Irving-based Pioneer Natural Resources, which in recent years moved heavily into the liquids-rich portions of the Barnett Shale, said Thursday it is looking to sell its properties in the North Texas field. It says it has about 155,000 gross acres, "of which approximately two-thirds are located in the liquids-rich Barnett Shale Combo play" that is in the field's northwestern reaches. "The Company has grown production to approximately 7,000 barrels oil equivalent per day, of which approximately 55% is liquids (oil and natural gas liquids) and 45% is dry gas," it says. CEO Scott Sheffield, in a prepared statement, said: “The sale of our Barnett Shale properties will allow us to strategically reallocate capital to our higher-return, core assets in the Spraberry vertical play, the horizontal Wolfcamp Shale play and the Eagle Ford Shale. We plan to utilize the net proceeds from the divestiture to reduce indebtedness under Pioneer's credit facility.”
Pioneer said it expects to open a data room -- a location at which interested parties can inspect records and information -- in October. It hopes to complete a sale during 2013's first quarter. RBC Richardson Barrhas been engaged to market the properties.
-- Jim Fuquay