Resource Energy Can-Am LLC entered into a stalking horse agreement to buy off a portion of Samson Resources Co.'s Bakken assets, the company said Sept. 8.
Denver-based Resource Energy will pay about $75 million for certain of Samson's North Dakota and Montana properties in the Bakken Shale.
Resource Energy is a private equity backed company and is actively pursuing opportunities to expand its footprint in the Bakken as well as in other Rockies and Texas unconventional oil plays, according to its website.
In November 2015, Resource Energy bought American Eagle Energy Corp.'s assets in Divide County, N.D., through a chapter 11 bankruptcy process. The acquisition included 112 total wells, 54 operated, with 2,300 barrels of operated oil equivalent per day production in the Williston Basin.
Samson's assets are being acquired under Section 363 of the Federal Bankruptcy Code. The asset purchase agreement is subject to approval of the United States Bankruptcy Court for Delaware.
Samson, based in Tulsa, Okla., has about 1.25 million net acres in several basins, including the Williston, Powder River, Greater Green River, San Juan, Anadarko and East Texas basins, according to the company's website. The company filed for chapter 11 in September 2015.
Recommended Reading
Energy Transition in Motion (Week of Sept. 13, 2024)
2024-09-13 - Here is a look at some of this week’s renewable energy news, including an agreement between Exxon Mobil and Mitsubishi Corp. concerning ammonia from a planned hydrogen facility in Texas.
Energy Transition in Motion (Week of July 12, 2024)
2024-07-12 - Here is a look at some of this week’s renewable energy news.
Energy Transition in Motion (Week of Aug. 9, 2024)
2024-08-09 - Here is a look at some of this week’s renewable energy news.
Energy Transition in Motion (Week of July 26, 2024)
2024-07-26 - Here is a look at some of this week’s renewable energy news, including news on another U.S. hydrogen hub.
Ørsted, Mission Clean Energy Form Energy Storage JV
2024-08-08 - The initiative marks Ørsted’s first standalone battery storage partnership in the U.S. and globally.