Pioneer Natural Resources Company (PXD) announced the completion of a well in the Eagle Ford Shale.
The Charles Riedesel GU 1-1 well produced at an initial production rate of 15.7 million cubic feet of gas equivalent per day, comprised of 11.6 million cubic feet of natural gas per day and 680 barrels of condensate per day.
Pioneer Natural Resources Company said that the well was drilled to a depth of 13,800 feet, and completed with a 4500-foot lateral and a 14 stage hydraulic fracturing operation. The Charles Riedesel GU 1-1 well is located in DeWitt County, Texas.
Pioneer Natural Resources Company has 310,000 gross acres in the Eagle Ford Shale in South Texas. The company is currently running a two-rig program but plans to ramp up activity later in 2010, and possibly reach 14 rigs by 2012.
Pioneer Natural Resources Company is also seeking a joint venture partner and is expecting to make an announcement sometime in the second quarter of 2010.