Sinochem buys stake in Pioneer's Wolfcamp shale play

Pioneer announced that it will sell a stake in their Wolfcamp shale play.  The sale is valued at $1.7 billion and includes a 40% interest in 207,000 net acres.  The sale equates to $20,531/acre for what we believe to be largely undeveloped acreage.  Pioneer has drilled 39 horizontal wells on the acreage to date.