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Pioneer Natural Resources Company Announces the Sale of Spraberry Properties to Pioneer Southwest Energy Partners L.P.
The sold properties have estimated proved reserves of approximately 18.9 million barrels oil equivalent, of which 37% are proved developed reserves and 63% are proved undeveloped reserves. Production from the sold properties is currently approximately 1,300 barrels oil equivalent per day. Of this amount, approximately 65% is oil, 20% is natural gas liquids and 15% is gas.
“Approximately 50% of Pioneer’s proved reserves are in the Spraberry field. The strong performance of PSE in the market since its IPO in May of 2008 continues to demonstrate the value of these long-lived oil reserves.”
Special Notice Regarding Pioneer Southwest Energy Partners L.P.
Conference Call. On
Pioneer is a large independent oil and gas exploration and production
company, headquartered in
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, volatility of commodity
prices, the ability to obtain environmental and other permits and
the timing thereof, other government regulation or action, the ability
to obtain approvals from third parties and negotiate agreements with
third parties on mutually acceptable terms, litigation, the costs
and results of drilling and operations, access to and availability of
drilling equipment and transportation, processing and refining
facilities, Pioneer's ability to implement its business plans or
complete its development activities as scheduled, access to and cost of
capital, uncertainties about estimates of reserves, the assumptions
underlying production forecasts, quality of technical data, and
environmental and weather risks. These and other risks are described in
Pioneer’s 10-K and 10-Q Reports and other filings with the
Pioneer Natural Resources
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