In the liquids-rich Eagle Ford Shale play in South Texas, Pioneer has added approximately 300 drilling locations in the liquids-rich area of the play as a result of downspacing from 1,000 feet between wells (120-acre spacing) to 500 feet (60-acre spacing) between wells. The Company also utilized zipper fracture stimulation on three-well and four-well pads in the same liquids-rich areas where downspacing has been implemented. Using this fracture stimulation technique on the pad wells improves the fracture network and has resulted in EURs for the zipper fracture-stimulated wells increasing by 20% as compared to offset single wells, or from 1.0 million barrels oil equivalent (MMBOE) to 1.2 MMBOE.Further testing of downspacing to 300 feet between wells is underway in the liquids-rich areas where 500-foot spacing was successful. Early results are encouraging, and the potential exists to add 300 to 400 drilling locations. This testing will include staggered laterals in the Upper Eagle Ford Shale interval and the Lower Eagle Ford Shale interval. Pioneer’s first Upper Eagle Ford Shale well was recently successfully completed with a 24-hour peak initial production rate of 1,620 BOEPD, comparable to Lower Eagle Ford Shale interval wells. Approximately 25% of Pioneer’s acreage is expected to be prospective for this interval.
Pioneer Natural Resources Reports Third Quarter 2013 Financial And Operating Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts