The consolidation of the properties of Pioneer and Pioneer Southwest in the Midland Basin in West Texas pursuant to the Merger is expected to facilitate Pioneer’s plans to fully and optimally develop the area utilizing horizontal drilling and is expected to provide organizational, operational and administrative efficiencies.Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. Pioneer Southwest is a Delaware limited partnership headquartered in Dallas, Texas, with current production and drilling operations in the Spraberry field in West Texas. This communication does not constitute an offer to sell any securities. Any such offer will be made only by means of a prospectus, pursuant to a registration statement filed with the Securities and Exchange Commission (“SEC”). In connection with the proposed Merger, a registration statement of Pioneer, which will include a proxy statement and will constitute a prospectus of Pioneer, and other materials will be filed with the SEC. Investors and security holders are urged to carefully read the documents filed with the SEC regarding the proposed transaction when they become available, because they will contain important information about Pioneer, Pioneer Southwest and the proposed Merger. When available, investors and security holders may obtain a free copy of the proxy statement/prospectus and other documents containing information about Pioneer and Pioneer Southwest, without charge, at the SEC’s website at www.sec.gov. Pioneer, Pioneer Southwest and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the unitholders of Pioneer Southwest in connection with the proposed transaction. Information about the directors and executive officers of Pioneer is set forth in its proxy statement for its 2013 annual meeting of stockholders, which was filed with the SEC on April 11, 2013. Information about the directors and executive officers of the general partner of Pioneer Southwest is set forth in Pioneer Southwest’s Annual Report on Form 10-K for the year ending December 31, 2012, which was filed with the SEC on March 14, 2013. These documents can be obtained without charge at the SEC’s website indicated above. Additional information regarding the interests of these participants may be obtained by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available.
Except for historical information contained herein, the statements contained herein related to the Merger and the transactions contemplated by the Merger Agreement are forward-looking statements that are made in reliance on the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of Pioneer and Pioneer Southwest are subject to a number of risks and uncertainties that may cause Pioneer's or Pioneer Southwest’s actual results in future periods to differ materially from the forward-looking statements, including the risk that the proposed Merger is not consummated. These and other risks are described in Pioneer's and Pioneer Southwest’s annual, quarterly and other reports filed with the SEC. In addition, Pioneer and Pioneer Southwest may be subject to currently unforeseen risks that may have a materially adverse effect on them. Neither Pioneer nor Pioneer Southwest undertakes any duty to publicly update these statements except as required by law.