• Dallas-based MLP Pioneer Southwest Energy Partners LP has acquired oil and gas properties in Spraberry Field in West Texas from majority-owner Pioneer Natural Resources Co., Dallas, (NYSE: PXD) for $171.2 million in cash.

The assets have estimated proved reserves of approximately 18.9 million BOE (37% proved developed; 63% proved undeveloped). Production is approximately 1,300 BOE/d (65% oil; 20% gas liquids; 15% gas).

Pioneer Southwest plans to initiate a two-rig drilling program during the fourth quarter. As Pioneer owns 68% of Pioneer Southwest, this transaction effectively adds two rigs to the 10- to 12-rig drilling program Pioneer has planned in the Spraberry for 2010 and will increase its total well count next year by approximately 50 wells to 300-350 wells.

• In a first move to transform its largely Gulf of Mexico-focused asset base to include more onshore exposure, Callon Petroleum Co., Natchez, Miss., (NYSE: CPE) plans to acquire interests in 22 producing wells in the Wolfberry trend of the Permian Basin in West Texas from Ambrose Energy I Ltd., a subsidiary of ExL Petroleum LP, Midland, Texas, for $16.25 million.

The assets involve approximately 15,908 gross acres (8,202 net), of which 2,087 net acres are held by production, in Crockett, Ector, Midland and Upton counties. Callon estimates total proved reserves to be approximately 1.5 million BOE, Current production is approximately 475 BOE/d, primarily from the Wolfberry interval. Upside includes four uphole recompletion targets, 11 proved undeveloped locations and 61 nonproven locations to fully develop. Closing is expected by the end of October. Callon will be operator of most of the acquired assets.

• Quanta Services Inc., Houston, (NYSE: PWR) plans to acquire privately held Houston-based pipeline infrastructure service provider Price Gregory Services Inc. for $350 million in cash and stock. Quanta will issue approximately 11.1 million shares valued at $250 million and pay approximately $100 million in cash.

The company was formed in early 2008 through the combination of H.C. Price Co. and Gregory & Cook Construction Inc.

J.P. Morgan Securities Inc. is financial advisor to Quanta. The deal is expected to close in the fourth quarter.

• Crescent Point Energy Corp., Calgary, (Toronto: CPG) plans to buy privately owned, Calgary-based Wave Energy Ltd. in a deal valued at C$665.3 million. It will also acquire southern Saskatchewan assets from undisclosed sellers in two deals for C$258.5 million for a total C$923.8 million (US$860.5 million).

Production for all the acquisitions is valued at $89,451 per producing barrel equivalent, proved reserves at C$37.74 per barrel equivalent and $21.04 per proved and probable barrel equivalent, according to Crescent Point.

Total production from the acquisitions is 6,750 bbl. equivalent per day.

The assets from the undisclosed buyers include 178 net sections of undeveloped land, including 14 in the Bakken light-oil resource play; and 51 net low-risk drilling locations, including 23 in the Bakken.

Production is approximately 3,750 BOE/d, comprised of approximately 2,750 BOE/d in southeastern Sas­katchewan (with 450 bbl. per day from the Bakken) and 1,000 bbl. per day in southwestern Saskatchewan.

The southeastern Saskatchewan assets are largely adjacent to and contiguous with existing Crescent Point assets, including in the Bakken play.

Proved reserves are 7.3 million BOE and proved and probable reserves are approximately 11.1 million BOE.

Wave Energy has the largest land position in the Lower Shaunavon resource play in Saskatchewan. The acquisition includes 150 net sections of Lower Shaunavon land, including 132 net sections undeveloped, 65 net sections in the Viking light-oil play (63 net sections undeveloped) and more than 500 sections of undeveloped land in Montana.

Crescent Point plans to issue 0.21 Crescent Point share per Wave share and assume approximately C$57.9 million of net debt. Based on Crescent Points’ five-day weighted average price of $34.68 prior to the offer, the company’s aggregate consideration for Wave is approximately C$665.3 million.

The Wave purchase is expected to close in late October.

CIBC and RBC Capital Markets are financial advisors to Crescent Point regarding the Wave acquisition. FirstEnergy Capital Corp. is advising Wave.

Peters & Co. Ltd. and Scotia Waterous Inc. are financial advisors to Crescent Point regarding the additional Saskatchewan acquisitions.

• Magnum Hunter Resources Corp., (Amex: MHR), formerly known as Petro Resources Corp., plans to acquire Houston-based Sharon Resources Inc., a subsidiary of Canadian E&P Sharon Energy Ltd., Calgary, (Toronto Venture: SHY) with positions in the Eagle Ford shale, Austin Chalk, and Northwest Speaks formations in Texas for US$2.35 million in stock.