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Pioneer Natural Resources Reports Third Quarter 2012 Financial And Operating Results

Stocks in this article: PXD

Of the 17 wells placed on production, two wells are located in northern Upton county in the Giddings Estate area, and 15 wells are located further south in Upton and Reagan counties in the University Lands area.

Pioneer’s first two successful horizontal Wolfcamp Shale wells were drilled in northern Upton County in the Upper B interval in the Giddings Estate area. The first well had its one-year anniversary from first production in mid-October and has produced 135 thousand barrels oil equivalent (MBOE) to date. The second well has been on production for ten months and has delivered cumulative production of 105 MBOE. For perspective, a typical vertical well drilled to the Wolfcamp interval generally takes 40 years to 50 years to produce 140 MBOE.

Of the 15 wells in the University Lands area, 13 wells were drilled in the Upper B interval and two were drilled in the A interval. Eight of the Upper B wells and the two A interval wells were placed on production in the third quarter.

The eight Upper B wells placed on production in the third quarter had initial 24-hour production rates ranging from 312 barrels oil equivalent per day (BOEPD) to 759 BOEPD. These wells were drilled to depths ranging from 7,745 feet to 8,352 feet and have stimulated lateral lengths ranging from 5,892 feet to 7,142 feet. The wells have oil content ranging from 80% to 91%.

Earlier this year, based on strong production results and extensive petrophysical analysis, Pioneer increased its estimated ultimate recovery (EUR) to 575 MBOE for wells drilled in the Upper B interval in southern Upton, Reagan and Irion counties, with a stimulated lateral length of 7,000 feet. Average production from the 15 Upper B interval wells drilled to date normalized to a 7,000-foot lateral length, except for one well that had a mechanical failure, is consistent with the Company’s 575 MBOE type curve.

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