Pioneer Natural Resources (ticker: PXD) confirmed it has sold part of its Eagle Ford acreage today, receiving $102 million.
Sundance Energy announced its purchase of Eagle Ford properties last Thursday, when the company bought a JV operated by Pioneer. Sundance paid a total of $221.5 million for 21,900 acres. For its share of the JV, which consists of 10,200 net acres and 1.1 MBOEPD, Pioneer received $102 million.
India’s Reliance Industries, another member of the JV, announced its own proceeds from the sale as well. The company received $100 million for its share of the venture. The third member of the JV is Newpek, which received an estimated $20 million for its part of the JV.
The closing date of the sale is not uniform, as Pioneer expects to complete its portion of the sale in Q2 2018 while Reliance expects to close in Q1 2019.
While Pioneer still has about 59,000 net acres in the Eagle Ford, the company intends to sell all of this position, with a data room opening next week.
