Pioneer said that it invested $295 million to expand its Raton and Spraberry field holdings, gaining additional production and acreage at an attractive cost with significant upside to expand proved reserves and production through additional drilling. The company invested $150 million in the Barnett Shale play, a step toward achieving its goal to build a core position in the play.
Pioneer stated that these three acquisitions add more than 1,000 drilling locations and approximately 140 million barrels oil equivalent of resource potential. Approximately one third of this resource potential is estimated to be proved reserves.
