Pioneer is the largest acreage holder in the Spraberry Field with approximately 900,000 gross acres (730,000 net acres), the majority of which could be prospective for the horizontal Wolfcamp Shale. Based on Pioneer’s extensive geologic database, petrophysical analysis and successful drilling results to date, there is significant horizontal Wolfcamp Shale resource potential in this acreage.
On January 30, 2013, Pioneer announced that it signed an agreement with Sinochem Petroleum USA LCC to sell 40% of Pioneer’s interest in approximately 207,000 net acres in the horizontal Wolfcamp Shale play in the southern portion of Pioneer’s Spraberry Field leasehold. The agreement will allow Pioneer to accelerate development in its southern acreage position and add significant production and reserves while enhancing shareholder value.
Through the end of the fourth quarter 2012, 39 horizontal Wolfcamp wells were drilled across the southern acreage, of which 22 wells were on production. Production from Pioneer’s horizontal Wolfcamp Shale wells exited 2012 at approximately 5,000 barrels oil equivalent per day.
Pioneer plans to further delineate its prospective horizontal Wolfcamp Shale position by drilling several wells in the northern portion of its position in the Spraberry Field. A successful drilling program in this area could significantly increase Pioneer’s prospective horizontal Wolfcamp Shale acreage position.
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