Pioneer Natural Resources (PXD) is active in the Permian Basin and is focused on the Spraberry field in West Texas. The company is working on a number of different formations including the Stawn and Atoka.
Pioneer Natural Resources is focusing development in Midland, Martin and Glasscock counties in Texas, and has completed 38 vertical wells since the beginning of 2010. The company estimates an incremental $60 million in capital for deeper drilling and one additional fracturing stage.
Pioneer Natural Resources estimates that Strawn wells will have up to a 20% increase in cumulative production during the first year. The company said that the Strawn formation in the Permian Basin is prospective on 40% of the company’s acreage.
Pioneer Natural Resources is working on the company’s first two vertical wells drilled to the Atoka formation in the Permian Basin. The company plans to drill between ten and twenty Atoka wells in 2011.