Mayer Brown Leads Sinochem In $1.7B Texas Shale Play Buy

Law360, New York (January 30, 2013, 5:21 PM EST) -- Pioneer Natural Resources Co. will sell 40 percent of its interest in a 207,000-acre Texas property to Sinochem Petroleum USA for $1.7 billion to expand horizontal oil-drilling operations, Pioneer announced Wednesday.

Under the deal, Sinochem will pay $500 million in cash and pay the remaining $1.2 billion by carrying a chunk of Pioneer's future drilling and facilities costs, according to Pioneer. In exchange, Sinochem will acquire nearly 83,000 acres of the Wolfcamp shale play in the southern portion of the Spraberry Trend Area Field, located near...
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