Pioneer Natural Resources (NYSE: PSD) announces successful Eagle Ford Shale well in Live Oak County, TX. The well produced over 8 mmcfd and 500 barrels per day of condensate. Pioneer plans four additional wells to assess the potential of its acreage.
"The Sinor #5 well, which is located in Live Oak County, Texas, flowed at an initial rate of approximately 11.3 million cubic feet of natural gas equivalent per day (approximately 8.3 million cubic feet of natural gas per day and 500 barrels of condensate per day) on a 22/64 inch choke with 4,550 pounds per square inch wellhead flowing pressure. The liquids-rich gas contains 1,200 British thermal units per cubic foot."
"Scott Sheffield, Chairman and CEO, stated, 'The initial results of the Sinor #5 discovery are very encouraging, especially considering the significant volume of higher-valued condensate and natural gas liquids. This discovery, coupled with the Eagle Ford Shalewells recently completed by others, reinforces our expectation that this shale play will be very prolific.' "
Read the full news release at Pioneernrc.com