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NEWS BULLETIN

May 02, 2013 --- Vol. 19, No. 31May 2013

Pioneer ups Nuna estimates 50-100 percent

This winter was the same as last winter for Pioneer Natural Resources, but better.

After the Texas-based independent reported good results last year from a fracture-stimulation program at its Oooguruk unit and an exploration campaign in the associated Torok formation, the company expanded both efforts this year, with even better results.

Of the four horizontal development wells Pioneer completed from Oooguruk Island this past winter, the two brought online to date have so far hit peak production rates of 3,500 and 3,000 gross barrels of oil per day, respectively. And an appraisal well into the Torok has led Pioneer to increase its estimate for the Nuna development to between 75 million and 100 million barrels of oil, up from a previous estimate of some 50 million barrels.

—Eric Lidji

See story in May 5 issue, available online at 11 a.m., Friday, May 3 at www.PetroleumNews.com

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