Pioneer Natural Resources Company (“Pioneer” or “the Company”) announced that the Company 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 University 7-43 10H, which is Pioneer’s first horizontal Wolfcamp D interval well in Andrews County, had a 24-hour peak initial production rate of 3,605 barrels oil equivalent per day (BOEPD), with an oil content of 74%. It was completed utilizing a 31-stage hybrid fracture stimulation over the well’s perforated lateral length of 7,382 feet. The well represents the highest horizontal 24-hour peak initial production rate for any interval in the Midland Basin to date.
The Company also announced that it has placed on production its third horizontal Wolfcamp B interval well in Midland County. The E.T. O’Daniel #1H had a 24-hour peak initial production rate of 2,801 BOEPD, with an oil content of 75%. The well was completed utilizing a 39-stage hybrid fracture stimulation over the well’s perforated lateral length of 9,229 feet. It represents the highest 24-hour peak initial production rate for a Wolfcamp B interval well on Pioneer’s northern Spraberry/Wolfcamp acreage.
Pioneer has 16 horizontal wells on production across its northern acreage, of which 10 wells are Wolfcamp Shale interval wells and six wells are Spraberry Shale wells in Midland, Martin, Andrews and Upton counties. Of the six Spraberry Shale wells, four wells were placed on production in late October/early November. They are currently flowing back fracture stimulation water and have therefore not yet achieved 24-hour peak initial production rates. Since the Spraberry Shale interval wells are at shallower depths than the Wolfcamp Shale interval wells, these wells can flow back fracture stimulation water for 30 days to 60 days before achieving initial peak production rates due to lower subsurface pressures.
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.”
