Pioneer Drills 3rd Successful Eagle Ford Shale Well

Pioneer Natural Resources Company announced its third successful well in the Eagle Ford Shale in South Texas. The Charles Riedesel GU 1-1 well, which is located in DeWitt County, Texas, flowed at an initial production rate of approximately 15.7 million cubic feet of gas equivalent per day (including approximately 11.6 million cubic feet of gas per day and 680 barrels of condensate per day) on a 22/64 inch choke with approximately 6,300 pounds per square inch wellhead flowing pressure. The liquids-rich gas contains 1,200 British thermal units per cubic foot. The well was drilled to a vertical depth of approximately 13,800 feet and completed in a 4,500-foot lateral section with a 14-stage fracture stimulation. The well is currently producing to sales.

Scott Sheffield, Chairman and CEO, stated, "We are very pleased with the results from the Riedesel #1 which has high liquids content and one of the highest total combined gas and liquids rates reported in the play to date. The well is approximately 55 miles from the Crawley #1 discovery and confirms the potential of the northeastern portion of our Eagle Ford Shale position. Combined with our earlier success in the southwestern portion of our acreage, this well further strengthens our confidence in the development potential of the 1,750 Eagle Ford Shale locations we've identified, with most of these in the condensate window. With a gross resource potential of more than 11 trillion cubic feet equivalent, we expect the Eagle Ford Shale to add significant production and reserves while enhancing shareholder value."