Pioneer Natural Resources Company
) announced that it has brought online 16 horizontal wells across
its northern acreage, of which 10 are Wolfcamp Shale interval
wells and six are Spraberry Shale wells in Midland, Martin,
Andrews and Upton counties.
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Amongst the six Spraberry Shale wells, four started production in
late October or early November. Currently, the wells are flowing
back fracture stimulation water and therefore yet to reach
24-hour peak initial production rates.
The Spraberry Shale interval wells are positioned at shallower
depths than the Wolfcamp Shale interval wells and can flow back
fracture stimulation water for 30-60 days before attaining
initial peak production rates due to lower subsurface pressure.
Pioneer also announced that it has placed on production its
fourth horizontal Wolfcamp D interval well on its northern
Spraberry/Wolfcamp acreage in the Midland Basin in west Texas.
The company's third horizontal Wolfcamp B interval well in
Midland County was also commissioned.
Further, the company announced that its first three horizontal
Wolfcamp B interval wells on University Lands Block 2 in Reagan
County in the southern Wolfcamp joint venture (JV) area of the
Midland Basin have also started production.
Pioneer believes that robust results from its Spraberry/Wolfcamp
Shale drilling program further substantiates the significant oil
resource potential across the company's northern
Spraberry/Wolfcamp acreage and southern Wolfcamp JV area in the
Jointly, these plays cover about 900,000 gross acres, which is
estimated to hold recoverable resources of over 4.6 billion
barrels of oil equivalent.
Pioneer carries a Zacks Rank #3 (Hold). However, there are other
sector stocks -
SM Energy Company
Western Gas Partners LP
Abraxas Petroleum Corp.
) - that hold a Zacks Rank #1 (Strong Buy) and are worth buying