Pioneer Energy & Bayswater Successfully Field Pilot Zero Emission Oil Production System

Today, Pioneer Energy, Inc., an oilfield services company specializing in equipment for oil & gas decarbonization, announced that they have completed a successful field trial of their new Emission Control Treater (ECT) technology. Pioneer partnered with Bayswater Exploration & Production (Bayswater), a Colorado-based oil producer, to deploy and operate the ECT on one of their production locations in Weld County, CO. The pilot demonstrated nearly complete elimination of well pad emissions with autonomous and reliable operations, and an 11.3% increase in crude yield.

The Bayswater team was delighted with the performance of the technology. "We can see how the ECT can help Bayswater improve our bottom line while helping to achieve our emissions reduction targets," said Bayswater CEO, Steve Struna. "I firmly believe in the ECT technology's ability to improve crude oil yield, and I look forward to further opportunities to apply this technology in our operations."

"We were thrilled that the performance of the ECT exceeded our expectations," said Pioneer Energy CEO, Eyal Aronoff. "The Pioneer and Bayswater teams worked seamlessly together to deploy and operate this new technology, helping to demonstrate its true potential for oilfield decarbonization. We greatly appreciate Bayswater's technical and thought leadership for being the first to adopt this revolutionary technology. We believe that the ECT represents a step change improvement in oil field technology that is not just better for the bottom line but is also better for the environment."

The Emission Control Treater pilot validated key aspects of the technology:

• Processed oil production from wellhead fluid to sales on an operating well pad
• Demonstrated reliable, autonomous operation of the system
• Eliminated virtually all well pad processing system emissions
• Increased crude oil volume produced by 11.3%
• Consistently produced high quality, marketable, stabilized crude oil and natural gas

Pioneer Energy expects to commence commercial production of ECT systems in 2024.

About Pioneer Energy: Pioneer Energy, Inc. is a provider of technologies that help to decarbonize the oil and gas industry. The company's product lines include the Emission Control Treater (ECT), a zero emission oil production system which also increases crude production volumes; the Pegasus field gas conditioning system which reduces emissions and fuel costs from hydraulic fracturing operations; and flare gas capture and processing equipment. Pioneer's systems eliminate oilfield emissions, helping oil producers to be good stewards of the environment while converting the emissions to resources which help to support domestic energy security. To learn more, visit http://pioneerenergy.com/.

About Bayswater: Bayswater Exploration & Production is a private oil and natural gas exploration and development company employing multiple best-in-class practices focused on emission reductions and committed to responsible energy development and the belief that the development of oil and natural gas resources and the stewardship of a pristine, sustainable environment are not mutually exclusive. To learn more, visit https://bayswater.us/.

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