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TAQA to Acquire Pioneer Canada

Abu Dhabi, United Arab Emirates and Calgary, Canada.Abu Dhabi National Energy Company PJSC (TAQA) Buys Canadian Exploration and Production Company; Deal Further Extends TAQA as Best-in-Class E & amp;P Developer and Operator with Existing E & amp;P Assets in Canada, UK, and Netherlands.The Abu Dhabi National Energy Company PJSC (ADSM: TAQA) announced today the purchase of Pioneer Canada, a subsidiary of the US firm Pioneer Natural Resources Company (NYSE:PXD)for USD 540 million.When finalized, the Pioneer deal will provide TAQA with an additional 59 million barrels of (gross) WI P+Poil and gas reserves, more than 10,000 barrels of energy per day (boe/d), and add to TAQA’s best-in-class exploration and production team with newly acquired expertise in coalbed methane exploration and production.Calgary-based Pioneer Canada Ltd. & is a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin.The Pioneer transaction is expected to close during the fourth quarter of 2007 and is subject to regulatory approval and other customary closing conditions.”The Pioneer business is a great addition to TAQA’s existing operations in Canada. & The acquisition provides & further scale and efficiencies to our existing businesses by & adding 27% to daily production, increasing 2P reserves by 35%, and providing a reserve life index (RLI) in excess of 17 years,” said Peter Barker-Homek, CEO of TAQA.On 16 August of this year, TAQA announced that it will own and operate TAQA North Ltd, following the completion of the acquisition of Northrock Resources Ltd, a subsidiary of the US firm Pogo Producing Company (NYSE: PPP) for USD two billion.The new entity, TAQA North, is set to provide TAQA with an additional 142 million barrels of proven oil and gas reserves, more than 37,000 boe/d (gross), and a best-in-class exploration and production team.- ENDS -Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL