Basin in southeastern Colorado.

Scott Sheffield, Pioneer's Chairman and CEO, stated, "We are very excited to increase our long-term production growth target while continuing to generate significant free cash flow. With extensive infrastructure in place and no incremental entry costs, the additional potential on our resource-rich Permian and Raton Basin acreage is expected to generate strong returns, enhance organic reserve growth and add significant net asset value. This new resource potential further expands our inventory of low-risk drilling locations supporting consistent, repeatable production growth for years to come."

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