Pioneer to widen Raton basin CBM holding

Pioneer Natural Resources Co., Dallas, agreed to acquire from Petrogulf Corp. an interest in 30,000 net acres in the Raton basin in Colorado for $205 million. Closing is set for the fourth quarter of 2007.

Jul 30th, 2007

By OGJ editors
HOUSTON, July 30 -- Pioneer Natural Resources Co., Dallas, agreed to acquire from Petrogulf Corp. an interest in 30,000 net acres in the Raton basin in Colorado for $205 million. Closing is set for the fourth quarter of 2007.
Most of the acquisition value is on 9,800 acres, just south of Pioneer's 33,000-acre Sangre de Cristo Unit, that Pioneer estimates holds 95 bcf of coalbed methane proved reserves and 29 bcf of resource potential (see map, OGJ, Nov. 11, 1996, p. 101).
The properties to be acquired produce 10 MMcfd and have more than 110 potential drilling locations.

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