|View printer-friendly version|
Pioneer Closes Three Acquisitions Totaling $445 Million
DALLAS, Dec 26, 2007 (BUSINESS WIRE) -- Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer") announced today that 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. For more information, visit Pioneer's website at www.pxd.com.
Except for historical information contained herein, the statements in this News Release about Pioneer Natural Resources Company are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer Natural Resources Company are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, Pioneer's ability to implement its business plans or complete its development projects as scheduled, uncertainties about estimates of reserves, and quality of technical data. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.
Cautionary Note to U.S. Investors -- The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Pioneer uses certain terms in this release, such as "resource potential," "estimated reserves," or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines prohibit Pioneer from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being recovered by Pioneer.
SOURCE: Pioneer Natural Resources Company
Pioneer Natural Resources Company
Copyright West LLC. Minimum 15 minutes delayed.