2009-08-11-2007-10-01-2008-01-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
540MM
Description

Bought co., gaining 266,000 gross developed acres (194,000 net) and 547,000 gross undeveloped acres (488,000 net) in Chincaga Field and Horseshoe Canyon CBM play. Production 8,600 BOE/d. Proved 31.1 MMBOE (187 MMcfge).

Taqa North Ltd., Calgary, a subsidiary of Abu Dhabi National Energy Co. PJSC, Abu Dhabi, UAE, (Abu Dhabi: TAQ) has closed its acquisition of Pioneer Natural Resources Canada Inc., 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 during the third quarter was 8,600 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). Proceeds will be used to fund three recently announced acquisitions including a $205-million acquisition of Raton Basin coalbed-methane properties, a $90-million acquisition of Spraberry oil properties, and a $150-million acquisition of gas properties in the Barnett shale. Pioneer chairman and chief executive Scott Sheffield says, "This divestiture allows us to enhance our financial flexibility, high grade our asset mix and redeploy capital into higher-return opportunities. The Raton, Spraberry and Barnett shale acquisitions increase our inventory of proved drilling locations to fuel future production growth and provide many additional low-risk step-out drilling opportunities with the potential to significantly increase proved reserves." Abu Dhabi has recently acquired Northrock Resources Ltd., the Canadian arm of the former Pogo Producing Co., Houston, for US$2 billion (Pogo has since been purchased by Plains Exploration & Production Co., Houston, (NYSE: PXP)) and plans to acquire Calgary-based royalty trust PrimeWest Energy Trust (Toronto, NYSE: PWI) for C$5 billion. TD Securities Inc. was financial advisor to Pioneer.