Pioneer, ERHE's Partner, To Sink 5 Oil Wells in JDZ, W Africa, In Blocks With 1 To 2 Billion Bbls. Oil Reserves In 2005 - 2007

In a remarkable statement of its plans for blocks it holds with ERHC Energy in the Nigeria-Sao Toime Joint Development Zone and Equatorial Guinea, Pioneer Natural Resources - which only Wednesday revealed it is selling all its Gulf of Mexico leases to focus on other investments - revealed Thursday that it expects to take between 1 and 2 billion barrels of oil out the two zones. The could mean that as its partner, ERHE would stand to reap a minimum of $21 billion in crude oil payments - before taxes, royalties and costs - from its estimated share of those properties, about 300 million barrels of crude, at current prices.

Company officials said in the 16-page presentation they "Expect to drill five to seven exploration wells from 2005 to 2007 in five blocks with 1 – 2 billion barrels of gross unrisked reserve potential" in the JDZ and Equatorial Guinea.

Pioneer and ERHC are partners and operators in Block 2, the most hioghly regarded prospect after Chevron-ExxonMobil's Block 1 and immediately adjoining it, and are partners in a 25 percent chunk of Block 3. ERHC partners with Noble Energy as operators in Block 4.
In a PowerPoint presentation called "Progressing Attractive Growth Opportunities in Africa," Pioneer spoke of plans that are well-known but have not been tied to specific prospects before.

Here is the statement from Pioneer's Website:

Deepwater Nigeria / JDZ /
Equatorial Guinea

Expect to drill five to seven exploration
wells from 2005 to 2007 in five blocks
with 1 – 2 billion barrels of gross
unrisked reserve potential

The PDF file is available on Pioneer's corporate Website at:
http://library.corporate-ir.net/library/90/909/90959/items/163997/090105_pxd.pdf