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Pioneer Natural Resources to apply Tunisian proceeds to US plays

01/10/2011
OMV AG will pay $866 million for the Tunisian oil and gas properties of Pioneer Natural Resources Co., Dallas, which plans to redeploy the proceeds to its Eagle Ford shale and Spraberry plays in the US.The deal, expected to close in the 2011 first quarter retroactive to Jan. 1, is subject to normal closing adjustments. Net production from Pioneer's Tunisian subsidiaries averaged 5,400 b/d of oil equivalent in 2010, 90% oil.OMV said Pioneer Tunisia's acreage has 38 million boe of proved and probable reserves and 21 million boe of possible reserves. It said the acreage offers considerable exploration upside and will complement OMV's existing south Tunisian assets, Jenein Sud and Nawara.Subs...
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