Pioneer Southwest Energy Partners L.P. Announces Common Unit Offering

November 10, 2009 4:11 PM EST

DALLAS--(BUSINESS WIRE)-- Pioneer Southwest Energy Partners L.P. ("Pioneer Southwest" or "the Partnership") (NYSE: PSE) today announced it has commenced a public offering, subject to market and other conditions, of 2,700,000 common units representing limited partner interests, with a 30-day option for the underwriters to purchase up to an additional 405,000 common units. Net proceeds from the offering will be used by Pioneer Southwest to repay amounts outstanding under its revolving credit facility.

UBS Investment Bank, Citi, BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers. A copy of the preliminary prospectus supplement and prospectus relating to the offering may be obtained from the following addresses:

UBS
Investment
Bank            Citi
Attn:           Attn: Prospectus Dept.        BofA Merrill Lynch            Wells Fargo Securities
Prospectus      Brooklyn Army Terminal        Attn: Preliminary             Attn: Equity Syndicate Dept.
Dept.           140 58th Street, 8th Floor    Prospectus Dept.              375 Park Avenue
299 Park        Brooklyn, NY 11220            4 World Financial Center      New York, NY 10152
Avenue          batprospectusdept@citi.com    New York, NY 10080            equity.syndicate@wachovia.com
New York, NY    Telephone: 800-831-9146       Prospectus_Requests@ml.com    Telephone: 800-326-5897
10171
Telephone:
888-827-7275

You may also obtain these documents for free when they are available by visiting EDGAR on the SEC web site at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The offering will be made pursuant to an effective shelf registration statement and prospectus filed by Pioneer Southwest with the SEC.

Pioneer Southwest is a Delaware limited partnership headquartered in Dallas. Pioneer Natural Resources formed Pioneer Southwest to own and acquire oil and gas assets in its area of operations. This area includes onshore Texas and eight counties in the southeast region of New Mexico. For more information, visit Pioneer Southwest's website at www.pioneersouthwest.com.

Statements about the offering may be forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Pioneer Southwest, and a variety of risks that could cause results to differ materially from those expected by management of Pioneer Southwest. These and other risks are described in Pioneer Southwest's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. Pioneer Southwest undertakes no duty to publicly update these statements except as required by law.

    Source: Pioneer Southwest Energy Partners L.P.

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