Pioneer announces Permian Basin land purchase

Pioneer announces Permian Basin land purchase

MIDLAND, TX (KWES) - Pioneer Natural Resources announced last week that they signed an agreement with Devon Energy Corp. to buy about 28,000 acres of land for $435 million in the Midland area.

The lands involved are in Martin, Midland, Upton, Reagan, Glasscock, Andrews, Dawson, Gaines and Howard counties.

Much of the land, is located next to existing Pioneer real estate.

Pioneer says it plans to use the new land, along with their existing tracts, to drill longer lateral wells.

According to Pioneer, they are optimistic that oil prices are on the rebound and therefore hope to increase their horizontal rig count by five in the northern Spraberry/Wolfcamp area.

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