US-based independent oil and gas exploration and production company, Pioneer Natural Resources, has signed a purchase and sale agreement with an undisclosed third party to sell 2,900 net acres in the Sinor Nest (Lower Wilcox) field for $132m.
Image: Pioneer Natural Resources to sell Texas Sinor Nest oil assets for $132m. Photo courtesy of Pioneer Natural Resources Company.
The acreage is located in Live Oak County, Texas, and yielded an average net production of 3,100 barrels of oil equivalent per day in the second quarter of 2018.
The assets being sold constitute Pioneer’s interests in the field, including its producing wells and the associated infrastructure.
The transaction is expected to close in the fourth quarter of 2018.
In July 2018, Pioneer announced the signing of an agreement with an undisclosed buyer to sell its assets in the West Panhandle field in Texas for $201m.
The transaction was expected to close during the third quarter.
The assets represent Pioneer’s interests in the field, including all of its producing wells and the associated infrastructure.
The sale was expected to result in a pre-tax gain of $155m to $170m.
Production from the West Panhandle field averaged 6,000 barrels of oil equivalent per day during the first quarter of 2018.
Pioneer president and CEO Timothy Dove said: “Throughout Pioneer’s history, the West Panhandle field has been a core asset that has added significant value for our shareholders and consistently generated excess cash flow for reinvestment.
“I want to personally recognize and thank the West Panhandle field employees for their dedication and all of their efforts in making this field an important part of Pioneer’s success.”
In June 2018, the company announced that it has signed a purchase and sale agreement with Evergreen Natural Resources to sell all of its assets in the Raton Basin in southeastern Colorado for $79m.
The transaction was expected to close by the end of July 2018.
These assets represent the company’s interests in the field, including all of its producing gas wells and the associated infrastructure.
The sale is expected to result in a pre-tax non-cash loss of $65m to $75m.
Net production from Raton assets averaged 84 million ft³ per day (14,000 barrels of oil equivalent per day) during the first quarter of 2018, consisting entirely of natural gas.