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.”

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