Pioneer Southwest Energy Partners L.P. (“Pioneer Southwest Energy”) (NYSE:PSE) announced today the pricing of the initial public offering of 8,250,000 of its common units at $19.00 per unit. Pioneer Southwest Energy has also granted the underwriters a 30-day over-allotment option to purchase up to an additional 1,237,500 common units. The common units will begin trading on Thursday, May 1, 2008, on the New York Stock Exchange under the symbol "PSE." The offering is expected to close on or about May 6, 2008.
The common units offered to the public will represent approximately 28.7% of the common units of Pioneer Southwest Energy outstanding, or approximately 31.6% if the underwriters exercise their over-allotment option in full. Subsidiaries of Pioneer Natural Resources Company will own the remaining 71.3% of the common units of Pioneer Southwest Energy (approximately 68.4% if the underwriters exercise their over-allotment option in full) and serve as its general partner.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and UBS Securities LLC are acting as joint book-running managers for the offering.
A copy of the final prospectus relating to the offering may be obtained by submitting requests to Citigroup Global Markets Inc., Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, phone: 718-765-6732, fax: 718-765-6734; Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, 2nd Floor, Jersey City, NJ, 07311, or by telephone at (800) 503-4611, or by email at prospectus.cpdg@db.com; or UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171, phone: 212-821-3000.
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities law in any such state.
About Pioneer Southwest Energy
Pioneer Southwest Energy is a Delaware limited partnership formed by Pioneer Natural Resources Company to own producing oil and gas properties in the Spraberry field in the Permian Basin of West Texas and to acquire producing oil and gas properties in its area of operations. This area includes onshore Texas and eight counties in the southeast region of New Mexico.
Except for historical information contained herein, the statements in this News Release about Pioneer Southwest Energy Partners L.P. are forward-looking statements that are subject to a number of risks and uncertainties that may cause Pioneer Southwest Energy's actual results in future periods to differ materially from the forward-looking statements. Risks related to an investment in Pioneer Southwest Energy, including risks relating to its business, are described in the registration statement filed with the Securities and Exchange Commission. In addition, Pioneer Southwest Energy may be subject to currently unforeseen risks that may have a materially adverse impact on it. Pioneer Southwest Energy undertakes no duty to publicly update these statements except as required by law.
Contacts:
Investors
Frank
Hopkins, 972-969-4065
or
James Meier, 972-969-3931
or
Media
and Public Affairs
Susan Spratlen, 972-969-4018
