Pioneer Natural Resources (PXD) held a conference call on October 27, 2010, to discuss the company’s financial results for the third quarter of 2010. The company made comments on its acreage that is prospective for the Barnett Shale.
“We have over 48,000 acres that were leased in the Barnett Shale combo are, that would yield about 500 drilling locations and the first well of which is being drilled as we speak, we're drilling about 3,500-foot lateral and we'll be getting back to you with results that probably won't be on production until the latter part of this year. But suffice it to say, we're excited to see how the results from this well works out, as well as a series of additional wells we'll be drilling between now and the year-end in the combo play.”
“Per acre in the Barnett Combo Play, what's the rough dollars per acre you've invested to assemble that position…it started at $300 to $500 an acre. It's been a tie recently as 750 to 1,000. It's going to average somewhere in between those numbers. Our position is close to 50,000 acres.”
“We're drilling our first well as we speak so we don't have the results reported, and we're probably won't have any results until our fourth quarter call.”