Pioneer Natural Resources (PXD) Announces Significant Discovery in the Eagle Ford Shale

October 26, 2009 9:45 AM EDT

This morning, Pioneer Natural Resources Company (NYSE: PXD) announced a significant discovery in the Eagle Ford Shale in South Texas.

The company said Sinor #5 well, which is located in Live Oak County, Texas, flowed at an initial rate of approximately 11.3 million cubic feet of natural gas equivalent per day (approximately 8.3 million cubic feet of natural gas per day and 500 barrels of condensate per day) on a 22/64 inch choke with 4,550 pounds per square inch wellhead flowing pressure. The liquids-rich gas contains 1,200 British thermal units per cubic foot. The well was drilled to a true vertical depth of approximately 13,000 feet and completed in a 2,600-foot lateral section with a nine-stage fracture stimulation (frac). The well is currently producing to sales.

Scott Sheffield, Chairman and CEO, stated, "The initial results of the Sinor #5 discovery are very encouraging, especially considering the significant volume of higher-valued condensate and natural gas liquids."

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