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Pioneer Natural Resources Announces Successful Drilling Results in
DALLAS, Oct 26, 2010 (BUSINESS WIRE) --
Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today announced the successful drilling of three wells during the second and third quarters of 2010 in the Company's operated Cherouq Concession and Anaguid Permit in southern Tunisia.
The El Badr-3 and the Cherouq-2 wells, located in the Cherouq Concession, and the Mona-1 well, located in the Anaguid Exploration Permit, were drilled in conjunction with Pioneer's joint venture partner ETAP and tested at a combined initial gross production rate of approximately 10 thousand barrels oil equivalent per day (MBOEPD) from the Silurian sandstone intervals. The Mona well is a significant Silurian discovery in the Anaguid Permit and opens up a number of new exploration opportunities in this area. Production from all three wells is expected to be flowing to sales by early next year.
Based on the successful results of these three wells, Pioneer has elected to exercise options on its two existing drilling contracts and will drill two additional appraisal wells this year. Pioneer anticipates that after drilling and completing these two wells, the Company's net production from Tunisia will be in the range of 8 MBOEPD to 9 MBOEPD by early 2011.
Scott Sheffield, Chairman and CEO, stated, "We are very excited to have successfully drilled three highly productive wells in our two operated blocks in southern Tunisia. These successes are in large part a product of new 3-D seismic reprocessing by our geoscientists over these two blocks, which identified these three prospects and significant additional resource potential. After the results of the two additional appraisal wells are known, a forward plan for Tunisia will be announced."
Pioneer has a 50% interest in the Cherouq Concession and will have a 30% interest in the concession derived from the Anaguid Permit. ETAP will have a 50% interest in both concessions. Medco will own the remaining 20% interest in the Anaguid Concession.
Pioneer Natural Resources Company is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations primarily in the United States. For more information, visit Pioneer's website at www.pxd.com.
Except for historical information contained herein, the statements in this News Release 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 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, international operations and associated international political and economic instability, the results of drilling and operations, availability of equipment, services and personnel required to complete the Company's operating activities, access to and availability of transportation, processing and refining facilities, Pioneer's ability to implement its business plans as scheduled, uncertainties about estimates of reserves and resource potential and the ability to add proved reserves in the future, the assumptions underlying production forecasts, quality of technical data, and acts of war or terrorism. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Pioneer undertakes no duty to publicly update these statements except as required by law.
SOURCE: Pioneer Natural Resources Company
Pioneer Natural Resources Company
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