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Pioneer Natural Resources Announces $1.15 Billion Eagle Ford Shale Joint Venture with Reliance Industries
Pioneer Natural Resources Announces $1.15 Billion Eagle Ford Shale Joint Venture with Reliance Industries
June 24, 2010 — Pioneer Natural Resources Company announced it has signed a joint venture agreement with a wholly-owned U.S. subsidiary of Reliance Industries Limited. Under the agreement, Pioneer will sell a 45 percent interest in approximately 212,000 net acres leased by Pioneer in the highly prospective Eagle Ford Shale play for a total price of $1.15 billion. Reliance will also participate with Pioneer in the development of midstream assets in the Eagle Ford Shale.
Pioneer and Reliance have agreed to a joint venture development plan which forecasts the drilling of 26 horizontal Eagle Ford Shale wells in 2010, increasing to 70 wells in 2011, 120 wells in 2012, and 140 wells in 2013. Pioneer has successfully drilled and completed six horizontal wells in the Eagle Ford Shale. The joint venture will benefit from Pioneer's position as a technology leader in the Eagle Ford Shale. Read Pioneer's full press release here.
Pioneer Natural Resources Company is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations primarily in the United States. Reliance Industries Limited is an India-based industrial enterprise with a market capitalization of more than $78 billion, making it one of the largest refiners and petrochemical producers in the world.
Vinson & Elkins' M&A and Project Finance partner David Cohen led a team of lawyers representing Pioneer in the deal. Other V&E partners who played a key role in the transaction were: Mike Wortley, Winston Oxley, Rodney Moore, John B. Connally, and Christopher Dawe. V&E has handled 11 such shale JVs valued at more than $10 billion since December 2008.
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