Pioneer hits more natural gas with Eagle Ford Shale well

Source: Pioneer Natural Resources

Pioneer Natural Resources Company (PXD) announced its fourth successful well in the Eagle Ford Shale in South Texas. The Handy Gas Unit #1 well, which is located in Karnes County, Texas, tested at an initial production rate of 19.9 million cubic feet of gas equivalent per day (including 7.7 million cubic feet of gas per day and 2,030 barrels of condensate per day) on a 22/64 inch choke with approximately 6,300 pounds per square inch wellhead flowing pressure. 

This equates to a condensate yield of 263 barrels per million cubic feet of gas. The liquids-rich gas contains 1,300 British thermal units per cubic foot. The well was drilled to a vertical depth of approximately 13,100 feet and completed in a 4,400-foot lateral section with a 12-stage fracture stimulation. The well is expected to be connected to a sales line by early May. 

Scott Sheffield, Chairman and CEO, stated, "We are very excited to have successfully drilled another highly productive well in the Eagle Ford Shale, especially one with the highest condensate production rate and yield per million cubic feet of gas as well as the highest combined gas and liquids production rate reported in the play to date. The well, which is located 17 miles southwest of our recent successful Riedesel #1 well and 36 miles northeast of our earlier Sinor #5 and Crawley #1 successes, further strengthens our confidence in the development potential of the 1,750 Eagle Ford Shale locations we have identified across our large acreage position, with most of these in the condensate window. With a gross resource potential of more than 11 trillion cubic feet equivalent, we expect the Eagle Ford Shale to add significant production and reserves while enhancing shareholder value." 

Pioneer is a technology leader in this play with greater than 2,000 square miles of 3-D seismic data, logs from more than 150 operated wells, proprietary core samples and micro-seismic results. The Company is targeting liquids-rich areas with two rigs currently drilling horizontal wells in Karnes and Live Oak Counties, and it plans to ramp up drilling activity within the next few months. To further accelerate Eagle Ford Shale development, the Company is actively pursuing a joint venture, with closing expected by the end of the second quarter of 2010.

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