Pioneer has an expansive position in the Midland Basin, holding an interest in around 900,000 gross acres. It has been operating in the giant Spraberry field since the 1980s, with over 7,000 wells on production. While the majority of development to date has been done through vertical drilling, this huge acreage position gives Pioneer extensive exposure to the horizontal Wolfcamp play. We estimate that Pioneer holds a total of 724,200 net acres prospective to the Wolfcamp. Of this, 124,200 net acres lies in the southern portion of the Midland Basin, with the remaining 600,000 net acres located in the northern portion of the basin. Over 90% of Pioneer's Permian acreage is held by production.