Pioneer also announced that it placed on production the Company’s first three horizontal Wolfcamp B interval wells on University Lands Block 2 in Reagan County in the southern Wolfcamp joint venture area of the Midland Basin.The University 2-20 #12, which was drilled in the Upper Wolfcamp B interval, had a 24-hour peak initial production rate of 3,176 BOEPD, with an oil content of 83%. The well, which was completed utilizing a 32-stage hybrid fracture stimulation over the well’s perforated lateral length of 9,542 feet, represents the highest 24-hour peak initial production rate for a Wolfcamp B interval well in the Midland Basin to date. The University 2-20 #14 was drilled in the Lower Wolfcamp B interval. It had a 24-hour peak initial production rate of 1,852 BOEPD, with an oil content of 77%. The well was completed utilizing a 33-stage hybrid fracture stimulation over the well’s perforated lateral length of 9,842 feet. The University 2-32 #15 was also drilled in the Lower Wolfcamp B interval and had a 24-hour peak initial production rate of 1,864 BOEPD, with an oil content of 79%. The well was completed utilizing a 23-stage slickwater fracture stimulation over the well’s perforated lateral length of 6,842 feet. Scott D. Sheffield, Chairman and CEO, stated, “These strong well results from our horizontal Spraberry/Wolfcamp Shale drilling program further demonstrate the substantial oil resource potential across Pioneer’s northern Spraberry/Wolfcamp acreage and our southern Wolfcamp joint venture area in the Midland Basin. These areas, which cover approximately 900,000 gross acres, hold an estimated net resource potential for the Company of more than 4.6 billion barrels oil equivalent.” “Our first horizontal Wolfcamp D interval well in Andrews County achieved the highest initial production rate from any horizontal interval well in the Midland Basin and extended the productivity of the Wolfcamp play approximately 60 miles west of recent successful industry Wolfcamp drilling activity. This well is also approximately 80 miles north of our industry-best Wolfcamp B interval well in Reagan County (University 2-20 #12). In addition, the record initial production rate from our latest Wolfcamp B interval well on our northern acreage (E.T. O’Daniel #1H) further supports our belief that estimated ultimate recoveries (EURs) for horizontal Wolfcamp B interval wells drilled on this acreage will exceed 800 thousand barrels oil equivalent.”
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 Pioneer’s website at 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, product supply and demand, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to complete the Company’s operating activities, access to and availability of transportation, processing, fractionation and refining facilities, Pioneer's ability to implement its business plans or complete its development activities as scheduled, access to and cost of capital, uncertainties about estimates of reserves and resource potential, the assumptions underlying production forecasts, quality of technical data, environmental and weather risks, including the possible impacts of climate change and acts of war or terrorism. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the U.S. Securities and Exchange Commission (SEC). In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Pioneer undertakes no duty to publicly update these statements except as required by law. Cautionary Note to U.S. Investors -- The SEC prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than “reserves,” as that term is defined by the SEC. In this news release, Pioneer includes estimates of quantities of oil and gas using certain terms, such as “resource potential,” “estimated ultimate recovery,” “EUR” or other descriptions of volumes of reserves, which terms include quantities of oil and gas that may not meet the SEC’s definitions of proved, probable and possible reserves, and which the SEC's guidelines strictly prohibit Pioneer from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being recovered by Pioneer. U.S. investors are urged to consider closely the disclosures in the Company’s periodic filings with the SEC. Such filings are available from the Company at 5205 N. O'Connor Blvd., Suite 200, Irving, Texas 75039, Attention: Investor Relations, and the Company’s website at www.pxd.com . These filings also can be obtained from the SEC by calling 1-800-SEC-0330.