PNR sells Spraberry properties to Pioneer Southwest

By OGJ editors
HOUSTON, Sept. 2
-- Pioneer Natural Resources Co., Dallas, has sold oil and gas properties in the Spraberry field in West Texas to Pioneer Southwest Energy Partners LP for $171.2 million in cash. The transaction also includes “assignment” of certain 2009-13 commodity price derivative positions, said the announcement.

The properties have estimated proved reserves of about 18.9 million boe, of which 37% are proved developed reserves and 63% are proved undeveloped reserves. Production from the sold properties is currently about 1,300 boe/d, said the announcement. Of this amount, about 65% is oil, 20% is NGL, and 15% is gas.

Scott D. Sheffield, Pioneer chairman and chief executive officer, said this transaction recognizes that PSE plans a two-rig drilling program during the fourth quarter and that Pioneer owns 68% of PSE. The transaction effectively adds two rigs to the 10-12 rig drilling program Pioneer has planned in the Spraberry field for 2010 and “will increase our total well count next year” by about 50 wells to 300-350 wells, he said.

About 50% of Pioneer’s proved reserves are in Spraberry field.

Related Articles

PNR reports $3.3 billion capex plan for 2014

02/11/2014 Pioneer Natural Resources Co. (PNR), Dallas, reported capital expenditure plans of $3.3 billion for 2014, $2.2 billion of which to be used to targe...

Pioneer to sell Alaska subsidiary for $550 million

10/25/2013 Dallas-based independent Pioneer Natural Resources Co. has agreed to sell its equity in subsidiary Natural Resources Alaska Inc. to privately held ...

Successes mount in Eagle Ford shale play

11/25/2009 Texon Petroleum Ltd., Brisbane, reported logging 142 ft of potential pay in Cretaceous Eagle Ford after deepening a vertical well completed in Cret...

Pioneer drilling lateral in Eagle Ford shale

12/10/2008 Pioneer Natural Resources Inc., Dallas, is drilling the horizontal leg in Cretaceous Eagle Ford shale at an exploratory well in DeWitt County, Tex.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected