UPDATE 1-Pioneer Natural hits 4th successful well in Eagle Ford

* Hits fourth successful well in Eagle Ford shale * Sees
initial production rate of 19.9 mmcfe/d * Eagle Ford shale to
add significantly to its production

April 13 (BestGrowthStock) – Independent oil and gas producer
Pioneer Natural Resources Co (PXD.N: ) said it drilled a fourth
successful well in the Eagle Ford Shale in South Texas, and
expects this shale to significantly add to its production.

The gas rich well located in Karnes County, Texas, tested
at an initial production rate of 19.9 million cubic feet of gas
equivalent per day (mmcfe/d), and is expected to be connected
to a sales line by early May.

“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,” Chief Executive Scott
Sheffield said in a statement.

Pioneer also said it is targeting liquids-rich areas with
two rigs currently drilling horizontal wells in Karnes and Live
Oak Counties, and it plans to ramp up drilling activity within
the next few months.

Shares of the Dallas, Texas-based company closed at $60.84
Monday on the New York Stock Exchange.

Investing Research

(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by
Jarshad Kakkrakandy)

UPDATE 1-Pioneer Natural hits 4th successful well in Eagle Ford