By OGJ editors
HOUSTON, June 28 -- Pioneer Natural Resources Co., Dallas, has agreed to acquire properties in the Permian basin and in South Texas in two separate transactions in which it will pay a total of $177 million.
The names of the sellers were not disclosed. The transactions are expected to close within 30 days, said Pioneer.
Pioneer said it is purchasing 70 million bbl of substantially undeveloped proved oil equivalent reserves. The company estimates it will invest $400 million during the next 5 years to develop the properties.