Pioneer To Buy 91 Bcfe In Barnett, Sprayberry For $240MM

Pioneer Natural Resources Co., Dallas, (NYSE: PXD) plans to acquire interests in more than 118,000 gross acres in the Barnett shale and West Texas from undisclosed sellers in two separate deals for a combined total of more than $240 million. In the first deal, Pioneer plans to buy an interest in approximately 74,000 gross acres in the Barnett shale for $150 million. Assets include net proved reserves of 81 billion cubic feet gas equivalent and 480 billion cubic feet equivalent of potential reserves, largely on approximately 37,000 gross acres in Parker County, Texas. Net production is 15 million cubic feet per day. In the second deal, Pioneer plans to buy an interest in approximately 44,000 gross acres in the Spraberry Field in West Texas for $90 million. Assets include proved reserves of 15 million barrels of oil equivalent and 23 million probable, for total possible reserves of 38 million. Approximately 20% of the proved reserves are developed with current net production of 700 barrels of oil equivalent per day.