Pioneer Natural Resources Company (NYSE:PXD) announced today during December the Company closed three previously announced acquisitions, expanding its substantial position in the Spraberry and Raton fields and gaining additional acreage in the Barnett Shale, a new focus area for Pioneer.
Pioneer invested $295 million to expand its Raton and Spraberry field holdings, gaining additional production and acreage at an attractive cost with significant upside to expand proved reserves and production through additional step-out and infill drilling.
The Company invested $150 million in the Barnett Shale play, a significant step toward achieving its goal to build a core position in the play.
Combined, these three acquisitions add more than 1,000 drilling locations and approximately 140 million barrels oil equivalent of resource potential. Approximately one third of this resource potential is estimated to be proved reserves.
Pioneer Natural Resources Company is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States, South Africa and Tunisia. -- www.cnxmarketlink.com
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