Pioneer Natural Resources Company Announces Sale of Selected Eagle Ford Shale Acreage for $102 Million
March 27 2018 - 6:30AM
Business Wire
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.
Pioneer is a large independent oil and gas exploration and
production company, headquartered in Dallas, Texas, with operations
in the United States. For more information, visit www.pxd.com.
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, government
regulation or action, the ability to obtain approvals from third
parties and negotiate agreements with third parties on mutually
acceptable terms, completion of planned divestitures and
litigation. These and other risks are described in the Company's
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
other filings with the Securities and Exchange Commission. In
addition, the Company may be subject to currently unforeseen risks
that may have a materially adverse impact on it. Accordingly, no
assurances can be given that the actual events and results will not
be materially different than the anticipated results described in
the forward-looking statements. Pioneer undertakes no duty to
publicly update these statements except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180327005489/en/
Pioneer Natural ResourcesInvestors:Frank Hopkins,
972-969-4065orNeal Shah, 972-969-3900orTrey Muir, 972-969-3674orTom
Fitter, 972-969-1821orMedia and Public Affairs:Tadd Owens,
972-969-5760orRobert Bobo, 972-969-4020
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