Pioneer announces sale of South Texas oil assets for $132 million
DALLAS -- Pioneer Natural Resources Company has announced that it has signed a purchase and sale agreement with an undisclosed third party to sell approximately 2,900 net acres in Sinor Nest (Lower Wilcox) field for net proceeds of $132 million, subject to normal closing adjustments. The transaction is expected to close during fourth-quarter 2018, subject to the satisfaction of customary closing conditions.
The acreage is located in Live Oak County, Texas, and averaged net production of approximately 3,100 boed during second-quarter 2018. The assets being sold represent all of Pioneer’s interests in the field, including all of its producing wells and the associated infrastructure.
