Saxon Oil, an oil and gas company, has acquired a 17.5% working interest in 12,160 gross acres covering 19 sections in the Bakken Shale play in North Dakota.
In these 19 sections, Saxon has obtained from the operator 17.5% interest in the leases, and the leasing activity in the area will continue in 2011.
Saxon is not the operator in this acreage, but will participate in the drilling of four to eight wells in 2011.
These will be horizontal wells into the Bakken Formation, and are expected to hold 1,240 acres each.
Saxon president Ted Wooten said the company thinks it is premature to assign any reserve estimates on the yet to be drilled wells or to the company’s acreage position as the area where Saxon is participating is largely undeveloped.