Pioneer Natural Resources Co. has signed a sell contract with the Caelus Energy Alaska LLC, Dallas for $550 million. According to the deal, PNR would sell its share in its branch company Natural Alaska Inc.

 

It aimed at the asset of the Alaska founding more capital to focus on its oil Spraberry-Wolfcamp. Now the —Wolfcamp, Jo Mill, and Spraberry shales are its main concentrations, which covers an area of more than 600,000 gross acres.

 

The drilling rig for the northern Spraberry-Wolfcamp would add 3 in 2014 from 5 horizontal rig in the 2013 second half. It is estimated the ten rigs could be reached beyond the previous expectation. The company had announced to horizontally drill the lower Wolfcamp in the four-quarter 2010.

 

In August, at the Unconventional Resources Technology Conference, the company had reported that the Spraberry-Wolfcamp could be counted as the historic largest oil and gas discovery. PNR is the largest acreage holder in the Spraberry field with 900,000 gross acres, which can potentially covered 3 billion boe resources that are recoverable.

 

In 2005, PNR announced it withdrawing investment in the deepwater Gulf and Tierra del Fuego in southern Argentina. It had synchronous expanded many fields including the Spraberry.

 

In 2006, PNR had gone through many sell and purchase. First, it sold its Tunisian oil and gas assets to OMV for $866million. Then it invested into the Spraberry and Eagle Ford. But a month later, it sold 40% interest in the southern Spraberry to Sinochemfor $1.7 billion. PNR benefited 60% from the Wlfcamp field, as a operator.

 

In 2012, PNR had sold its Barnett assets in order to found more capital to the Spraberry vertical play, the horizontal Wolfcamp play, the Eagle Ford and opened a data room.

 

Because of this seal, PNR had a adverse operating situation, which was a $350 million loss in the fourth quarter. But its branch had a very good outlook this year with oil and gas production 4,000 boe/d averages.

 

The selling and purchasing contract was made  due to the favorable geologic position as well as the additional area as a bonus, such as 21, which is to encourage more independent oil and gas companies’ investments.