HOUSTON – Bracewell LLP is advising Pioneer Natural Resources Company (Pioneer) in the acquisition of 28,000 acres in the Midland Basin from Devon Energy Corporation for $435 million. Current net production is approximately 1,000 barrels of oil equivalent per day, with oil making up approximately 70% of the production.
About 15,000 net acres of the core acreage being acquired are located in the Sale Ranch area in Martin County and northern Midland County, where Pioneer drilled its most-productive Wolfcamp B wells. The majority of the Wolfcamp B acreage that Pioneer is acquiring in the Sale Ranch area sits directly below Pioneer’s Wolfcamp A acreage. The acquisition, combined with Pioneer’s existing inventory in the area, will add approximately 70 Wolfcamp B locations to Pioneer’s Sale Ranch area.
The acquisition is expected to close during the third quarter of 2016.
Bracewell attorneys involved in this transaction include:
Partners: G. Alan Rafte, Elizabeth L. McGinley, Heather Palmer, Rebecca L. Baker, Bruce R. Jocz and Richard C. Rice
Associates: Christopher J. Miller and Lucas L. Tanner