Pioneer Natural Resources Company Announces Sale of Selected Eagle Ford Shale Acreage for $102 Million

Pioneer Natural Resources Company Announces Sale of Selected Eagle Ford Shale Acreage for $102 Million

Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that it has signed a purchase and sale agreement with Sundance Energy, Inc. to sell approximately 10,200 net acres in the western portion of Pioneer’s Eagle Ford Shale acreage position for $102 million, subject to normal closing adjustments. The acreage is located in Atascosa, LaSalle, Live Oak and McMullen Counties, Texas. Current net production is approximately 1,100 barrels of oil equivalent per day.

After the sale closes, which is expected during the second quarter of 2018 and is subject to the satisfaction of customary closing conditions, Pioneer’s acreage position in the Eagle Ford Shale will be approximately 59,000 net acres, all of which is held by production. As previously announced, the remaining Eagle Ford Shale acreage position is also being divested, with a data room expected to open next week.

SOURCE: http://investors.pxd.com/news-releases/news-release-details/pioneer-natural-resources-company-announces-sale-selected-eagle

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