Another company bails out of Raton Basin in SE Colorado

Dallas based Pioneer Natural Resources Company has announced the sale of its southeastern Colorado assets for $79 million, thus becoming yet another company bailing out of the Raton Basin.

The company sold its assets in the Raton Basin to Evergreen Natural Resources LLC and the sale should be finalized by the end of July.

The assets represent all of Pioneer’s interests in the field, including all of its producing gas wells and related infrastructure.

The sale is expected to result in a pretax noncash loss of $65 million to $75 million for Pioneer.

Net production from the company’s Raton assets averaged nearly 84 million cubic feet a day or 14,000 boed in the first quarter of the year.

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