The company signed a definitive purchase agreement to acquire certain oil properties in the Bakken play from Concho Resources for a contract price of $196m.
This acquisition, which the company expects to close on or before 31 March 2011, marks the company’s entry into the Bakken play, located in the Williston Basin of North Dakota.
The properties are expected to add current net production of approximately 1,350boe/d (94% oil), proved reserves of approximately 8mmboe (83% oil) and more than 400 potential oil drilling locations.
The additional two acquisitions, for total combined contract price of $238m, are bolt-on acquisitions, which further expand the company’s position in the Permian Basin of Texas and New Mexico.
The company expects these acquisitions to close during the first week of April 2011.
These assets are expected to add current net production of approximately 1,650boe/d (87% oil and NGLs), provide reserves of approximately 14mmboe (88% oil and NGLs) and approximately 180 potential oil drilling locations.
