Abu Dhabi National Energy Co. PJSC, Abu Dhabi, UAE, (Abu Dhabi: TAQ) plans to acquire Pioneer Natural Resources Canada Inc. (Pioneer Canada), a subsidiary of Pioneer Natural Resources Co., Dallas, (NYSE: PXD) for US$540 million in cash. Pioneer Canada's assets include 266,000 gross developed acres (194,000 net) and 547,000 gross undeveloped acres (488,000 net) in Chincaga Field in northern British Columbia and Alberta and the Horseshoe Canyon coalbed-methane play in south-central Alberta. Production at year-end 2006 was 8,011 barrels of oil equivalent per day. Proved reserves at year-end 2006 were 31.1 million barrels equivalent (187 million cubic feet of gas equivalent).
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