Pioneer Natural Resources (PXD) updated the company’s first quarter of 2011 operations in the Barnett Shale Combo play in Texas. The company has 70,000 net acres under lease and approximately 600 drilling locations.
Pioneer Natural Resources started drilling here in late 2010, and is operating two rigs in the play. The company has drilled 24 wells, completed ten and is producing from five.
Pioneer Natural Resources reported that the last three wells completed in the Barnett Shale combo play had average production rates of 356 barrels of oil equivalent (BOE) per day during the first five days of production. This production included 155 barrels of oil and 854,000 cubic feet of natural gas per day.
Pioneer Natural Resources plans total drilling capital spending of $1.6 billion in 2011, and has allocated $170 million for the Barnett Shale Combo play.