Pioneer estimates that it will invest approximately $400 million over the next five years to develop the acquired proved reserves, accelerating the pace of drilling in each of these two core areas beginning later this year. The Company expects that production from the acquired assets could exceed 10,000 BOE per day upon full development of the proved reserves.
Pioneer's Chairman and CEO, Scott D. Sheffield, stated, "We already own a minority interest in more than 80% of the producing wells and development locations included in these acquisitions and are very pleased to add these low-risk assets to our onshore portfolio. These transactions provide new opportunities that are an excellent fit with our existing assets allowing us to leverage our expertise, consistent with our long-standing core area acquisition strategy."
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