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Pioneer says results from Eagle Ford well positive

Mon Oct 26, 2009 9:53am EDT

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(Reuters) - Oil and natural gas company Pioneer Natural Resources Inc (PXD.N) reported positive initial production from one of its wells in the Eagle Ford shale, located in Texas, sending its shares up more than 6 percent.

The company said its Sinor z5 well, which is currently producing to sales, came in with an initial rate of about 11.3 million cubic feet of natural gas equivalent per day (mmcfed).

"The initial results of the Sinor discovery are very encouraging, especially considering the significant volume of higher-valued condensate and natural gas liquids," Pioneer CEO Scott Sheffield said in a statement.

Pioneer said it planned to expand its five-well program in the Eagle Ford shale by continuously operating one rig in the play through 2010.

Shares of the company were up 6 percent at $45.43 Monday on the New York Stock Exchange.

(Reporting by Arup Roychoudhury in Bangalore; Editing by Aradhana Aravindan)


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