Pioneer Natural Resources Company (“Pioneer” or “the Company”) announced that it has placed on production the Company’s first horizontal Wolfcamp Shale well in Martin County, Texas. The Mabee K #1H well had an initial 24-hour peak natural flow rate of 1,572 barrels oil equivalent per day (BOEPD) with 77% oil content. The well was completed in the Wolfcamp B interval utilizing a 27-stage hybrid fracture stimulation over the well’s perforated lateral length of 6,671 feet.
The initial 24-hour peak natural flow rate for the Mabee K #1H well compares very favorably with the initial 24-hour peak natural flow rate for the DL Hutt C #1H well, Pioneer’s first horizontal Wolfcamp Shale B interval well in Midland County, Texas. The DL Hutt C #1H well had an initial 24-hour peak natural flow rate of 1,693 BOEPD with 75% oil content. This well utilized a 30-stage hybrid fracture stimulation over the well’s longer perforated lateral length of 7,380 feet. When normalizing the lateral length of the Mabee K #1H well to the longer lateral length of the DL Hutt C #1H well, the comparable 24-hour peak natural flow rate for the Mabee K #1H well would have been higher than the DL Hutt C #1H well at 1,739 BOEPD. The Mabee K #1H well is located approximately 30 miles north of the DL Hutt C #1H well and 50 miles north of Pioneer’s first two horizontal Wolfcamp Shale B interval wells in the Giddings area in Upton County.
Scott Sheffield, Chairman and CEO, stated, “The strong initial production rate from the Mabee K #1H well further demonstrates the prospectivity of Pioneer’s gross 900,000-acre Spraberry/Wolfcamp leasehold position, which holds an estimated net resource potential for the Company of more than 4.6 billion barrels oil equivalent. We have seven horizontal rigs running in the southern part of the play, where the Company has its joint interest agreement with Sinochem, and we are increasing our horizontal rig count in the northern part of the play from one rig to five rigs during the second quarter. Additional rigs are expected to be added in both the southern and northern parts of the play next year. This significant ramp up in drilling activity will allow us to continue to add substantial net asset value as we further delineate multiple prospective horizontal targets across our large acreage position, including the Wolfcamp, Jo Mill and Spraberry shale intervals.”
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