Pioneer Natural Resources (PXD) has reportedly reached an agreement on a joint venture on its acreage in the Eagle Ford Shale in Texas. Pioneer Natural Resources has 310,000 acres in the Eagle Ford Shale.
Reliance Industries will pay approximately $1.35 billion for a 45% stake in the company’s properties in the Eagle Ford Shale. Reliance Industries will pay $300 million up front, and then carry future drilling expenses until $1.35 billion has been reached.
Reliance Industries reached a similar deal with Atlas Energy (ATLS) earlier in the year for a joint venture in the Marcellus Shale.
