The purchase is for an amount of $3,200 per acre and it also includes four wells operating permits and a recently constructed well pad and tank battery at an additional cost of $1.18m.

The total cash purchase price is $15.4m, the company said.

Emerald primarily focuses on the development of their approximately 48,100 net acres in the Williston Basin in North Dakota and Montana.

The company has also accumulated 45,000 net acres in the Sandwash Basin in northwest Colorado and southwest Wyoming, and 33,500 net acres in central Montana.