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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Jim P. who wrote (178601)	5/23/2013 9:11:21 AM
From: Dennis Roth	3 Recommendations Read Replies (1) \| Respond to of 206104

Pioneer Natural Resources Co. (PXD) Alert: Hz Wolfcamp B Well In Martin County Provides Further Credence To Northern Portion Of Permian Play 21 May 2013 ¦ 8 pages ir.citi.com Strong 24-Hr IP Rate From Northern Wolfcamp B Well in Martin County... – Pioneer announced that it has placed on production its first hz Wolfcamp B interval well in Martin County. The Mabee K #1H well posted a 24-hr peak natural flow IP rate of 1,572 BOE/d (77% oil) with a 6,671 ft lateral length and 27-stage hybrid frac. The 24-hr IP rate for the Mabee K #1H well compares favorably with Pioneer’s hz Wolfcamp B interval well in Midland County, the DL Hutt C #1H completed in January (see our May 2nd note). The DL Hutt well posted an initial 24-hr peak IP rate of 1,693 BOE/d (75% oil) with a 7,380 ft lateral length and 30-stage hybrid frac. Normalizing the lateral length of the Mabee well to the longer lateral length of the DL Hutt well implies a comparable 24-hr IP rate for the Mabee well of 1,739 BOE/d. We would note that the Mabee well is located ~30 miles north of the DL Hutt well and ~50 miles north of Pioneer’s first two hz Wolfcamp B wells in the Giddings area (see Figure 1 map). ...With Activity To Continue To Ramp Up In the Northern Part Of The Play – In the northern Wolfcamp, the ~$1.0bn capital program for 2013-2014 to accelerate hz appraisal drilling is underway and targets 6 separate “stacked” intervals across ~600k gross acres. The company has now drilled two hz Wolfcamp wells in Midland County (with the second well targeting the A interval expected to be completed in the next ~30 days) and one in Martin County. We would note that the DL Hutt C #1H well in Midland County has “substantially” outperformed the 650 MBOE EUR type curve for the previously disclosed Giddings wells in the area. Pioneer plans to run 5 rigs in the northern portion of the Wolfcamp and 7 rigs in the southern region during the remainder of the year and intends to ultimately ramp up to a total of 50 rigs in these two regions over the next 4-5 years. Further Upside Potential Exists With Downspacing And Pad Drilling – As highlighted at our Citi Global Energy Conference last week (see our May 15th note), management emphasized that it continues to pursue tighter downspacing in the Wolfcamp and is currently testing 100-acre spacing in the southern portion with plans to eventually test 70-acre (and potentially 40-acre) spacing in the play. The company also pumped slickwater fracs on 5 wells through April with savings of up to ~$1.0mm/well compared to hybrid fracs, while ~70% of the wells drilled in this area during 2013 will be from pads (vs. initial estimates of ~50%). Reiterate Buy Rating – And $148 per share 12-month price target.

To: Jim P. who wrote (178601)	8/14/2013 7:50:46 AM
From: Dennis Roth	1 Recommendation Recommended By LoneClone Respond to of 206104

PXD and PSE Announce Merger Agreement PXD to Acquire Units for $870mm; Exchange Ratio Bumped ~4% 12 August 2013 ¦ 12 pages ir.citi.com PXD and PSE have announced the execution of a definitive agreement for the previously announced proposed merger of PSE with PXD, through a stock-for- unit exchange. PXD already owns ~52% of the outstanding common units of PSE and will acquire each remaining unit in exchange for 0.2325 shares of PXD common stock (4.1% increase relative to initial offer). Based on PXD’s Friday, August 9th closing price, the offer equates to a value per unit of $40.83 for PSE unitholders (excl any distributions).