Energy firm Hess Corporation has completed the acquisition of 167,000 net acres in the Bakken oil shale play in North Dakota from TRZ Energy.
The company acquired the properties for $1,050m in cash and the assets are located near Hess’ existing acreage.
The properties have current net production of approximately 4,400boe/d.
Hess president of worldwide exploration and production Greg Hill earlier said that this acquisition strengthens the company’s land position in the Bakken, leverages its operating capabilities and infrastructure, and will contribute to future reserve and production growth.
Hess is engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.