Pioneer Natural Resources (PXD) reported the completion of its fifth well in the Eagle Ford Shale in Texas. The company has 310,000 gross acres in the Eagle Ford Shale with 1,750 estimated drilling locations.
Pioneer Natural Resources said that the Chesnutt Gas Unit #1 well was completed with an initial production rate of 15.6 million cubic feet equivalent per day, consisting of 14.1 million cubic feet of natural gas per day, and 255 barrels of condensate per day.
The Chesnutt Gas Unit #1 well is located in Karnes County, Texas, and was drilled with a 4,100 foot lateral and a 12 stage hydraulic fracturing operation. The company expects the well to enter sales once a facility is constructed to separate the natural gas from the condensate.
Pioneer Natural Resources has 2 rigs currently drilling and plans to aggressively increase the rig count in the Eagle Ford Shale. The company plans to have as many as 7 rigs by the end of 2010, 10 in 2010 and 14 by the end of 2012. Pioneer Natural Resources is also still pursuing a joint venture partner to develop its acreage in the Eagle Ford Shale.
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