Pioneer Natural Resources Co. (NYSE: PXD), Irving, Texas, will sell 40% of its interest in about 207,000 net acres in the Spraberry Trend to a subsidiary of Sinochem Group for $1.7 billion in cash and carry. The leased acreage is in the highly prospective horizontal Wolfcamp shale in the southern portion of the Spraberry Trend field. At closing, Sinochem will pay $500 million in cash and will fund an additional $1.2 billion in future drilling costs.
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